Oregon Estate Planning Blog

4 Reasons Why DIY Estate Planning Is a Terrible Idea

The time has come when parents around the country are gearing up to tackle all of their "responsible parent" financial resolutions, and at the top of that list is estate planning.  First, a word about why estate planning is at the top of the list:  Every good financial advisor, CPA, or lawyer knows that good investments and income-tax saving strategies are completely useless if your lack of planning leaves your family in a huge mess if you die or are incapacitated.  So, before you pour your energy into planning for retirement or wealth-building, you must plan for how your family will survive if you die or are incapacitated.

Second, a word about parents and estate planning:  If I could do one thing as an estate planning attorney, it would be to help parents reframe the way that they THINK about estate planning.  For most parents, the way they think about it is, "I need a simple will," "I don't have a complicated situation," "I don't have much in the way of assets," and, "How much does a will cost?"  I would like to change all of that.  I would like parents to think, "I need to know what I need to know about doing the best I can to make things as easy as possible for my family if something happens to me."

Unfortunately, many parents these days are turning to DIY estate planning, because they are thinking in terms of, "I need a simple will.  How much does it cost?"  To help you to avoid thinking in those terms, I have put together 4 Reasons Why DIY Estate Planning is a Terrible Idea:

1.  You Don't Know What You Don't Know About What You Need.

Just about every parent that I see has no idea what types of situations their family faces if something happens to him or her.  The examples are too numerous to cover adequately, but here is a small sampling of issues parents had (and we're talking about your normal, average parent who owns a home, a retirement account, and some life insurance, but does not feel wealthy by any means), but had no idea about: thousands of dollars would be owed in estate taxes, thousands of dollars would be owed in state inheritance taxes, thousands of dollars would be spent on probate, the court process would take months to complete, children could go into foster care, children could be accidentally disinherited, children could be sent to live with unsuitable guardians, and that's just a small sampling.  The point is, when you go to prepare a DIY will, you skip the part where a lawyer looks at your family and asset information and spots issues that may arise.  If you are going to DIY, you should at least see an attorney before that so you can find out what things will look like for your family if something happens to you.

2.  You Don't Know If You've Screwed Anything Up.

When you DIY your estate plan, you will never find out if you have screwed something up.  That will be left for your family to discover.  In one example I saw, a woman prepared a will on Legal Zoom, and she shared her testimony on their website.  She said that she prepared a will so that she could "avoid probate," but if she had her plan and goals reviewed by a lawyer, she would have learned that a will does not avoid probate - in fact, it guarantees that your estate will go through probate.  In another example, a man accidentally disinherited his child by leaving everything to his wife (who was not the child's mother).  The thing is, this can happen to anyone.  Just about everyone who DIYs their estate plan is going to leave everything to their spouse.  Then if the spouse remarries, they will probably leave everything to the new spouse, disinheriting the children. 

3.  Your Family May Not Be Able to Find Your Documents.

A common problem for people who DIY an estate plan or have it cheaply prepared by a lawyer who does not keep in touch with the family is that the documents are unable to be found when they are needed.  I just got a call last week from a family searching for a stepmother's will.  Guess what - the stepmother had mentioned that she provided for her stepdaughter (who she had essentially raised) in her will, but no one could find it, so the stepdaughter got nothing.  Every month, in the back of my Oregon State Bar Bulletin, I see ads that people have put out, looking for the will of the deceased.  Your family should know your lawyer's contact information and know exactly what to do if something happens to you.  That is one of the most important aspects of creating a plan.

4.  Your Family Will Have to Hire an Attorney in a Time of Distress.

Your estate will have to be settled at some point, which means that your family will have to hire a lawyer.  Imagine your family having to choose a lawyer during such a distressing time.  They may be desperate to hire anyone so that they can close things up and get access to money they need to survive.  While they should be grieving and turning to a trusted advisor for help with legal matters, they will have to be judging whether a lawyer is competent, trustworthy, and likeable.  Leaving a trusted advisor for your family to turn to is a priceless gift that you should arrange while you are alive and healthy.  That way, your family can have the space to grieve and try to move on with life.

