Today, there are several opinions for and against DIY (do-it-yourself) estate planning. Usually, the opinions against are prevalent due to the fact that estates are legal entities. Even if you have a straightforward common estate, misunderstood legal details can lead to unintended consequences. Therefore, it’s best to hire an estate attorney to craft a solid estate plan. Conversely, opinions for DIY estate planning focus on high-quality estate planning software. The opinion maintains that the planning software will provide guidance through all the intricate details to craft a solid estate plan for those with straightforward, common estates. Although both arguments are rational, you must consider a few important factors before engaging in DIY estate planning.

Factors Against DIY Estate Planning

If you are thinking about DIY estate planning, you must consider your estate size and possible complications for your estate. The following are a few factors that may influence your decision:

• The estate plan needs to provide for a child or a disabled child.

• After figuring out your estimated net worth as described in the article The First Step to Estate Planning: Estimate Your Net Worth, your estate will owe an estate tax.

• You own your own business.

• Divorced or divorced with children.

Unfortunately, most of these factors are common among all estate sizes. Therefore, if one of these factors impacts your estate plan, then it’s best to hire an estate attorney. The intricate details of each factor may be too overwhelming for a common person to grasp.

Factors For DIY Estate Planning

If you have a simple common estate, estate planning software may work for you. Before using estate planning software, you must comprehend the following factors:

• Understanding what makes a will valid in your state.

• Know how to designate beneficiaries properly.

• Understand the difference between beneficiaries designated on an asset and beneficiaries listed in the will and which takes precedence.

• Understand the need for residuary beneficiaries.

• Know the different types of Power of Attorney for your state.

Of course, the estate planning software will help you with some of these factors, but perhaps not all. Therefore, you need to understand the basic concepts of estate planning that will impact your estate. If you have this knowledge about estate planning, then you should engage in DIY estate planning to save money.

Considerations for Using Estate Planning Software

Whether you decide to try DIY estate planning or not, estate planning software is always useful. Essentially, high-quality estate planning software will allow you to calculate your estate value, list assets, list liabilities, and list beneficiaries with demographic information; the necessary information an estate attorney will need to complete a solid estate plan. Moreover, the software allows for simple updating when necessary. For these reasons, consider using high-quality estate planning software to keep organized and to easily update your estate information.  

In addition, consider using The Common Executor to build a basic understanding of estate planning. As you build your knowledge, you will be more comfortable using high-quality estate planning software. The legal information will become more apparent and you will build enough confidence to try DIY estate planning. So, if you are willing to learn and your estate is straightforward, DIY estate planning is possible.

Was this article helpful? Do you have a basic knowledge of estate planning to try DIY estate planning? Share your comments or questions in the comment box below. 

Recommendation

Quicken Willmaker Plus 2018 Edition: Book & Software Kit– Willmaker is a highly rated software package that will guide you through the process of completing an estate plan valid in your state. Even if you don’t plan to complete a DIY estate plan, Willmaker will help you organize your estate.