February 5, 2023-Nicholas Ward
Susan Friedman, of Kohrman Jackson & Krantz LLP, has made available for download her article, “The Risks of DIY Estate Planning,” published in JDSUPRA. The abstract is as follows:
The other day, my hot water tank broke. At first, I just thought the pilot light went out. I was easily able to follow the directions to get the pilot light back on, but the water didn’t heat up. So, I went back and read the sticker on the water tank to try to trouble shoot. I figured out by counting the blinking lights what was wrong – a valve needed to be replaced. I wanted to save money and do it myself, but I called a plumber to make sure it was fixed properly to save me time and money in the future. At some point, I’d imagine that most people come to the same conclusion and pick up the phone to call a professional. After all, they are someone who has been trained in installing and repairing hot water tanks among other skills.
The same should go for Estate Planning.
While you may think your saving yourself some money by creating your own estate plan, the quick DIY usually ends up failing – and ultimately, you’re left calling in a professional to repair the mess. To put it bluntly, there is a reason attorneys attend so much school. Even after graduating from law school, it still takes time to gain experience and develop an expertise in the practice area. Sure, there are different ways for attorneys to get that experience, but foundationally, they still possess the knowledge base and skill set needed to ensure that individuals and families are able to leave their assets, including businesses, as they intend and plan while they are living.
Click here to view Susan Friedman’s summary of “The Risks of DIY Estate Planning.”
Posted by Nicholas Ward, Intern, Wealth Strategies Journal
Wealth Strategies Journal 