At your own risk – The pitfalls of DIY estate planning
Abstract: With an abundance of online services that automate the creation of wills and other documents, it’s easy for a person to create his or her own estate plan. But unless the estate is small and the plan is exceedingly simple, the pitfalls of do-it-yourself (DIY) estate planning can be many. As this article explains, people often neglect the formalities — which can vary from state to state — associated with the execution of wills and other documents. Furthermore, DIY planning cannot be expected to take into account changes in the tax laws from one year to the next, which can have a dramatic impact on estate planning strategies.