Top Estate Planning Lawyer Fred Haiman, founding partner of Haiman Hogue in Frisco, TX outlines why creating a DIY will without legal advice could cause financial and emotional worries for family members. For more information please visit https://www.haimanhogue.com
Frisco, TX, United States - December 13, 2021 /MM-REB/ —
Creating a DIY will without legal advice could cause significant financial and emotional worries for family members, Frisco estate planning attorney Fred Haiman has revealed.
For more information please visit https://www.haimanhogue.com
The founding partner of the Texas-based Haiman Hogue, PLLC, said DIY wills are just one of many misconceptions surrounding wills, living wills, and trusts when people try to minimize costs and protect their financial assets.
He said: “Trying to save on costs of an attorney could ultimately mean the financial pain is likely to be far greater than the financial gain in the long run."
“An experienced estate planning attorney will know about different trusts and wills, the legal system, its impact on people’s circumstances and planning, and what to do in the estate planning process.”
He Added, "Wills define what happens to your assets after you have die. But those who create their own will can sometimes neglect, or fail to understand, the impact of probate in the process, the costs and the pressure executors are under to manage the will, identify creditors, carry out real estate sales, and ultimately distribute all the assets".
Haiman went on to say, “Making your own plan may save money upfront, but correcting mistakes can cost thousands of dollars due to unforeseen issues or misunderstanding the legalities. Those seeking to handle the process without legal backup could also spend unnecessary time navigating the system”.
"Failing to leave a will can also be a costly mistake as associated fees of the probate and estate settlement can spiral. If you don’t have a will the state government has made a will for you. The state’s wishes are done, not yours. Lacking an executor, a court will make those decisions or appoint someone to do so – all at extra cost. The problems of an unplanned estate lie in the lack of clarity - who are the creditors, the legitimate heirs, the sale of real estate, etc", he said
This will entail more court hearings, lead to disagreements between family members, drain the estate’s resources and lengthen the process.
If wills are crafted without legal help, they may fall short in law and further handicap the eventual outcomes a person intended for their estate. This could result in courts taking more time and cost in re-establishing issues you failed to address.
Having no plan can lead to an inheritance being drained if heirs are bad at financial management or young adults are intent on spending the inherited estate quickly.
He concluded: “Seeking an experienced estate planning lawyer’s advice can and will minimize the cost to your estate than if you created it yourself.”
source: http://RecommendedExperts.biz
Contact Info:
Name: Fred Haiman
Email: Send Email
Organization: Haiman Hogue, PLLC
Address: 2595 Dallas Parkway, Ste. 100, Frisco, Texas 75034
Phone: 469- 893-5337
Website: https://www.haimanhogue.com
Source: MM-REB
Release ID: 89055931
