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Why you should take a team approach to estate planning

May 3, 2021 | Estate Planning

If you have considered a do-it-yourself approach to estate planning, you may want to weigh the benefits of professional assistance. While fill-in-the-blank wills and websites cover the basics, they likely do not account for all the particulars of your family and financial situation. 

Review the benefits of obtaining legal advice during the estate planning process.  

Compliance with state laws

Your estate plan must adhere to the Florida laws about wills and trusts. Otherwise, you risk the chance that the court will find your estate plan invalid after you die. Estate planning attorneys are familiar with the state regulations that pertain to your situation. 

Tax advantages

Even if the court in your county recognizes a DIY will, a full estate plan can potentially reduce the tax burden for your inheritors. Otherwise, your children and grandchildren could end up paying costly estate taxes.  

Peace of mind in complex situations

When you have a complicated family or financial landscape, you need to know that your estate plan will provide for your loved ones as expected. An attorney can help you sort out the details when you have multiple children and stepchildren, have married to your second or subsequent spouse, or own several properties, a business or other valuable assets.  

An experienced Florida estate attorney can also update your estate plan regularly. Rather than viewing your will as a one-time project, try to see it as a work-in-progress that must evolve and possibly add other estate planning components as your life circumstances change. For example, you will need to update your plan after divorce, loss of a family member, or addition of a new member through marriage or birth.