The majority of American adults are going through life without estate plans, even though most people that reply to surveys say that planning is important. Since there is so much procrastination, there is a temptation to create your own estate plan to get it out of the way.
This makes sense on the surface, and a lot of people roll up their sleeves to undertake DIY projects. However, you have to know where to draw the line, and you really shouldn’t take on some tasks that are better left to the professionals.
This certainly enters the picture when it comes to estate planning, and in this post, we will look at five reasons why you should work with an attorney to create your plan.
Avoid Unintended Negative Consequences
It is easy to buy a download or worksheet online that you can use to create a legal document, including a simple will. A number of years ago, the highly respected publication Consumer Reports decided to test the efficacy of DIY wills.
People on their staff used products that they obtained from three of the most popular legal document websites to create three simple wills using hypothetical circumstances.
After the documents were prepared, they engaged legal professors from three major universities. The educators examined the wills, and they provided objective feedback.
They said that unintended negative consequences can come about if these tools are used by inexperienced people. Ultimately, Consumer Reports advised readers to stay away from DIY estate planning solutions unless the situation is extremely simple and straightforward.
Break the Procrastination Cycle
A lot of people stay frozen with inaction because they do not trust boilerplate documents that are sold online and they don’t know where to begin. In reality, these folks can break the cycle procrastination in the simplest way imaginable.
When you reach out to an estate planning attorney, you will be sitting in an office speaking with a professional in a matter of days. You will walk away with a solid estate plan, and you will be pleasantly surprised by the relatively affordable rates.
You Will Choose the Right Approach
Are you aware of all the different asset transfer methods and why you may want to use one instead of another? The obvious answer is no, because a layperson would have no reason to conduct this type of research.
This being stated, there are many different asset transfer methods, and the right way to proceed will depend upon the circumstances. There are solutions that can be implemented to address every situation imaginable, and scenarios that seem challenging can be easily managed.
Nursing Home Asset Protection Will Be Discussed
Arranging for the transfer of your assets is one thing, but you should also address the subject of wealth preservation. You can expect to pay about $160,000 for a year in a nursing home in the Hartford area, and married couples may face two different sets of nursing home bills.
Medicare does not pay for long-term care, so this is not the solution. Medicaid will pick up the tab, and an attorney from our firm can help you develop a plan that leads to eligibility at the right time.
Legal Assistance Can Save Your Family Money
There are expenses, and there are investments. When your estate plan is professionally prepared, there will be a legal fee involved. At the same time, when all the correct steps are taken to facilitate effective and efficient transfers, money can be saved in the long run.
Take Action Today!
Since you are on this site, you are probably thinking about the possibility of reaching out to an estate planning attorney. You have found the ideal resource, and as they say, there is no time like the present.
When you work with us, you will receive personalized attention, and your plan will be custom crafted to ideally suit your needs. We will always be available to make revisions in the future, and we can be engaged to assist your family during the administration process.
You can set the wheels in motion right now if you give us a call at 860-548-1000, and you can fill out our contact form if you would prefer to send us a message.
- Proper Planning Can Prevent a Conservatorship - September 16, 2021
- The Tax Man Cometh: Adjust Your Estate Plan Now - September 14, 2021
- Does Medicaid Seize Remaining Assets in a Special Needs Trust? - September 9, 2021