There is a common misconception that estate plans are only important for older people, or specifically those who enjoy having millions of dollars in assets to bequeath them to their loved ones. Estate plans are not only limited to your will or how you want to distribute your assets as people paint them to be. Even students who are still exploring the new waters of adulthood by searching for their first job or trying to pay off their student loans need to think of creating an estate plan for several reasons.
Estate plans essentially revolve around giving people of your choice an authority to handle many decisions for you as an emergency plan at the occurrence of any situation that prohibits you from handling them; be it physical or mental. These decisions might be about health care, financial obligations such as loan payments or bills, and many other important affairs. For example, you can state the exact conditions and duration in which you want to remain on life support. Due to the significance of estate plans and its encompassed information, seeking professional help from specialized lawyers to ensure that you have all essential documents is kind of a no-brainer. However, if you are still reluctant or weighing between the options of hiring a lawyer or researching the whole process and seeing it through yourself, here are some critical points to take into consideration while making this decision.
Should You Write Your Own Will?
Whether you decide to go for a will or a living trust, this should be the cornerstone of your estate plan. Wills are not only for determining the distribution of your assets, but it is also for leaving instruction and naming a guardian for your children. Many people focus all their attention on the question: “Can I write my own will?”, rather than asking the right question which is: “Should I write my own will?”. Thanks to the internet, there is not any scarcity in the information available, quick fixes, and DIY steps. With a few clicks and a simple Google search, you can find information nearly on anything that has been puzzling your mind. In this day and age, some videos on YouTube walk you through performing surgery on yourself, but that does not mean that you should do it. Unlike a revocable living trust, wills must be probated which means that it needs a court decision to be validated and applied. Besides writing a bullet-proof will, a professional can offer their assistance in being your trustee to apply your will and follow your instructions.
Saving Money, Time, And Energy
There are many people who consider the idea of planning and writing their own estate plans to avoid the costs of hiring a pro. However, this might end up costing more money due to several reasons. Normally, without an approved estate plan, you usually end up paying more money in the long run. Specialized attorneys in elder law prefer working on a flat rate. Also, they will be able to offer their help in dodging estate taxes. You can click here to understand more about how lawyer fees work. After comprehending these pieces of information, you will be able to decide on the best money-saving way to go for, with a simple comparison. Saving energy and time, on the other hand, are completely understandable when you seek the help of professionals.
You Only Get One Shot
Wills, estate plans, or living trust are the kind of affairs you need to get right at the first attempt. While you can always redo your DIY estate plan if you came to the realization that it is not accurate or satisfying. However, life does not work this way. These essential matters need to be excelled at from the first attempt in case anything happens. Hiring any lawyer is better than none, but when you are choosing a professional to handle something as sensitive as your estate plan, it is better to only seek the help of a specialized lawyer in this area specifically.
Many young adults, nowadays, are drowning in student loans and debt. These daily life struggles do not leave any room for thinking of writing a will. The idea may never cross their minds. However, writing an estate plan and making sure that your instructions are crystal clear is essential for anyone, regardless of their age and gender. When you are writing your estate plan, the decision of hiring a professional might cross your mind. Make sure to weigh down your options and their pros and cons before you land on the right and suitable decision for you. Meanwhile, if you’re thinking of a ‘great’ real estate investment, you may want to try to engage with house flipping.