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Home >> Why DIY Estate Planning Can Cost You – Part 2

Why DIY Estate Planning Can Cost You – Part 2

May 1, 2014 by Andreas Kulas Leave a Comment

Earlier this week, we wrote about why DIY estate planning can be such a problematic endeavor. Not only can using DIY tools without a lawyer’s advice and guidance be costly, but you might not realize you’ve made a mistake until it is too late. Now, we are going to again look at a few more of the common problems that people encounter when they use DIY estate planning devices. If you are thinking about making an estate plan on your own and have purchased, used, or are considering any kind of DIY tool, you should always talk to an attorney first.

DIY Mistake 4. Creating a revocable living trust and not funding it.

Contemporary estate plans almost always rely on revocable living trusts as one of their primary tools. These devices occupy an important space in estate planning because they provide such far-reaching benefits. Your trust, if properly created and funded, will not only allow your estate to avoid probate, but will give you flexibility when making inheritance choices, and even provide some incapacity planning protections.

Yet the act of simply creating the trust document, sometimes called a trust instrument, is not enough to obtain all the benefits a revocable living trust provides. You also have to take the all-important step of funding the trust. This involves transferring individually owned property into the trust’s name. Failing to fund the trust will effectively mean that the trust does not give you the benefits you had hoped for.

DIY Mistake 5. Creating a will or revocable living trust to avoid estate taxes.

Even though the estate tax issue has diminished significantly in recent years, it is still something many people will have to take into account as they create an estate plan. However, while there are tools that will allow you to reduce or eliminate the burden the estate tax has on your state, using a will or revocable living trust to accomplish this goal is not possible. Wills and living trusts do nothing to reduce the estate tax.

DIY Mistake 6. Forgetting About Your Plan

Whether you create an estate plan on your own, have an attorney help you, or a combination of the two, it’s absolutely essential to remember that you are not finished with the estate planning process once you have created all the documents you need. As time goes by and as your life changes, you will need to regularly review and update your plan. Laws change, people change, and your choices can change. When any of these things happen, you need to be ready to make the necessary updates so that your plan is as good as it can be.

Filed Under: Estate Planning Tagged With: DIY estate planning

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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