-- The rise of DIY living trusts has prompted a warning from Estate Planning and Elder Law attorney Doug Newborn.
The Tucson, AZ, attorney said downloaded DIY trusts are not the way to go; and, if anything, create a false sense of security.
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“More and more people, who are not experts in estate planning, are turning to online services to draw up living trusts,” said the Founder of Doug Newborn Law Firm, PLLC.
“They download the documents, try to fill them out, and then get them notarized – all without consulting an estate planning attorney. They then incorrectly assume they have all their bases covered legally.”
But he emphasized: “These documents are usually not foolproof enough to hold up in a court of law, leading to family members contesting the terms of the trust. In other words, some of the things which must be taken into consideration when creating a living trust are usually not considered when a living trust is drafted by a non-attorney.” As an attorney who is asked to either defend Living Trusts from challenges, or to challenge a Living Trust, these DIY trust programs are harder to defend and easier to challenge. However, when an attorney is involved in the drafting process, the Living Trust is more likely to be upheld because it’s more difficult to challenge a Living Trust put together by an experienced Estate Planning Attorney.
Estate planning is a field of practice represented by the legal community for a reason. “If you need dental surgery, you don’t call a plumber. Similarly, when it comes to estate planning, consult a specialist in that field when considering a living trust or other estate planning issues,” he asserted.
Downloaded living trusts frequently fail to address critical legal considerations and obligations, posing potential future challenges.
Doug Newborn added: “Drawing up a living trust yourself risks putting your family members through months, if not years, of complications. Potential obstacles include accidentally disinheriting someone, a delay in asset distribution, and going to probate court because not everything was adequately captured in the living trust.”
He concluded: “Remember, these documents are the same documents everyone gets, whether they have no children or ten children, and if they have $100 or millions in assets. Rarely are two estate planning situations the same.”
“An estate planning professional considers your family’s specific needs. They provide accurate legal advice so you can be confident you’ll have a legally viable plan rather than a one-size-fits-all approach.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Doug Newborn
Email: Send Email
Organization: Doug Newborn Law Firm, PLLC
Address: 7315 N Oracle Rd Suite 230, Tucson, AZ 85704, United States
Phone: 520-636-1152
Website: https://dougnewbornlawfirm.com
Release ID: 89148630
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