Reviewing the risks of DIY estate planning in New Jersey

It is a common myth that estate planning is only for the elderly or uber-wealthy. Life is unpredictable, and that’s the hard truth. Estate planning allows you to decide a few things, should you become ill, and plan how your wealth and assets are divided between your family members after you are gone. Here comes the key question – Should you consider this as a DIY venture, or should you consider hiring a New Jersey estate planning attorney? In this post, we are discussing the risks of DIY estate planning. 

  1. Issues with paperwork. Creating an elaborate and all-inclusive estate plan is not easy. You may find these online services that promise to simplify DIY estate planning in a few steps. However, any mistake in the forms or missing certain details can lead to serious errors – something you would want to avoid. 
  2. You may not know it all. Legal aspects of estate planning can be hard to understand and have different meanings. Unless you can keep an eye on the minute details, you are likely to make mistakes. An attorney can explain your legal options and the pros & cons of your decisions.  
  3. You may miss key details. Estate planning is a complex process, and it is not the same for everyone. The ideal estate plan is the one that counts all possible circumstances and situations. Yes, it costs a bit to hire an attorney, but when it comes to managing your valuable money and wealth, you should not take chances. 
  4. Keeping up with laws is not easy. Both state and federal laws are subject to change. If you go for DIY estate planning, you will have to keep track of these aspects, which won’t be easy. For lawyers, this is a regular aspect of their work. 
  5. Your family may have a hard time later. If your estate planning documents are improperly written or incorrect, your family will have to deal with serious concerns after you are gone. Attorneys can help you save time and effort. With an attorney on your side, you get to choose everything without room for petty errors or documentation issues. 

Not all estate planning attorneys in NJ are the same. Do your homework and find a lawyer you can trust with your wealth and needs. You can also compare a few local law firms based on reviews. Most law firms have a website these days. 

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