Estate planning needs can vary from person to person. As a result, some individuals may feel that they could easily create an estate plan that suits their desires without outside assistance. However, this method of creation could leave room for serious error, even when working on basic estate issues. If Maryland residents have more complex property, it may be wise to avoid DIY methods.
If individuals have numerous valuable and/or complex assets, there may be a variety of factors to consider when estate planning. If parties want to work toward preserving their assets and minimizing the possibility for probate disputes, they may need to take a more advanced approach to their planning than with a basic will. As a result, many online or other self-creation tools may not work to their advantage.
Furthermore, if a person creates an estate plan on his or her own, mistakes could be made or details overlooked that could lead to conflict during estate administration. Surviving family may dispute the intentions of the documents, or the wording may leave room for interpretation. As a result, family members could end up in litigation in hopes of determining what a deceased loved one truly meant in the documents.
Creating an estate plan can be vastly beneficial, but it is important that wills and other documents are created correctly. If not, they could be considered invalid or, as mentioned, create unnecessary conflict. In order to ensure that Maryland residents have created solid and binding plans, interested parties may wish to consult with knowledgeable attorneys regarding their needs and options.
Source: marketwatch.com, “The problems with doing your own estate planning“, Cheryl Winokur Munk, Aug. 16, 2017