Legally, you do not need an attorney to draft your estate planning documents. Wills and trusts do not have to be prepared or even reviewed by an attorney for them to be valid. However, they must comply with legal standards.
You need to decide for yourself if you feel competent to create your own estate plan or if you would instead be better served by hiring an estate planning attorney. Here are 8 questions to answer when deciding:
1. Do you and your spouse agree on how to pass on your joint and individually-owned assets? Owning a mix of marital assets and separate property can be a complicating factor. Differing views on desired bequests to charities and others may also need to be reconciled.
2. Do you have minor children? You will need to name guardians, determine at what age the children inherit, and specify how the assets will be managed in the meantime.
3. Do you have children from a prior marriage and a current spouse or partner? Ensuring equal distribution to your offspring can be especially difficult with blended families.
4. Do you have a child with special needs who will require long-term care? If the child is receiving public assistance like SSI and Medicaid, a Special Needs Trust may be required to ensure continued qualification for that assistance.
5. Do you have a substantial estate? The more dollars to be transferred, the greater the value of professional guidance … both to ensure your wishes are fulfilled and to minimize taxes.
6. Are there any reasons your estate might be contested? Maybe you want to disinherit a child or other heir. An explanation and airtight estate plan will help.
7. Do you want to leave a portion of your estate to charity? Giving appreciated assets directly or through a trust can save taxes. Retirement plans can also provide tax-saving opportunities when giving to charity.
8. Do you own a small business or other business assets? Transferring a business to the next generation requires preparation, tax planning, and documentation.
9. Do you need other estate planning documents?
Powers of Attorney, Health Care directives, Trusts and other documents can be important components of a comprehensive estate plan that you owe it to yourself to become familiar with their purpose.
If you answered “yes” to one or more of these 8 questions, you should at least initially consult a knowledgeable estate planning attorney so you fully understand the complexities of your situation.
While form templates can work for organized individuals with small and simple estates, they are not designed to handle the situations listed. If you have questions or need assistance, you can contact us at (248) 647-8180.