I have given you 4 Reasons Why DIY Estate Planning Is a Terrible Idea, and there are dozens more.  Ask yourself, "How can I make things as easy as possible for my family if soemthing happens to me?"  Then, call an estate planning attorney and ask him or her the same question.  You will be well on your way to setting your family up with a lifetime of security and guidance.

Happy Holidays & a toast to your family's health & prosperity,

 
P.S.  Want to get started on the most important planning you'll ever do for your family?  Give our office a call at (503) 235-5150 to get started.  You'll be glad you did.

___

Want to use this article in your newsletter or on your blog or website?

 

You can!  Just please be sure to use this complete blurb with it:

 

Candice N. Aiston is an Estate Planning Attorney for families in the Portland, Oregon area.  She helps loving parents to prepare their families for a lifetime of security, prosperity, and guidance.  If you would like to receive her free report, "The 9 Common Planning Mistakes Parents Make," please visit
http://candiceaistonlaw.com/.

Statement by LegalZoom regarding lawsuit

I got an ever-so-gentle email spanking from John Spano, of LegalZoom:

Ms. Aiston:

I have attached the legalZoom statement regarding the lawsuit.  Please consider using some or all of it, and next time you speak with the source, you might mention that balance in “news” postings is good for objectivity and authoritativeness!  Thanks again.  John Spano 

Since I'm so zen and peace and love about life, here is the Statement in full:

Statement by LegalZoom concerning the Courthouse News Service story regarding litigation filed on May 27, 2010

 

LegalZoom is dedicated to providing convenient and affordable solutions that help consumers create their own legal documents.   We put the consumer first, and we back our products with a money-back guarantee.  This has helped LegalZoom earn an A+ rating from the Better Business Bureau. 

 

We are confident that the lawsuit filed in Los Angeles last week is without merit, and that LegalZoom will be vindicated in a court of law.  LegalZoom does not provide legal advice or misrepresent our products and services in any way.  Despite the lawsuit, LegalZoom continues to operate in California and all 50 states, providing more than 100 products and services to those seeking affordable help.   

 

LegalZoom has been reviewed by legal authorities in California, and in many other states, and we have never been found to be in violation of the law.  Visitors to our web site with more complex problems can find a listing of attorneys through LegalZoom’s Attorney Connect service, which is featured on our home page.  Furthermore, we operate an attorney referral service in California which is certified by the California State Bar.

 

In the ten years since LegalZoom was started, we have garnered appreciation from consumers who have been very complimentary of the products LegalZoom offers and the way we operate. People come to LegalZoom to start their businesses, protect their families, and launch their dreams.  As America’s premier online legal service, we’ve helped over a million people take care of important legal needs.

The Statement addresses nothing that has been alleged, in my opinion. Yeah, "opinion." That's allowed on a blog. I'm not a journalist and while I do report legal news that my readership may find interesting, I'm not going to go out of my way to get a LegalZoom comment before I post something about them.

LegalZoom is being sued by an estate, not a living person who figured out that their documents were screwed up and asked for their money back. This is the nature of trusts and estates. You don't find out if your documents work. Your surviving family finds out.

Remember this comment?

Candice:

As a probate litigator, I feel much more comfortable contesting a Legal Zoom type will than a will prepared by an attorney. There are not only the potential issues with incorrect formalities, I also know there is not going to be an estate planning attorney who will testify in support of the will.

What is good for probate litigators is bad for consumers.

Mike

www.txprobatelitigation.com

It really doesn't matter that LegalZoom has "garnered appreciation from consumers who have been very complimentary of the products" and way they operate. Those people haven't died yet and had their estate plan challenged.

It's 4:30 on Friday and I want to get away from the computer, but I wonder if I email John back, if he'll answer my questions.

What would YOU ask LegalZoom?

