The Probate Process – Attorneys
In the last post we looked briefly at the three key benefits of estate planning: avoiding conflict, avoiding delay and avoiding expenses. Understanding the benefits, we can now look at some of the biggest obstacles to estate conservation: attorneys, taxes and probate. Let’s take them one at a time. In this blog post, we will consider the first, attorneys.
Attorneys
You might be surprised to learn that one question will arise immediately for people who have a minimum set of internet skills. They ask if they can do their estate planning online for free. Or, at least for far less than a local attorney would charge?
The answer is of course you can. There are a multitude of sites that will, for a small fee, ask you some questions and then give you a series of estate planning documents to sign. Or you can even look for some fill-in-the-blank forms that you can download for free. All done, right?
Maybe. There are many, many stories of self-help estate plans that have failed. Even ones from supposedly reputable internet services. You won’t see those stories on the first page of your web search results because the companies buy and support heavy advertising and manipulation that pushes negative results deeper into the search algorithms. If your self-help planning does crash and burn, where will your heirs turn for a solution? Is there even a chance that they can recover the losses of assets due to the failed plan?
Local lawyers give you the personal touch
Utilizing an attorney, live and face-to-face, gives you many advantages, including knowledge, skill and expertise that is directly applicable to your exact situation. Each state has different laws regarding wills, trusts, powers of attorney, health care directives, and other issues that will directly affect your estate planning. Additionally, there are technical differences between the states concerning the execution and validity of these important documents. My experience has shown that many web-based solutions do not properly consider these differences in their products, even if they ask you for your state of residence.
Additionally, an experienced lawyer knows the “what if” questions that need to be asked to develop a thorough estate plan that, to the best extent possible, can account for future contingencies. Most internet programs are not designed for contingency planning.
Lastly, a face-to-face meeting with an attorney allows for discovery of issues that may not be openly communicated. When I hear a hesitancy from dad and mom regarding one of their children, I know to probe that issue for possible problems. Dad and mom may not like to discuss their child’s substance abuse issue or marital difficulties, but an understanding and sympathetic examination of that issue is essential in estate planning. A computer interface simply cannot perform that function.
Using an attorney for estate planning may be more expensive than internet alternatives, and may be more difficult and even intimidating, but it will pay dividends for your peace of mind and for your family. The personal touch helps you take care of everything that applies to your unique circumstance. Take the time to find the right attorney. You will be happy that you did.
Next up: Part 4 – The Challenge of Taxes
Troy
Common sense applies: Just because I post this and you read it does not make me your attorney and does not make you my client. Every situation is unique and you should always consult an attorney when creating legal documents.