What are some common mistakes people make when trying to execute their own estate plan without the help of a lawyer?

As a lawyer, I can provide legal advice on common mistakes people make when trying to execute their own estate plan without the help of a lawyer.

One of the most common mistakes people make is failing to update their estate plan regularly. Life circumstances change, and the estate plan should be amended to reflect these changes. For example, if a person gets married or divorced, has children or acquires new assets, the estate plan should be updated to ensure that their wishes are still being met.

Another common mistake is inadequate executor or trustee instructions. People often name someone they trust to carry out their wishes as the executor or trustee, but fail to provide detailed instructions on how they want their assets to be distributed. A lack of specific guidance can lead to disputes or challenges by beneficiaries.

Improperly drafted documents is also a common mistake people make when executing their own estate plan. DIY estate planning kits or online forms may be less expensive, but they may not conform to state-specific laws or be tailored to an individual’s unique circumstances. This can lead to ambiguity or unintended consequences.

Failing to account for tax planning is another common mistake. Estate taxes can take a significant portion of an estate, and proper planning can minimize this impact. Without professional assistance, people may overlook tax-saving strategies or make costly errors.

Finally, people sometimes fail to properly manage their assets. They assume that the will or trust will automatically transfer their assets to their beneficiaries upon death, but this is not always the case. For example, if title to an asset is not properly updated, it may not pass to a beneficiary as intended.

In conclusion, people who try to execute their own estate plan without consulting with a lawyer run the risk of making costly mistakes. It is important to periodically review and update the estate plan, ensure executor and trustee instructions are detailed, use properly drafted documents, account for tax planning, and properly manage assets. Seeking professional assistance can help avoid common pitfalls and ensure that a person’s wishes are carried out.