To your family's health & prosperity,

LegalZoom sued!

Just when I was ready to shut up about LegalZoom, figuring I'd said all I could say on the subject...the company is being sued!

Plaintiffs say they bought a living trust through LegalZoom, which was to include a revocable living trust, a will and a durable power of attorney. But [Plaintiff's Attorney] Webster says the documents were flawed as a result of LegalZoom's failures, and [Plaintiff] Ferrantino's estate had to hire an attorney to correct the problems. (bolding is mine)

The lawsuit alleges claims that LZ failed to follow California laws regulating the practice of law; that LZ encouraged customers to practice law without a license; and that LZ engaged in fraudulent business practices:

Webster said almost all of LegalZoom's other claims are contradicted by disclaimers that are accessible only by following links to secondary pages of the website, and in much smaller type than that displayed on the website's main pages.

For instance, Webster said that while the company claims that "virtually anyone" can use its product, the disclaimer states that "the law is a personal matter and no general information or legal tool like the kind LegalZoom provides can fit every circumstance."

I agree that it's deceptive to say on the main page that virtually anyone can use the program/product, and then issue a disclaimer on a different page.  I also found the attorney testimonials to be extremely deceptive as well.  As far as I can tell, none of the testimonials are from actual estate planning attorneys (because that would never, ever happen). 

While I'm saddened that this situation happened, and that this man's estate has to deal with the ramifications of a company's deceptive business practices, I'm glad that someone is finally stepping up to fight LegalZoom.

To your family's health & prosperity,

3 Things Attorneys Can Learn from LegalZoom

In my last post, I wrote about how LegalZoom may or may not be my competitor, but how I will keep talking about the dangers of DIY estate planning because it's so important. I discussed many of the problems with LegalZoom, including specific examples of where LZ planning had gone wrong. Now, I'd like to discuss what attorneys can learn from LegalZoom.

1. Low prices are alluring.

One of the big allures of LegalZoom is the cost. Because LZ is using the same forms over and over again and because they have entirely automated the drafting of the documents, they are able to sell their will for $69. This is extremely affordable when you compare it with an attorney's fees, even attorneys who are cranking out the same document over and over again.

I'm not suggesting that attorneys lower their prices or switch to a format that automatically generates forms over and over again, but I am suggesting that we work to convey what it is we are actually being paid for! We are not being paid for documents. We are being paid for our advice, something that LegalZoom simply cannot offer. (Although I do have some ideas for them. Post on that soon to come. ;) )

2. Convenience is a big deal.

Over and over again, the testimonials convey how easy and convenient LZ was. The people in the videos and commercials talk about convenience way more than they talk about cost. We learned from Greg Luce that finding an attorney you feel comfortable with can be difficult and time-consuming, making it seem like a waste of time. (I linked to this series in the comments section of my previous post.) I also suspect that the 15 minutes it takes to prepare your LZ forms makes it seem like spending hundreds to thousands on an attorney is a waste of money.

Attorneys need to make it easy for clients to find them, and easy for clients to go through the estate planning process. We need to convey why convenience can be so dangerous, and we need to convey to the public why it's worth it to go to the extra trouble and money to find and work with an attorney.

3. The public needs our help more than ever.

We learned from Jane's video that the public needs the help of attorneys more than ever. Legal documents are available to the public, but most people don't really even know what their DIY documents do. Jane thinks that her Will helps her estate to avoid probate. She is wrong, but LZ couldn't convey that to her properly.

I believe that attorneys have a duty to both their clients and to the public. Our duty to the public is a moral one. I don't believe in having the attitude that since we have enough clients coming to us, we don't need to educate the public. It is up to us to make sure that the public knows about how dangerous DIY legal planning can be. Several attorneys are doing this already, through their educational workshops and seminars, and through their informational blogs. I commend all of these attorneys. Keep doing what you do! (I really need to update my links on this blog, btw!)

