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DIY Estate Planning Risks Checklist

Do-it-yourself estate planning can seem like a cost-effective solution, but it comes with significant risks. Without professional guidance, critical mistakes can jeopardize your legacy and leave loved ones with unresolved challenges. This checklist highlights common pitfalls of DIY estate planning and helps you understand when to seek expert help.

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  • Are your documents compliant with state-specific estate laws?
  • Have you accounted for recent changes in estate or tax laws?
  • Did you ensure your DIY documents meet legal requirements for execution (e.g., witnesses, notarization)?

  • Does your estate plan include all essential documents (e.g., will, power of attorney, advance healthcare directive)?
  • Have you created provisions for contingencies, such as backup executors or trustees?
  • Are your documents cohesive, or do they conflict with one another?

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    • Have you addressed blended family dynamics, such as stepchildren or ex-spouses?
    • Does your plan account for special needs beneficiaries without jeopardizing their government benefits?
    • Are there provisions for business interests, real estate, or digital assets?

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    • Are your beneficiary designations on life insurance, retirement accounts, and financial assets up-to-date?
    • Have you ensured that your designations align with your overall estate plan?
    • Are contingent beneficiaries named to avoid unintended outcomes?

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    • Have you considered estate, inheritance, or income tax implications for your heirs?
    • Did you explore tax-saving strategies, such as charitable giving or gifting?
    • Is your DIY plan structured to minimize the tax burden on your estate?

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    • Are your assets titled correctly to align with your estate plan (e.g., joint ownership, TOD designations)?
    • Have you accounted for assets that may bypass your will, such as retirement accounts?
    • Do your documents address out-of-state or international property?

    • Have your DIY documents been reviewed by an estate planning attorney for accuracy and completeness?
    • Did you consult a financial advisor to align your estate plan with your financial goals?
    • Are there any areas of your plan where expert input could reduce risks?

    • Are your estate documents stored securely but accessible to trusted individuals?
    • Have you shared the location of your documents with your executor or key family members?
    • Are digital copies stored in a secure and easily accessible location?

    • Has your DIY estate plan been updated to reflect life changes, such as marriage, divorce, or new children?
    • Are financial accounts, properties, or other assets added to your plan as they change?
    • Do you have a schedule for regular reviews to keep your plan current?

    • Does your estate plan clearly articulate your intentions to minimize family disputes?
    • Have you addressed potential challenges from heirs who may contest the plan?
    • Are your instructions unambiguous and legally enforceable?

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