Do It Yourself Legal Stories
Would you bet your life on a do it yourself (DIY) living trust? Many people do and when things go wrong, it isn't pretty. Since ghosts don't complain though, stories about the aftermath of DIY trusts are hard to come by. Increasingly however, do it yourself legal stories are coming out...
The Drawbacks Of Do it Yourself Estate Planning
This is an article that was first published on Forbes about Do it Yourself Estate Planning. It states that dozens of web sites now offer estate-planning document services for a fraction of what a lawyer might charge to develop a will, trust or power of attorney. While affordable, the trend toward do-it-yourself estate planning is fraught with risk, according to Ruthann Driscoll, director of advanced planning at Northwestern Mutual. “Estate planning documents are filled with legalese; terms that mean very specific things under the law,” says Driscoll. “A friend of mine mistakenly disinherited her sons because she didn’t understand one legal phrase that appeared in her will. That’s why do-it-yourself estate planning scares me.”
Estate Planning Mistakes to Avoid
This is an article written by attorney, Lee R. Phillips. He talks about clients frequently thinking they have a good estate plan but in reality, they do not. Then he focuses on one particular story. He write, "most recently a gentleman brought an 'irrevocable personal residence trust' into the office. It was created for him by his insurance agent. Why do folks trust non-attorneys with their legal work? This would be the number one item on my estate planning mistakes to avoid list.
Why Isn't Anyone Complaining About Do-It-Yourself Living Trusts?
Over the years, I've seen a lot of mistakes made when people use do-it-yourself living trusts in California. What's more, is that I am not alone. That is, I've had many discussions with other attorneys about all the mistakes people make when they try to create a living trust all by themselves. Given the frequency of mistakes, sometimes devastating mistakes, and the fact that the legal profession is highly regulated, for a long time I have really wondered: why isn't anyone complaining about, or consumers suing over, or State Bars coming in to regulate, do-it-yourself legal document companies?
The Reality About Legalzoom's Living Trusts: A True (Horror) Story
This is a true story about the mother of one of my clients, who used Legalzoom to set up her Living Trust. What seemed so simple, actually turned into a living nightmare.
The Rudloff Case: A Case Study Into The Uncertainty Caused By Do-It-Yourself Living Trusts
Oftentimes people wonder about the pros and cons of creating their own living trust through a do-it-yourself company such as Legalzoom, Nolo, or Rocket Lawyer. With regard to such, Consumer Reports conducted their own study of do-it-yourself estate planning and found that living trusts created at do-it-yourself companies are unlikely to achieve everything that people want and could even lead to unintended results. Some might conclude from the Consumer Reports study that such document services don't really work.
Recent Probate Case Illustrates The Trouble With DIY Wills
On August 31, 2011, Florida attorney Jeramie Fortenberry wrote a poignant article about Do-It-Yourself Wills. He then talks about a recent Florida case, In re Estate of Aldrich. This case shows what happens when people do not understand how to draft a Will. And it isn't pretty.
Consumer Reports Says LegalZoom, Rocket Lawyer, & Quicken WillMaker Plus, All Unlikely To Meet Your Needs
Consumer Reports Money Adviser (CRMA) tested three electronic estate planning offerings: LegalZoom, Rocket Lawyer, and Quicken WillMaker Plus. CRMA conducted it’s tests by actually using the products under a variety of circumstances, recording the interviews as well as results. In a blind test comparison the results were sent to a trusts and estates law professor who rated the interviews, how much information was provided, and the quality of the Wills produced. The results: the programs were better than nothing but far from ideal.
The Pros & Cons of Do It Yourself Estate Planning
Do It Yourself Estate Planning is a topic that is often addressed here at The Trust Store. One of the reasons, is that online Wills and Trusts are a hot button subject for many. In the future this topic is likely to become even more hotly debated because so many people are price sensitive and every year more people become comfortable with the convenience and efficiency of completing tasks online. Completing an online trust and many other legal documents is not to be taken lightly however. This article discusses the pros and cons.
The Truth About Suze Orman Living Trusts
This article appeared on the Forbes blog about Suze Orman and was written by Michael Chamberlain. Mr. Chamberlain sums up the good, the bad, and the “never ugly” about Suze Orman. Some of the nice points he makes about Suze Orman are her good looks and financial acumen. But he points out that even though she raises the public consciousness about being financially responsible and investing for the future, she nevertheless is still disappointingly just a salesperson when it comes to her books and kits.
Do It Yourself Estate Planning-A Uniquely Bad Idea!
“Do It Yourself Estate Planning-A Uniquely Bad Idea!” is the title of a recent article in Forbes about the downsides of doing your own estate planning.