I've outlined three very basic things that attorneys can learn from LegalZoom, but I'm curious to know - what do YOU think attorneys can learn from LZ? Whether you're an attorney or not, I'd like to know what you think. Talk to me in the comments!

To your family's health & prosperity,

P.S. Attorneys: I mentioned that I need to update my links! I don't think they've been updated since 2008. :} In the comments, please link to your blog and others that are helpful if you think I should link to it on my blog. Thanks!

Is LegalZoom my competitor?

There is a lot of talk about LegalZoom and other DIY software in the Estate Planning world. I, and many attorneys, have spent time discussing and writing about how dangerous DIY estate planning can be, and I know a few attorneys who generated documents using the software and documented their critiques of the various programs.

There are some attorneys who say that companies like LegalZoom are direct competitors of Estate Planning attorneys. There are also attorneys who don't believe those companies are competitors at all.

I have been trying to determine whether I think LegalZoom is my competitor, and my first inclination was to look at the clients I have worked with. I can't think of any clients that I have who needed to be convinced that they should work with an attorney instead of doing it themselves. And, maybe it's because I live in the DIY capital of the world (Portland, Oregon), but I have a ton of clients who are DIY-ers for most things. Most people who come to see me have either already decided that they are going to work with me, or they want to get to know me better to decide whether they want to work with me.

The clients I work with have a goal: They want to make things as easy as possible for their families if something happens to them. So they seek out a lawyer's advice on how to make that happen.

Most of the time, the way it goes down is that the client calls and says that they need to set up a will or "get something in place." Most people find out at the first meeting that based on their particular situation, they need a lot more than a will. They usually leave the meeting saying, "Wow, we had no idea!" They realize that they're paying for a lawyer's advice, not so much for the paperwork that follows.

Based on my current clientele, I could say that LegalZoom is not a competitor.

But I don't know about the people out there who didn't call me or another attorney. I don't know if the marketing for LegalZoom  or Suze Orman or any other company convinced them that estate planning is something they can do themselves. 

I decided to get over to YouTube and have a look at some of the commercials that are out there. LegalZoom has its own YouTube page, where they not only have their commercials, but they also have video testimonials generated from a contest for people who have used LegalZoom's services. (Everyone knows that testimonials are a great marketing tool, and yet, I can't exactly hold a contest to get people to submit videos about how great I am.)

In the commercials, the overarching theme is "peace of mind." That's the overarching theme for estate planning attorneys as well, and so it appears that LegalZoom may be my competitor after all. But there's a difference between the peace of mind that LegalZoom offers and the peace of mind that Estate Planning attorneys offer.

Before I saw the testimonials, I only suspected that a lot of people might have a false sense of security with these LegalZoom documents. I hadn't personally gone over a LegalZoom plan, but I just couldn't imagine how software could do everything that an Estate Planning attorney can do. Commercial after commercial doesn't really give me a sense of who these people in the commercials are. Do they own a house? Do they have life insurance, retirement, investments, businesses? What kinds of jobs do they have? What is the family situation?

The difference between LegalZoom and an Estate Planning Attorney is that LegalZoom's job is to deliver a product that a customer requests, and an Estate Planning Attorney's job is to assess a client's circumstances, make recommendations based on those circumstances, and create a plan according to what the fully informed client decides upon. If a person calls me and tells me that they want to set up a will, I set up an appointment, send them our Family Information Packet, and have them fill out a worksheet that tells me about their family, assets, and financial situation. At our meeting, I go through their information with them and show them what things would look like if they died with their current plan (or lack of a plan) in place. We identify areas of concern, such as the cost, time delay, and privacy issues associated with probate, or the expense of estate taxes. We discuss ways to avoid any of these areas of concern. Then the client chooses a plan that best fits their family's needs. (We also address issues such as incapacity - what will happen with a client's kids and assets if the client is unconscious but still living - and asset protection.)

I watched several of LegalZoom's videos, and I heard a lot of people saying that they had peace of mind, but thought to myself, "Well, we won't know if there are any mistakes until after you're gone."

