When it comes to estate planning, many people are tempted by the simplicity of a do-it-yourself will. After all, it seems like a quick and straightforward solution – just divide up your assets among the people closest to you, right? But cutting corners in this area can lead to costly, time-consuming, and stressful consequences for your loved ones. In this blog, we’ll explore the potential pitfalls of a DIY will, and why enlisting a professional trustee may be the best way to ensure your final wishes are honored, your estate is protected, and your family is spared unnecessary legal headaches.
The DIY Will
Legally, you certainly can make your own estate plan. Famously, Chief Justice Warren Burger wrote his own 176-word will, succinctly bequeathing his assets to his family and designating an executor. You might admire the brevity and wonder if maybe that’s all that’s needed. One of the finest legal minds in the country thought it was fine, what could be the problem?
But let’s walk through what happens after this. Burger’s estate was worth $1.8 million and ended up owing $450,000 in estate taxes. All of this was public knowledge because since it was just a simple will, it went through probate court. His will also didn’t confer rights to sell property and pay taxes to his heirs, no doubt causing headaches and more legal fees.
Amid dealing with the emotions surrounding his death, Burger’s family ended up having to deal with legal hassles and fees as well. We didn’t know Justice Burger personally, but we can assume this isn’t what he wanted for those he loved the most.
The Value of Enlisting a Professional Trustee
At Astra Fiduciary Services, we are strong advocates of using a trustee to manage the most important elements of your estate plan to maximize the legacy you leave to your heirs and beneficiaries and make the process stress-free.
When we talk about an estate plan, we’re talking about your life savings, the people in your life who mean the most to you, and a binding, final decision to be carried out upon your death. Making a strong estate plan is your last gift to those you love, and the goal should be to execute the will privately and without conflict.
We understand people don’t love pondering these realities and creating a will, but trust us, it’s worth the effort and you don’t want to wait to call in the professionals. We help clients make the best decisions for the most important elements of the estate plan:
- Constructing the estate plan, including trusts and tax-aware strategies
- Designating an executor, trustee, and beneficiaries who will help you carry out those plans
- Privately communicating the details of your will and managing its execution
Each family brings unique circumstances and interpersonal dynamics, and we’ve seen how money can complicate these situations. Using a professional trustee like Astra removes the emotion and conflict from the equation, and you can be assured that your legacy is executed according to your wishes.
In short, don’t DIY something this important. Give us a call today to get started on your estate plan.
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The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.
Astra Wealth Management, LLC (“Astra”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Astra and its representatives are properly licensed or exempt from licensure.
Astra Fiduciary Services, LLC (“AFS”) is affiliated through common ownership and control with Astra Wealth Management, LLC “Astra”. Please see Astra Wealth Management’s Part ADV2A for more information.