You may be able to create a will, trust or other estate plan documents yourself. However, those documents generally don’t mean much unless they are created and executed in a strategic manner. Therefore, it may be in your best interest to work with a Pennsylvania estate planning professional even if it may cost slightly more to do so. You get what you pay for.
Working with an estate planner helps you anticipate future needs
An estate planning professional will be able to help you determine the relationship between decisions made today and the impact that they might have in the future. This person may also encourage you to consider any obstacles that could prevent you from accomplishing your estate planning goals. Accounting for potential obstacles makes it possible to create contingency plans that can be activated later if necessary.
Examples of unexpected events that might occur
If you die before your children or grandchildren become legal adults, they won’t be able to directly receive an inheritance. Instead, a court-appointed guardian would oversee them until they become old enough to legally manage their own affairs, or you could choose to set up a trust to have someone else manage the inheritance until an age you choose. If your child has a substance abuse problem, that son or daughter may incur debts that he or she is unable to repay. This may mean that your creditors could place claims on assets that were meant for that individual after your death. Good planning can avoid headaches for your heirs or outcomes that you did not intend.
Paying for estate planning services today may save your estate a significant amount of time and money after you pass. By taking time to craft an adequate will, it may be easier to get through a probate proceeding in a timely manner and without the need to defend against legal challenges. If you put assets in a trust, you may be able to bypass probate and the costs that go along with it altogether. Consultation with an experienced estate planning attorney will give you much greater peace of mind than an online will drafting service which does not involve getting a lawyer’s advice, or a will kit from a big box store.