# 10 Perils of DIY Estate Planning

- Link: https://www.lumlawgroup.com/10-perils-of-diy-estate-planning/
- Published: 2018-08-17T08:40:49-07:00
- Author: Albert J Lum

You might be wondering why, for decades, lawyers everywhere have been insisting 
that you consult their services when planning the will of your estate. Many people
don’t understand what kind of input a lawyer has to give on estate planning or why
it is important, and they try to plan their own estate and write their own will 
without understanding that doing so puts their assets and finances at risk. The 
following are ten perils of do it yourself (DIY) estate planning.

## Taxation Challenges

Estate owners and other people who own different types of properties are always 
complaining of the high taxes they are charged. Taxation in estate planning has 
been uncertain, sometimes causing a lot of confusion in the industry. Reports have
even suggested that lawyers are struggling to cope with the changing taxation rules
when they want to help keep their clients from paying too many taxes. Doing it yourself
could end up complicating your taxation benefits by fixing you in a situation where
you are supposed to pay taxes, but you could have avoided that by using the services
of a person who is knowledgeable in taxation industry.

## Ambiguity in the Legal Language

Legal language is a complex means of communication; lawyers go to law school specifically
to learn how to read, understand, and apply laws. The documents produced in estate
planning are legal documents and can be used in the court of law for the settlement
of disputes. However, to those who are not trained to read the law, the language
used in the document might be ambiguous. This ambiguity might cause you or your 
children to lose their property or pay exorbitant tax rates. To eradicate the likelihood
of ambiguity in the legal language, you will need to hire a person with qualifications
in the legal background to prepare your estate planning document.

## Lack of Contingency Measures

Preparing an estate plan is not a natural process, especially if you do not have
a legal background that can help you to predetermine future problems. People end
up preparing an erroneous plan that has ‘holes’ all over it. For example, when writing
your will without the guidance of an expert, you may fail to write clauses which
guide the execution if your children predecease you. Other unforeseen circumstances
such as divorce and the birth of new children may occur which further complicates
the implementation of your document.

## Failing to Update Your Document

Although addressing contingencies might be seen as a way of updating your legal 
document, other important factors need to be updated. An ordinary person may fail
to understand why a change in their bank account should be updated in their will.
There are other situations where you can acquire more assets, and you assume that
everything has been covered in your will. Attorneys help you to understand the terms
and conditions of a valid will, part of which includes updating the will whenever
there are changes in your life and properties you own. Doing this yourself could
lead to loopholes where some assets, such as liquid cash in the bank, are not allocated
to any person.

## Lack of a ‘Third Party’ Member

There are many court disputes out there concerning estate plans. Children are fighting
one another in trying to take more of the property by justifying using phrases like,‘
I was the one caring for our mother.’ Moreover, there are instances where there 
is more than one will, or the parent is coerced by a child to favor him or her. 
Using an attorney is an essential strategy because he or she will act as a third
party in the courtroom and will eradicate the chances of hearsay or coercion of 
a parent.

## Blank Spaces

Do-it-yourself wills may accidentally have blank spaces where the owner of the property
has not indicated the ultimate beneficiary of the estate. This creates an opening
to unethical individuals who might fill in their names, unknown to or against the
will of the deceased. Moreover, the court may decide that the closest relative in
law has the right to inherit the property, which might not have been the intent 
of the deceased. A legal expert helps you to avoid such scenarios by filling the
document thoroughly.

## Procedural Deficiencies

Although writing your estate plan may save money and time in the short-term, it 
may cost you more in the long run if you fail to follow the due legal process. This
means that you may not have the necessary attachment documents and the signature
of your witnesses. This may render your plan null and void in most of the United
States. A legal expert will solve this problem by ensuring the required procedures
have been followed, and all the necessary support documents are available.

## Lack of Knowledge When Law Changes

From time to time, the rules and regulations that govern wills and estate planning
are changed. For you to prepare a comprehensive document that is considered legitimate
under the court, your plan must be consistent with current laws governing estate
planning. Lack of knowledge could lead to the formulation of a void document. Consulting
experts is necessary because they are updated on legal issues.

## Document Revocation

Estate planning rules and regulations require that you give your will to a custodian
so that he or she will produce it upon death. However, doing it yourself could lead
to a situation where you die while still in possession of the will. The court assumes
that such document does not exist and thereby the document is revoked. To avoid 
revocation of your estate plan, it is essential to consult an attorney who will 
help in preparation and will act as the custodian of the original copy.

## Same-Sex Couples and Cohabiting Partners

Same-sex couples and cohabiting partners have limited rights when it comes to the
properties of the deceased. You may not be able to prepare an estate plan if you
are in this situation. Consult a legal practitioner for guidance in such scenarios.
A proper and comprehensive will needs to be formulated for same-sex couples and 
cohabiting partners to access the properties of the deceased.

It may seem expensive to seek the services of an attorney when drafting an estate
plan, but it will cost much more if you decide to write a will without consulting
an expert. People have lost their assets while others have left their families in
court disputes just because they wanted to save a few bucks.

Protect your assets and your finances. [Talk to a qualified attourney](https://lumlawgroup.com/Staging/aboutus/)
about what to do to set you on the path to financial security.

References:

[Money.usnews.com](https://money.usnews.com/money/personal-finance/articles/2010/06/29/the-dangers-of-diy-estate-planning)
| The Dangers of DIY Estate Planning

[Wsj.com](https://www.wsj.com/articles/diy-estate-planning-has-its-risks-1502071680)
| DIY Estate Planning Has Its Risks

[Aanestadlaw.com](http://aanestadlaw.com/estate-planning/pitfalls-estate-planning/)
| The Pitfalls Of “Do-It-Yourself” Estate Planning

[Practicalplanning.com](https://www.practicalplanningsystem.com/) |  7 OVERLOOKED
RISKS OF A DIY WILL

[Forbes.com](https://www.forbes.com/2010/09/07/do-it-yourself-will-mishaps-personal-finances-estate-lawyers-overcharge.html#2aa942335c37)
| The Case Against Do-It-Yourself Wills