People are often willing to take on DIY projects. This has always been the case, but you can now find resources on the Internet that can provide useful information. In fact, there are websites that allow you to download estate planning documents. You fill in the blanks on these boilerplate estate planning documents, and you are supposed to be good to go.
This could be described as an oversimplification. First of all, when you think about estate planning documents, you may think about a last will. You have other options, and a will is not always the most effective choice.
There are multiple different circumstances that would call for different estate planning documents. There are various types of trusts that can accomplish a wide range of goals. Before you make any decisions, you should probably discuss everything with a licensed estate planning attorney so that you can be certain that you are doing right by your family.
Speaking of your family, do you want your loved ones to inherit the assets that you have left toward the end of your life, or do you want to give the assets to a nursing home? This is a profound question, because most seniors will need long-term care, and Medicare does not pay for living assistance.
You have to devise a holistic plan for aging that includes nursing home asset protection if you want to have something left to leave behind to your loved ones. Are you sure that you can accomplish this through the utilization of boilerplate documents that you obtained online? Do you know how to proceed properly?
Incapacity planning is another factor to take into consideration. A significant percentage of seniors become unable to handle their own affairs at some point in time. If you do not execute the appropriate documents, the state could ultimately appoint someone to act on your behalf in the event of your incapacitation.
As you can see, there are many things to take into consideration if you want to craft your legacy as you are comprehensively preparing yourself for the eventualities of aging. It can be a rather complicated matter, even if you are not a multimillionaire.
Report on DIY Estate Planning
We have provided some basic information in this post, but you can learn more about the dangers of DIY estate planning documents if you download our in-depth special report. This report is free, and you can access your copy through this page: DIY Estate Planning Report.
Personalized attention is the key to a properly constructed estate plan. If you would like to discuss your unique personal situation with a licensed professional, our firm can help.
We offer free consultations, and you can send us a message through this page to set the wheels in motion: Indianapolis IN Estate Planning Attorneys.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- If a Beneficiary Dies During Probate What Happens to the Inheritance? - September 18, 2019
- Is Your Power of Attorney Powerless? What to Do When a Third Party Won’t Honor an Agent’s Authority - September 11, 2019
- Are There Different Types of Special Needs Trusts? - September 4, 2019