Part two

In a recent blog we talked in general terms about how many of us may want to find ways to save money by creating our own Wills and Living Trusts.

We gave some warnings, stating that there are pitfalls to doing this, and that assets that you have worked so hard to accumulate may be at risk to the tune of tens of thousands of dollars, or maybe much more.

Our comments are not scare tactics; they are in the best interests of you and your loved ones.? And to demonstrate that, here are some facts regarding Wills, Trusts and Estate Planning of which you should be aware.

Family dynamics change that may put your assets in peril

We don?t have to tell you that today we live in a society of ex-spouses, ex-in-laws, stepchildren, non-married couples, and those (young and old) with special needs.? Plus, these dynamics often change.? Such issues deserve special attention and/or revisions to your Will or Estate Plan, and that is difficult to do on your own.

A self-made Will or Living Trust may not be what you thought it was

If you want to make your Will or Living Trust specific to your very own concerns, needs, goals and family situation, it?s unlikely that you can tailor it that way with a do-it-yourself approach. ?Your legal documents may not even hold up in court as you thought they would: even a minor mis-wording or oversight on your behalf can cause your heirs to be left out of an inheritance you intended.

Laws, regulations and rules change all the time

State and federal rules regarding taxes, protection of assets, who can qualify for estate disbursements tax free, etc., change over time.? If you create your own Will or Trust, or if you want to update them, you may not be aware of the most recent legislation, which could affect the assets that your heirs get.

The administration of a Living Trust is a winding road

Creating a Trust is one thing.? Administering it is another.? There are very specific guidelines to follow, many tasks to accomplish, and pitfalls that can even lead to penalties or litigation for the successor trustee.

Clearly, an attorney trained in Estate Planning is your best resource for what you can?t get when you try to create legal documents on your own: tactical and legal planning advice, and proper legally-binding documents that will ensure that your wishes are fulfilled.

This is part two on ?Can I Make My Own Wills and Trusts?

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

Tags: diy trusts, diy wills, will, wills, Wills and Trusts

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Source: http://www.cheryldavid.com/blog/2011/09/doityouself-approach-living-trusts-wills/

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