When creating an estate plan for yourself, make sure to consult others. You do not want to create an estate plan by yourself, like a DIY video. By creating an estate plan by yourself, you can ensure that their will be consequences after an cognitive decline or death and your heirs could end up paying for financial obligations that you were unable to envision or even knew about when the documents were created.
If you are deciding to create an estate plan on your own, consider these 5 tips on why not to create an estate plan by yourself.
- Bank refusing to accept your power of attorney
- Giving too much away in your power of attorney
- Failing to properly exclude family you don’t want to give money to
- Unintended tax consequences for your heirs
- Not using the correct documents for your estate
If you decide to follow these tips, you will be able to speak to an estate plan attorney and to make sure you have everything that is necessary in order to create an effective and proficient one.
Michelle Profit is an estate planning attorney serving Maryland and the District of Columbia. A Harvard Law School graduate, she has worked in the financial services industry for over 20 years. A dedicated advocate for all of her clients, Michelle Q. Profit personally handles each client case from start to finish to meet the client’s needs and objectives. Michelle listens in the consultation sessions and works with any other client accountants or financial planners to create a comprehensive estate plan.
Notes Courtesy: TheSeniorList.com
Photo Courtesy: Photo by Elena Koycheva on Unsplash