There can be a false sense of security with ‘do it yourself’ estate planning. While the estate plan may seem strong at the time, it may not prove to be beneficial down the road when unforseen or other possible situations that can occur in life aren’t considered. Consulting with an attorney is the best way to gain a true sense of security with your estate plan.
In this Elder Law and Estate Planning Minute, Wes Coulson discusses another common estate planning mistake and the problems and false sense of security that can come from trying to “do it yourself.”
Common Estate Planning Mistake #6: Trying to ‘do it yourself’
Transcript:
Hi, I’m Wes Coulson and this is your Estate Planning Minute. This is another in our series of Common Estate Planning Mistakes. The one I want to talk about this time is either trying to do it yourself or assuming that the simple forms that you can get off the internet are going to do it.
Let me tell you how I view of my role as an Estate Planner. I think when people come in, they have in their mind what they want, and they think they have it all figured out. And I call that a false sense of security. Then, my job is to question them and gently point out all of the possibilities out there that could happen in real life that their plan so far hasn’t considered. If you will, make them temporarily uncomfortable. And then the end result that we’re going to have is a plan that is consistent with what they want but also takes all of those things into consideration in a thoughtful way. And that, friends, is the true sense of security that estate planning ought to give you. Thanks.
For more about Estate Planning, visit these articles:
- Safeguarding Your Estate Plan
- What’s the Difference Between Estate Planning and Asset Preservation Planning?
- Misconceptions About Wills
- Wills, Living Trusts and Powers of Attorney: How often should they be updated?
- Common Estate Planning Mistake: Failing to appreciate how assets pass upon death
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.
