Top Elder Law Attorney Rory Clark founder of the Legacy Elder Law Center in Leesburg, VA warns against the pitfalls of DIY wills without legal counsel. For more information please visit https://legacyelderlaw.com
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A DIY will without legal backup could cause untold financial and emotional strain on family members, Maryland estate planning and elder law attorney Rory Clark warned this week.
For more information please visit https://legacyelderlaw.com
Clark said those writing their own wills were misguided if they sought to minimize costs and protect their assets.
"Trying to save on the cost of an attorney could ultimately mean the financial pain could be more than the long-term gain," he advised. "Experienced estate planning and elder law attorneys know about different trusts and wills, the legal system, there impacts, and what to do."
He said wills define what happens to assets after a person dies. But those who create their own can sometimes neglect or fail to understand the probate process and the costs and pressures on executors to manage a will, identify creditors, conduct real estate sales, and distribute assets.
Clark, founder of the Legacy Elder Law Center, which is based in Leesburg, VA, said, "Making a DIY plan may save money upfront, but correcting mistakes can cost thousands due to unforeseen issues or misunderstanding legalities. Those seeking to handle the process without legal backup could also spend unnecessary time navigating the system."
If wills are crafted without legal help, they could fall short in legal requirements and further handicap the eventual outcome intended for an estate. This could result in courts taking more time and cost to re-establish issues that should have been previously addressed.
He added: "Failing to leave a will can also be costly as associated probate fees and estate settlement can spiral. Dying intestate means the state will have to intercede, and those final wishes will be of the state, not the person's."
"If you don't put anything in writing, someone you may not have wanted to be in charge of your estate may get appointed executor, all at extra cost.”
“The problems of an unplanned estate lie in the lack of clarity - who are the creditors, the legitimate beneficiaries and heirs, and what happens with the sale of real estate or your other things that you've been holding onto for years and want to pass down to your family?"
This could entail more court hearings, fuel family disagreements, drain an estate's resources and lengthen the process. Ultimately, when certain conditions within the will are lacking, an inheritance could be wasted by heirs with bad financial management or those intent on spending frivolously.
Clark concluded: "Seeking an experienced estate planning lawyer's advice can and will minimize the cost to your estate compared to creating it yourself."
Source: http://RecommendedExperts.biz
Contact Info:
Name: Rory Clark
Email: Send Email
Organization: The Legacy Elder Law Center
Address: 108 South St SE ste 212, Leesburg, VA 20175, United States
Phone: 703-783-1195
Website: https://legacyelderlaw.com
Release ID: 89127817
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