Leading Estate Planning Lawyer Doug Newborn founder of Doug Newborn Law Firm, PLLC, in Tucson, AZ, highlights the importance of setting up a will with the right legal advice. For more information please visit https://dougnewbornlawfirm.com
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Creating a DIY will without legal advice could cause significant financial and emotional strain for family members, Arizona estate planning attorney Doug Newborn has warned.
For more information please visit https://dougnewbornlawfirm.com
In an interview this week, he said those writing their own wills were misguided if they sought to minimize costs and protect their assets.
The Founder of Doug Newborn Law Firm, PLLC, in Tucson, AZ, elaborated: “Trying to save on the cost of an attorney could ultimately mean the financial pain could be more than the long-term gain.’’
“Experienced estate planning and elder law attorneys know about different trusts and wills, the legal system, their impacts, and what to do.”
Wills define what happens to assets after a person dies. But those who create their own can sometimes neglect or fail to understand the probate process and the costs and pressures on executors to manage a will, identify creditors, conduct real estate sales, and distribute assets.
Mr Newborn said: “Making a DIY plan may save money upfront, but correcting mistakes can cost thousands due to unforeseen issues or misunderstanding legalities. Those seeking to handle the process without legal backup could also spend unnecessary time navigating the system.”
If wills are crafted without legal help, they may fall short in law and further handicap the eventual outcome intended for an estate. This could result in courts taking more time and cost to re-establishing issues that should have been previously addressed.
Mr Newborn added: “Failing to leave a will can also be a costly mistake as associated probate fees and estate settlement can spiral. Dying intestate means the state will have to intercede and those final wishes will be of the state, not the person’s.’’
“If you don’t put anything in writing, someone you may not have wanted to be in charge of your estate may get appointed as executor – all at extra cost. The problems of an unplanned estate lie in the lack of clarity - who are the creditors, the legitimate beneficiaries and heirs, and what happens with the sale of real estate or your other things that you’ve been holding onto for years and wanting to pass down to your family?”
This could entail more court hearings, fuel family disagreements, drain an estate’s resources and lengthen the process. Ultimately, when certain conditions within the will are lacking, we could see an inheritance wasted by heirs with bad financial management or those intent on spending frivolously.
Mr Newborn 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: Doug Newborn
Email: Send Email
Organization: Doug Newborn Law Firm, PLLC
Address: 7315 N Oracle Rd Suite 230, Tucson, AZ 85704, United States
Phone: 520-636-1152
Website: https://dougnewbornlawfirm.com
Release ID: 89106229
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