Then I saw Jane's testimonial. You can watch it here. Jane set up a will through LegalZoom and now she has peace of mind. But Jane says that the reason she decided to set up a will is because she experienced the death of a friend whose estate had to go through probate. She decided that she didn't want her estate to have to go through probate, and so she went to LegalZoom and set up a will. The problem? Having a will doesn't mean you avoid probate. This peace of mind that Jane paid for is worthless. If Jane went to see an Estate Planning attorney, she would know this.

There are other slightly disturbing testimonials in addition to Jane's. There's a couple with two kids, and the wife is a medical student soon starting her residency. That's all I know about them, but I can all but guarantee that 1) they didn't get a comprehensive plan to care for their kids if they die or are incapacitated, and 2) they don't have any asset protection if the wife is sued for malpractice. I hope that they will be the kind of folks who revisit their estate plan with an attorney when they're feeling a bit more like they can afford it.

There are numerous parents who gave testimonials about their peace of mind, who probably don't have a comprehensive plan for the care of their kids during incapacity or after death.

There's a guy who invented some sort of parachute/skateboard thing who I assume did his patenting and possibly set up an LLC through LegalZoom. I have no idea what state he is in, but in most states, simply filing as an LLC doesn't protect you from every possibility of liability.If someone gets hurt using his invention, he's probably not protected.

My conclusion is that I am undecided on whether LegalZoom is my competitor, but I will keep having the discussion about DIY estate planning, because I think it's dangerous, and because I think that people are paying money for a false sense of security.

I'd love to hear your comments on this topic!

To your family's health & prosperity,

P.S. If you're in Oregon, and you want to make sure that you've made everything as easy as possible for your family, call my office at (503) 235-5150 to set up your Family Treasures Information Session, valued at $750, but FREE for blog readers!

Wednesday Web Wrap-Up

I often read other attorneys' estate planning blogs, and I often have other attorneys forward news articles about estate planning. I thought it would be cool to do a weekly series of compilations of the most interesting or noteworthy items in the estate planning world. I'll call it, "Wednesday Web Wrap-Up." I'm feeling super nerdy about this, but I suppose an estate planning blog is inherently nerdy, so what can I say?

The first article, "Assemble a Paper Trail, and Make Sure Your Heirs Can Follow It," from the New York Times, is a few weeks old, but the WealthCounsel attorneys have been discussing it this week. The general idea of the article is really great. One of the most important things about estate planning is creating a plan and communicating about that plan to the people who need to know about it. Many people create a plan and stick on a shelf or in a safety deposit box (or even in the freezer!), and when the documents are needed, no one knows they exist, or they know there's a plan but don't know where to look for the important documents. So I appreciated that aspect of the article.

What I didn't like were some of the errors I found. There were some errors in terminology, but the most important error I saw was the idea that a "simple will" that you can create on Legal Zoom will solve the problems raised in the article. Sure, in a simple will, you get to designate who gets what, but your estate will still have to go through the probate process and you're still looking at all those fees and costs discussed in the article. I can't tell you how many clients and even financial advisors have told me that they believe a will avoids probate. It doesn't. If probate avoidance is a goal, a revocable living trust plan is the way to go.

A good blog post that touches on the issue of the "simple will" is, "I don't do simple wills. In fact, I don't sell wills. I sell advice." from South Florida Estate Planning blog, by David Shulman. I related so much with this post, because I get about 2 or 3 phone calls every week from people asking me, "How much do you charge for a simple will?" I, like David, don't do simple wills. I do create will-based plans, but they're never simple. I like to tell people, "The documents are free! What you pay for is my advice and counsel. The documents are necessary, but they're included as a by-product of our relationship." And while we do create plans according to our clients' wishes, we start from a place of education. Before we talk about what kind of plan we're going to create, we show our clients exactly what their unique situation looks like, and what the options are to avoid different scenarios. Then our clients make an informed decision from there. Just like a doctor checks things out and gives you different options based on your situation, we check things out and talk about the different options before you make a decision.

