To tell you the truth, in some limited circumstances, doing your own estate plan might make the most financial sense. For example, those without children and assets less than $150,000 could probably get away with doing their own “simple will” using an online provider. Most attorneys would not advertise this, but it’s true.
However, if an individual or family has assets exceeding that amount, or has children, they will benefit from working with an attorney to put together a comprehensive estate plan that will protect their assets, protect their children, and that could actually save their family money.
Here’s the primary consideration: what’s at stake?
For example, if you get a speeding ticket, you could higher a lawyer to help you, but most probably would not. On the other hand, if you’re charged with a felony you would surely retain counsel.
The same logic applies here – the stakes are high because all of your assets are on the line. You don’t want to make a costly mistake. So in most cases, it makes sense to work with an attorney.
For anything beyond a simple will for a small estate (less than $150,000), hiring an attorney makes financial sense.
And I would never recommend anyone do trust planning on their own. For example, a crucial part of trust planning is re-titling assets (such as your home) into the name of the trust. I would never recommend that someone does this without assistance from an attorney, as doing so puts your assets at unnecessary risk.
The Role of the Attorney. An estate planning lawyer provides more than technical expertise in drafting complicated documents. Many have extensive experience in counseling clients in these most intimate decisions. For example, in helping couples sift through the various possible options in selecting a guardian for the couple’s most-cherished “possession” — their minor children. And more experienced attorneys will be able to counsel clients in asset protection strategies, in order to best protect assets from creditors, or other undesirable beneficiaries.
While it may make sense for some people to DIY, most people can benefit from professional guidance. After all, you (likely) wouldn’t repair your own roof or car. You’d hire a professional because doing it wrong has dire consequences. The same logic applies here. Why put the assets you worked a lifetime to accumulate at risk?
