DIY Estate Planning Drawbacks

Finding tips, guidance and assistance for estate planning has never been easier via the internet. Such do-it-yourself wealth management planning is relatively inexpensive, fast to find, and seemingly simple to pull off. Nevertheless, there is a risky downside to transferring hard-earned accumulated wealth to your heirs without professional guidance, sometimes resulting in unseen mistakes and unintended financial consequences, experts warn. “Oftentimes, it is a client’s loved one’s urging them to meet with me based on knowledge that the client drafted the estate plan themselves,” says Dana Rifai, an estate planning attorney with Burke, Costanza & Carberry in Merrillville. “Do-it-yourself estate planning clients want to ensure that the estate plan was done correctly and will be effective upon the client’s passing.”

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