Should You Retain an Estate Planning Attorney When Drafting a Will?
If you are thinking about writing a will, you have probably started searching online for relevant advice. During your search, you may come across templates for drafting your own will. Often, DIY options include a basic template that can be adjusted to your personal situations. These templates can be appealing especially if you want to avoid attorney’s fees. And choosing these templates, you don’t have to deal with the hassle of finding a McKinney estate planning attorney. But, is this really the right route to choose?
A will is a legal document that can be simple or complex, depending on your specific needs. While you can draft your own will, the question is, should you?
If you have a simple situation, you will have a few issues to encounter when deciding if you draft your own will. However, when you add in more complex factors, it may be best to retain an estate planning attorney. When making your decision, consider the following:
The complexity of creating a will often depends on the size of your assets. The more assets you own the more complicated the will becomes. Often, a young professional who does not have children is the one who might run into the fewest issues when drafting a will. However, the situation may change when they start to make a huge salary because of tax consequences.
The estate planning stakes tend to increase if you have children. You need to make sure there is a proper plan in place to provide for them, so you must consult with an estate planning lawyer.
The Number of Beneficiaries
The more people you name as beneficiaries in your will the more complicated the will can be. If you have more than one heir and you want to leave a different percentage of your assets to every person, you must be aware of any legal requirements that might apply. Thus, it can help to hire an attorney to help make sure your will stands up in court when contested.
You must assess your personal and financial situation to decide whether you want to draft your own will or let an attorney do it for you. You must know your rights and the rights of your heirs. If you draft your will, you will only waste your time when you end up with a will that does not comply with statutory requirements. In fact, this can be costly to your heirs.