Far too often, after finally coming to the realization that they need a comprehensive estate plan, people attempt to cut corners. The ambiance of today’s technology can cause one to be tempted to attempt to do everything for all aspects of life. As a result, many consumers choose to take the easy route to planning their estate and their survivors may suffer. The pennies saved as one takes this approach may end up costing his progeny thousands of dollars as the estate is settled. All one’s hopes and dreams for their estate can be lost in the attempt to save a few dollars on planning.
Why Do It Yourself Estate Planning is Not the Best Option
With the great number of fill-in-the-blank forms available online and the workbooks from retailers, many may ask why not? There are also subscription based websites that provide standardized downloadable materials that include audio, video or both types of instruction. Although these resources may be helpful in planning, they are ineffective when it is time to draft the final document. In the game of estate planning, there is no one form fits all situations. Each family has different objectives and needs. There are not two situations that are the same.
The Only Constant in Life is Change
Most people find the only guarantee found in life, apart from the proverbial death and taxes is change. While it is easy to anticipate and make plans for many changes, others may be less obvious and less pleasant. Nevertheless, both of these categories create large implications that have major importance to one’s overall objectives in planning for his or her estate.
Regulations and Legislation
The laws and rules that affect the process of planning an estate change almost daily. New legislation can be enacted in minutes mandating a major re-evaluation of one’s particular economic position. For example, under current Florida law a person can rescind their revocable living trust (RLT) at any time they choose in order to reclaim the assets that were previously entrusted. Legally, Florida RLTs are considered incontestable. However, with pending legislation, the beneficiary of an RLT could contest these changes after one dies by producing evidence of coercion, deception, duress, fraud or undue influence. Unless you have competent legal assistance in making the adjustment, the resources spent in establishing the RLT could be lost.
Online Estate Preparation Limitations
The two primary drawbacks of relying exclusively on resources from the web are obsolescence and uniformity. Even though the documents are called estate specific, they are unable to keep pace with the constant changes in the nuances and court rules. In addition, since pertinent verbiage cannot be personalized to meet one’s individual needs, such forms are nearly worthless.
Paper Trails Are Unable to Talk
Business or marital dissolution along with a disability can cause changes in one’s estate plans. In such instances it is impossible to call the piece of paper for advice. Windfall profits, from a settlement, inheritance of lottery win can lead to hour attempting to sort out the details of a document created from a workbook or website.
The Best Bet is Competent Legal Advise
Individuals will find there to be no substitute for the advice offered by a Florida attorney specializing in estate planning. As the legal representative, the attorney is bound both legally and ethically to represent your own desires and interests in devising your estate plan. Most offer free initial consultations meaning you have nothing to lose but much to gain by talking with a qualified Florida estate lawyer. In South Florida contact the legal team at Wild Felice and Partners at (954) 944-2855, for a free consultation, or visit their very informative Web Site at WWW.WFPLAW.com