Nobody relishes thinking about what will happen if they pass away. For this reason, many people still put off estate planning entirely.
The truth is, estate planning doesn’t only clarify matters after a death, it can also bring valuable peace of mind while people are still in the primes of their lives.
A final will and testament is just one type of estate planning instrument that can be utilized to allocate inheritance. Sometimes, people opt to create a will by themselves because it seems cheaper, less complicated and generally more convenient. However, the opposite is most likely the case. Outlined below are some key reasons why drafting your own will could be counterproductive.
Estate planning is no place for errors
As with any legal documentation, wills must be clear and accurate. While you may know what your final wishes are, it is not always easy to communicate this in writing that has a firm legal basis. Additionally, unless you are dealing with wills all of the time, you might not grasp the fundamentals. Individuals who create their own wills often come undone with simple errors such as forgetting to sign or explaining where the will is to be kept.
Overlooking key considerations
While you may have a sound knowledge of estate planning law, unless you deal with it every day, it is hard to grasp the nuances. For example, you may believe that you have covered all aspects of your will. However, you might have neglected to consider very important aspects. For example, you may have clearly indicated that your child should inherit a holiday home, but made no mention as to who is to cover the costs of maintaining and repairing the property.
Estate planning can be daunting but there really is no reason to keep putting it off. As you make plans for the future, be sure to think about your legal rights in New Hampshire.
