Michael A. Manna & Associates
Toll Free: 866-678-0459
Phone: 201-345-3018
Toll Free: 866-678-0459
Phone: 201-345-3018

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Is do-it-yourself estate planning a cost-saving win?

In today's economy, New Jersey residents are looking for the best possible value in all areas of their lives. Whether it is clipping coupons or shopping for the most fuel-efficient vehicle, people want to get the most for their money, and save in every area possible. That said, there are certain areas in which a do-it-yourself approach is not in one's best interests and can actually end up costing more than was saved. Estate planning is a good example and is a need that is best served by a professional touch.

In order to create the best possible estate plan, an attorney does more than simply draft the necessary paperwork and have his or her client sign on the dotted line. An experienced estate planning attorney also listens to the needs and goals of the client and structures a comprehensive approach that works to meet those stated goals. This requires an understanding of tax ramifications, state law, proper legal drafting skills and a range of other talents. To expect a layperson to possess those same levels of skill is simply unrealistic.

When it comes to the cost of creating an estate plan, many people assume that the process is excessively expensive. This is often not the case, and most individuals and families can attain a solid estate planning package at a minimal cost. In addition, documents that are not properly drafted can be rendered void in probate court, through a legal contest of a will. In such cases, any savings that were obtained by a do-it-yourself approach would be quickly outpaced by the cost of addressing those errors after a loved one has passed on.

The best way to create an estate planning package that is both effective and affordable is to approach the process with a high degree of preparation. Working with a New Jersey attorney is always made easier when the client is prepared and has a clear idea of what he or she would like to achieve through the process of collaborating with a legal professional. While there is nothing wrong with taking a DIY approach in many areas of daily life, legal needs are somewhat different from the norm and require professional assistance.

Source: myedmondsnews.com, "Sponsor spotlight: Retirement and estate planning from Matt Cruz", July 28, 2015

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