The Dangers of Do-It-Yourself
When shortcuts turn into
costly mistakes
It was a rainy afternoon when four
longtime friends - Dipin, Deepak, Digambar, and D’Souza - gathered at their
usual coffee spot. The café had seen everything over the years: from career
confessions to midlife musings. But today, Deepak had a troubled look on his
face.
“What’s eating you, Deepak?” asked
Digambar, sipping his cutting chai.
Deepak sighed. “It’s my cousin Anil.
He passed away last month. He had tried doing his own estate planning using
some online templates. Thought it was simple. Turns out it’s a total mess.”
“What happened?” D’Souza asked,
leaning in.
“Well,” said Deepak, “he had drafted a
will on his own, using a downloaded format. But he missed including his
youngest daughter from the second marriage. The will hadn’t been updated in
years, nor properly executed. Now the families are caught in a legal tangle.
It’s heartbreaking.”
Dipin, the estate planner among them,
nodded knowingly. “I’ve seen this too often. Estate planning isn’t a
one-size-fits-all job. People underestimate the complexity, and DIY can do more
harm than good.”
Digambar looked curious. “But what’s
the big deal, Dipin? Isn't a will just a simple document saying who gets what?”
“I wish it were that simple,” Dipin
replied. “Let me give you four key pitfalls people face with DIY estate plans.”
“First,” he continued, “people use
generic templates that don’t reflect their unique family dynamics or asset
structures. Anil’s case is a classic example - his template didn’t even include
provisions for stepchildren or blended families.”
“Second, people forget that estate
laws and tax regulations change. If you don’t stay updated, your plan becomes
outdated. Professionals like me factor in both legal changes and your life
changes.”
“Third, incorrect asset valuation can
throw everything off. I’ve seen families fight because one sibling got
undervalued property and another got stocks that later tanked. Valuations need
to be done with precision.”
“And fourth,” Dipin said, “beneficiary
nominations are often overlooked. People forget to update their insurance or PF
nominations after life events like marriage, divorce, or births.”
Deepak nodded slowly. “Looking back,
Anil’s intentions were noble, but he had no idea what he was missing.”
D’Souza added, “Even NGOs like mine
need clear estate planning. We’ve had donors whose contributions were stuck in
probate just because they didn’t consult a professional.”
There was a thoughtful silence.
Digambar broke it. “Dipin, I always
thought estate planning was for the ultra-rich. But I realise now, with my
business and joint properties, it’s high time I got serious.”
Deepak smiled. “Count me in too. I’ve
learned the hard way from Anil’s case. It’s time we gave this the attention it
deserves.”
Dipin chuckled. “Well, you know where
to find me.”
And just like that, what began as a
casual chat turned into a life-changing conversation. All three friends now saw
the value of a well-crafted estate plan - done not by themselves, but by a
trusted professional.
The content made available in this article is for general informational purposes only. While every effort has been made to ensure the accuracy and completeness of the content, it should not be considered as a substitute for professional consultation.
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