Is Diy Estate Planning Good Or Bad? Here’s What You Should Know

By Author: Lester Ong
Total Articles: 42
Comment this article

A large number of people do not have a will or an estate plan ready, and they do think having one isn’t really important. Some of them end up creating their own will at a later time, using a template available to download online. Even though the idea of creating your own will or estate plan sounds interesting, it is highly recommended that you get the assistance of professional estate planning lawyers in Perth to do the same. DIY estate planning is not a good idea and here's 4 reasons that tell you why:

Increased risk of legal disputes:

Estate planning has to be created with great care and attention. Making a small mistake in a will could lead to serious consequences. These mistakes could increase the chances of disputes among heirs. Consulting with a professional estate planning attorney is beneficial, since they can create a will without errors and reduce your tax obligations as well.

Fulfilling your unique requirements won't be easy:

Templates of wills that you find online aren’t supposed to be a one-size-fits-all solution. They don’t have the ability to satisfy your unique requirements and ...
... estate planning needs. On the other hand, qualified estate planning lawyers in Perth can look into the details and create a will that everyone in your family will be satisfied with. Most DIY wills won't even tell you whether you would need a contingent executor.

Estate planning is not just about creating wills:

Several people are under the impression that a will is the only document required for an estate plan. But that’s not true. There's so much more that needs to be done in estate planning, besides creating a will. And a DIY site is not going to explain to you what documents you do need for your estate plan. This could possibly create complexities down the road. Other important documents required for your estate plan include power of attorney, trust, and more. An estate planning attorney will do everything that is required for you.

Your Plan might need to be updated:

Your estate plan will have to be reviewed from time to time based on your current circumstances. You should consult with your trust lawyers in Perth to revisit your estate plan and make the necessary changes based on their guidance. Doing this on your own may not be easy, and you’d liable to make mistakes in the process. Some people might not even know that their estate plans need frequent updating after they’re created.

A skilled attorney can organise all your wishes and create a comprehensive estate plan that benefits your family. Unlike DIY kits, a lawyer can ease the process of estate planning and help save your time and money. Get in touch with a migration lawyer in Perth today for assistance.

Founded in 2002, by its directors Colin Munro and Ron Doig, Munro Doig Lawyers is a leading law firm based in Perth, Western Australia. We have extensive experience in the areas of tax, superannuation, succession, intergenerational wealth transfer, estate planning and commercial law. Our clients include high-net worth individuals and small-medium enterprises. We are also leaders in migration law (assisting clients with visa applications through to appeals and solving complex and difficult migration problems). Munro Doig Lawyers is committed to providing first-class assistance, trustworthy advice and strategic solutions. We maintain long-standing relationships with our clients; we think outside the box and provide leading-edge solutions. We look forward to helping you. Call us on 08 9426 6222 or visit http://www.munrodoig.com.au to find out more!