“Do It Yourself” Estate Plans Can Be Problematic

Are you a person who is intrigued by a deal?  If so, you should understand that a “bargain-priced” estate plan may really not suit your needs nor save you money in the end.  While there are many online templates for wills, you need to be very careful when creating an estate plan without an attorney.  Each state has different rules and regulations on what makes a will valid and enforceable.  In addition, the differing financial and personal goals of individuals call for unique estate plans.

The need for caution when looking for a “bargain” estate plan was expressed in an article by the Morgan Law Group that wrote that regardless of whom you designate as a beneficiary to your IRA in your estate plan, the proceeds of your IRA will actually pass to whomever the beneficiary is on your IRA beneficiary designation document.  Although you may be able to create a trust online, in order for it to be effective, you must follow very specific steps to fund your trust.

For more information about estate plans tailored to your specific needs, please contact us.  Please remember that each individual situation is unique and results discussed in this post are not a guarantee of future results.  While this post may include legal issues, it is not legal advice.  Use of this site does not create an attorney-client relationship.