Perhaps you understand how essential estate planning is for you, your family and your assets, and you are ready to create your plan. You may prioritize convenient and low-cost planning, but choosing the wrong approach could compromise everything you care about.
Before you select a method that seems affordable and easy, take time to learn about some of the estate planning scams that are used to prey on people. Being aware of scams and risks helps protect your assets and avoid fraud.
Phony charity scams
These scams involve urging people to leave part of their estate to a fake charity or ask for donations to a non-existent cause. Always verify the legitimacy of any charity before making donations or including them in your estate plan.
Living trust mills
These involve individuals posing as estate planning experts and offering cheap living trust packages, often targeting seniors. They use high-pressure sales tactics to sell generic, one-size-fits-all documents that may not serve your best interests. Be cautious of aggressive sales pitches.
Cold calls
Another common scam involves cold calls from those claiming to offer estate planning services. These callers often request upfront fees to prepare documents, but the services provided may be subpar or even nonexistent. Always verify the credentials of anyone offering estate planning assistance.
The problems with online DIY estate planning
While typically not a scam, do-it-yourself (DIY) planning comes with risks. Fees can quickly accumulate as you add documents to your plan. Even worse, the components you end up with may be insufficient or even invalid. Remain aware that online DIY services may leave unprotected gaps in your plan.
For a valid estate plan that safeguards your loved ones and assets, seek experienced legal guidance.