With available online forms and guidance, some people may be tempted to create their own estate plan. However, making mistakes on your estate planning can be expensive to fix — if they can be fixed at all. Unintended consequences can quickly unravel a do-it-yourself estate plan.
For many, though, do-it-yourself options may be better than not having any plan. A 2016 Gallup Poll survey found that only 44 percent of Americans have a will, which means most don’t have a plan to guide their families or determine who will take care of minor children. People who don’t have estate plans are stuck in denial, sure, but many are also intimidated by the perceived complexity and cost.
Columnist Liz Weston examines the consequences
of trying to save time and money by coming up with your own estate plan in this story at the Associated Press.