1. Pitfalls of a Do-It-Yourself Will
There is nothing illegal about writing your own last will and testament. But there are many
problems that can arise as a result.
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LAW OFFICE OF DAVID PARKER BLOG
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2. Every entrepreneur has a certain do-it-yourself spirit, or he or
she wouldn’t be an entrepreneur. But as most of us find out
sooner or later, there’s no guarantee that your efforts will be
rewarded with success, particularly when you are not an expert
at what you’re trying to do. If you’re willing to learn from your
mistakes, doing it yourself can be a great way to learn. But what
if it’s something for which a mistake is final, and there won’t be
a “next time”? In that case, it’s better to hire a professional and
get it done right.
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LAW OFFICE OF DAVID PARKER BLOG
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3. As stated in a recent Forbes article, while it is has never been
easier to prepare your own will and other estate planning
documents, thanks to computer technology, there are still many
pitfalls involved in this crucial part of NY estate planning and
New York asset protection. What’s more, a will is definitely
one of those things for which there isn’t any “next time.” When
your work on it is put to the test, you won’t be around to fix any
mistakes.
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LAW OFFICE OF DAVID PARKER BLOG
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4. Many of the assumptions you might have today could prove
false when the time comes. A child may not outlive you. An
asset you’re counting on may not retain its value or even exist.
Moreover, while you may understand perfectly your intent and
the meaning of your language, there’s no guarantee that
understanding will be universal, and you won’t be around to
explain what you had in mind.
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LAW OFFICE OF DAVID PARKER BLOG
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5. Having an estate law professional prepare your will for you is
worth the expense, particularly if you have substantial assets to
deal with. An attorney can translate your intent – while you’re
still around to correct any misunderstandings – into the legal
language that will give it the force of law, and help to plan for
any unforeseen contingencies.
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LAW OFFICE OF DAVID PARKER BLOG
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6. Law Office of David Parker
Estate Planning and Elder Law
www.parkertrustlaw.com