Crafting a DIY-will or trust without legal help can only cause further financial and emotional turmoil for relatives, revealed Kelly Shovelin, founder of Four Pillars Law Firm, PLLC in Wilmington. —
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She emphasized this was one of the biggest misconceptions surrounding wills, living wills, and trusts that the general public labored under when they tried to minimize cost and protect their financial assets.
She asserted: “Inevitably, the financial pain will likely be greater than the financial gain. Trying to save the costs of an attorney by doing it yourself will ultimately cost you more in the long run.”
“An attorney is a professional who knows all about the different trusts and wills available to a person, the nuances of the legal system and its impact on people’s circumstances and planning, and what can and cannot be utilized as a part of the estate planning process.”
Wills play an important role in defining what happens to your estate after you have died and how you wish your possessions to be distributed.
However, those who create a will on their own sometimes neglect, or fail to understand altogether, the impact of probate in the process . . . the costs and the pressure that executors are under to manage the will, identify creditors, carry out real estate sales, and, ultimately, distribution of the assets.
If you decide to make your own plan, you may save money up-front, but the cost to correct any mistakes can then cost hundreds and thousands of dollars, due to unforeseen issues or misunderstand legalities.
Furthermore, when it comes to probate, a lawyer is best to manage the process. Those seeking to handle the process without legal backup could spend a lot of unnecessary time and money trying to navigate the system.
Failing to leave a will can also be a costly mistake, as the associated fees of the probate and estate settlement can spiral upwards, she revealed.
With the lack of an executor, it can be left to a court to decide to make those decisions or to appoint someone to do so – and all at extra cost. The problem lies in the lack of clarity from an unplanned estate – who are the creditors, the legitimate heirs, the sale of real estate, etc.
This will entail more court hearings and this can lead to disagreements between family members. Then there will be a drain on the estate’s resources and the process can take more time.
Shovelin added: “The cost of no plan can quickly lead to the inheritance being drained if the heirs are bad at financial management or the assets are inherited by young adults who can easily spend the estate quickly.”
If wills are crafted without legal help, then they may well fall short in law and that can further handicap the eventual outcomes that a person had for their estate. This could result in courts taking more time and cost in establishing the correct steps to re-address the questions you failed to answer.
“In the long run, seeking the advice of a lawyer about a will or a living trust can and will, in the long run, minimize the cost to your estate than if you created it yourself,” she concluded.
Name: Kelly Shovelin
Email: Send Email
Organization: Four Pillars Law Firm
Address: 2202 Wrightsville Avenue, Suite 213 Wilmington, NC 28403
Phone: (910) 762-1577
Source URL: http://RecommendedExperts.biz
Release ID: 89022194