The next article, "How Much Should You Leave the Kids?" from Money Sense, is actually a few weeks old, but Laura Lee Sparks, of Legal Marketing Maven, recently posted it on her Facebook page. I'm posting it because I really love the approach that the parents in the article took. They hashed things out with their adult children, and everyone knows what the plan is. This is the best way to prevent sibling battles and disappointments. I have seen estate planning gone wrong in my own family, and a lot of the problems could have been solved with a little communication between parents and their adult children.

Last, Rania Combs, a Texas estate planning attorney, posted, "Estate Planning for Special Needs Children," on her blog. I thought I'd post this for some of my readers and friends who have special needs children. These issues are very important to think about. When the child is a minor, you want to have special provisions in your estate plan that create a Special Needs Trust in the event of your death. This is the best way to preserve what you have for the child, while still preserving the child's ability to receive government benefits. Once your child is 18, there are other legal steps that must be taken. You should consult with an estate planning attorney to find out what steps you need to take.

I hope that you find some of these articles and posts helpful!

To your family's health & prosperity,

A Year to Live - How would you prepare?

 

I am reading this book right now called A Year to Live, by Stephen Levine.  It has raised a lot of questions and insights for me.  Many of them are about estate planning.  Many of them are about life in general.

One of the exercises the author has the reader do is simply make a list of what you'd do if you found out today that you have a year to live.  The author seems to think that it can feel freeing for people because they finally feel entitled to live the life that they want to live.  To imagine that you have a year to live is like metaphorically dying, and allows you to realize what you want and have a rebirth and live your life in a new way. 

As a parent, I am getting something a little bit different from the book.  I have a 10-year-old daughter and a 2-year-old daughter, so I wouldn't feel so free.  I would feel devastated and sad for my family.  I think my list would look a little different than a list would look for someone with grown kids or no kids at all.  It wouldn't be so much about things I always wanted to do, but more about how I can make things easy on my kids and really be able to completely enjoy my family for my last year.  Mentally and emotionally going through the act of dying, it is so clear what needs to be done!  After going through my list and preparing for my death, I can be free to live the life I really want to live!

At the top of my list would be making sure the transition after my death would be as smooth as possible for my kids.  It made me think about the type of estate planning I'd want to do.  If I was a parent who hadn't done any estate planning, I doubt I would be using a DIY kit or calling a bunch of lawyers and going for the cheapest rate.  I would be asking questions like, "What will happen to my kids if I collapse at the grocery store?" and "What if I'm incapacitated in the hospital for a long time before my death?" and "How will my loved ones have access to my assets?" and "Will you be there for my family when I can't be?"  I would be communicating with my chosen guardians and getting everyone on the same page.  I would be communicating my healthcare wishes.  I would be writing letters to my kids and spouse and guardians that they could read after my death.  I'd want everything to be as smooth as possible, and I'd want to make sure that I left behind my values and everything I wanted to say to my loved ones.  I'd want to know that everyone would be cared for financially.  (Hopefully I already have life insurance, since I wouldn't be able to get it with a one-year-to-live diagnosis.)

On a more personal note, I wouldn't waste one second with any fights or struggles with my spouse or kids.  I would say yes a lot more.  Yes, I'll take you to the park.  Yes, you can stay up late and watch a movie with us.  Yes, you can have ice cream.  I'd laugh a lot more, smile a lot more, cuddle a lot more.  I'd be outside a lot more.  I'd take the kids to Disneyland.  I'd try to experience life a lot more with my family.  I'd want to have more picnics, more hikes, more sunsets and sunrises.

So what about you?  What would you do if you found out you had a year to live?

To your family's health & prosperity,

Candice

Beware of who is advising legal self-help!

Sorry if you received the earlier accidental posting!  I wasn't done and it was a mistake!

