Idaho Law Blog
By Lane V. Erickson, Idaho Estate Planning Attorney
While being independent and trying to do things yourself is a good idea in most instances, when it comes to estate planning, it can be a big mistake. As an estate planning attorney for the last 20 years I have seen countless estate plans individuals have attempted to complete on their own. In many instances these estate planning documents do nothing but create confusion and problems for the individual and for their family. Worse, in many instances the documents aren’t even valid.
While many people may think it is self-serving because I am an estate planning attorney, there are legitimate reasons why you should not attempt to do your own estate planning. Here are three of the main reasons:
1. Your Estate Planning May Not Be Valid
I will be the first to admit that estate planning is not rocket science but it’s not exactly chopped liver either. Because it involves your legal rights, it must be done correctly in order to be legally valid. During my 20 years as an estate planning attorney, I have seen numerous examples of estate planning documents individuals attempted to complete on their own that simply were not valid based on Idaho law.
I often tell my clients that it is far better to spend a little bit of money up front to make sure things are done correctly rather than spending a lot of money at the end trying to fix problems that could have been avoided. This is especially true when it comes to estate planning. The purpose of estate planning is to give you an opportunity to protect yourself while you are alive, and to be specific about who your money, property, and assets should go to after you die. When your estate planning documents are not done correctly, they may not be valid and may not carry out your goals and intentions.
2. Your Estate Planning May not Be Complete
The second reason that you should not do your estate planning yourself is because you want it to be complete. Most people are familiar with what a last will and testament does. The problem is, most people don’t know that a last will and testament is only one of the several documents that they should have in their estate planning in order to be completely prepared. Many of my clients are surprised to learn that estate-planning does far more in providing protection for them while they are alive, then it does in helping them or their family members after they die.
At a minimum, each individual should have a last will and testament, a durable power of attorney, a power of attorney for health care, and a living will. Additionally, many individuals would benefit from the use of a trust. Furthermore, there are several items including retirement accounts and life insurance which are not included as part of your estate planning but that you can control through the documents you prepare.
3. Your Estate Planning May not Accomplish Your Goals
The third reason that you should not do your estate planning on your own is because you may not be able to accomplish what you intend. When it comes to estate planning, specific goals and needs are accomplished through specific language that is contained in specific documents. Our goal as estate planning attorneys is to educate each of our clients about what their estate-planning can do for them and the options that are available to them. The reason we do this is to allow our clients to determine what their intentions and goals are. Once we know these things, we can complete a customized estate plan that meets the specific goals and intentions of each of our clients.
The bottom line is that there is no one estate plan that is good for and or will work for everyone. Because each individual is unique, and their family circumstances are unique, the estate planning that is used to provide protection for them and their family must also be unique. We have the ability and the experience to provide customized estate planning to each of our clients. We are confident that we can help you too.
ENLIST AN ESTATE PLANNING ATTORNEY TO HELP YOU
When it comes to estate planning or probate you should never try to do it alone. If you have questions for yourself or for your family and loved ones, we can help. Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your questions and will help you solve your Idaho Estate Planning problems.