Have you thought about saving a few hundred dollars and using an online DIY estate planning service? Consumer Reports thinks you should stick to the in-person attorney version.
DIY Estate Plans
For just a fraction of the cost you can get your own estate plan on sites like LegalZoom, Rocket Lawyer and Nolo. You can create powers of attorney, a will and other estate planning documents, but the question on Consumer Reports mind is just how valuable they really are.
Consumer Reports did an in-depth study on DIY estate planning websites. They filled out their estate plans and then had three law professors review the estate plans for accuracy and issues. The entire study was a blind review; therefore the law professors had no idea why they were reviewing the plans other than they needed review for accuracy.
At the end of the study it was determined that though online sites are better than drafting estate plans yourself, they still lack the capacity to handle complex issues. In fact, some of the online tools lack the simple ability to leave your entire estate to your spouse. None of the sites offer specific languages, either, which means your estate could have an unfavorable outcome in probate if a judge questions it.
Latest posts by Stephen Unsworth (see all)
- A Hypothetical Conversation Between an Inheritance Planning Attorney and a Client - June 12, 2019
- Avoid Intestacy to Prevent Future Problems - May 22, 2019
- Two Business Structures That Provide Asset Protection - May 1, 2019