Anyway, I mentioned in a previous post that you should beware when hearing advice that legal self-help is a good idea.  An article on realsimple.com illustrates the point.  A key employee for NOLO suggests that legal self-help is OK: "You can often handle the tasks involved in buying or selling real estate just with the help of other professionals traditionally involved in the process."  Well why not?  NOLO sells legal self-help materials!  The problem with this is that these professionals are not licensed to practice law.  So while they can give you advice on buying and selling real estate, they cannot advise you on any laws that might apply to ownership, land use, taxes, and other areas of law.  If they did give you legal advice, you couldn't rely on it, and you'd have no recourse if you got bad advice.  I believe it is a much better idea to pay a feww hundred to a few thousand dollars to get the advice of an attorney that you can rely upon to be current with applicable laws.  You can probably factor the cost into your mortgage application.

A good rule to live by is to always see who is advising what, and ask yourself what is in it for them.  Why would someone who sells DIY legal kits say that you don't need a lawyer?  For that matter, why would a lawyer say that you DO need a lawyer?  Can they justify what they are saying, despite the apparent self-interest?

I've been reading that there are also certain scams being pulled in the estate planning discounts world.  You might remember that I posted a story about a job my husband used to do until her realized he was working for a company that was scamming people into buying wills and trusts.  Two weeks after my husband quit, the Feds came and shut the place down.  It looks like these companies shut down and then reopen under new names.  So, just beware if you get a phone call asking if you have a will or a trust.

The point of this post is that you should be proactive and safe when it comes to legal matters.  Attorneys get a bad rap, but we are held to high ethical standards and we take them seriously.  We are required to carry malpractice insurance, and there is definite recourse for clients if something goes wrong.  This is not true for cheaper ways of dealing with legal matters.

And when it comes to your estate, you really don't want to leave it to your loved ones to find out that you have a plan that doesn't work, and that there is no recourse because you took the advice of a non-lawyer or used a DIY kit.

To your family's health & prosperity,

Candice

The Cost of a Trust

I found this video that a Texas attorney put up online.  He discusses the cost of setting up a trust, basically saying that a trust can cost anywhere from $35 (for a DIY kit) to $15,000 (for a highly qualified estate and tax specializing attorney).  I don't charge $15,000, but I agree with everything he said.  I think most people will see a DIY trust fail in its purpose, and that if you're going to bother with estate planning at all, you should see an attorney.

A family looking to set up a trust to protect their assets and their kids should expect to pay just a few thousand dollars.  A family with more complicated assets or a successful family business should expect to pay more and possibly set up more than just a trust.

To you family's health & prosperity,

Candice

An Unbelievable Story

Boy, do I have a story for you!  I learned something new about my husband today and about scams surrounding estate planning.  I have long thought that DIY planning materials are a scam, but I did not really know the extent to which people prey on the elderly or others who need to plan their estates.

My husband, bless his heart, has had many, many, many jobs since he was 14 years old.  He's a writer, and he's always looking for opportunities to take weird jobs that he can write about.  Yes, I know it's strange. 

He told me about one job he had, and I can't believe this is the first I'm hearing of it, especially considering my career choice!  He used to work for a call center that called elderly people and asked them if they had wills or not, then convinced them to give their credit card numbers to secure home appointments with attorneys who supposedly were going to come and prepare wills for them!  Of course, this is all my husband was privy to, but he's fairly certain that it was all a scam and that the appointments never happened, and so when he realized this, he quit.

Two weeks later, the Feds came in and shut down the place!

I am so tired of hearing about abuse of the elderly.  As a society, we should be honoring our elderly, looking to them for our tradition and culture.  How sad that we've become a society that preys on one our greatest resources.  I had the pleasure recently at our family reunion of hearing my Great Aunt Ida tell wonderfully rich stories about my family.  Her stories gave me so much hope as we're entering these tough economic times.  She and her brothers and sisters (there were 14 of them!) lived through the Great Depression and came out strong.  Who better to impart wisdom on us now than the elderly who have already been through tough economic times?