Top Estate Planning Attorney R. Sam Price, founder of Price Law Firm, APC, explains that DIY trusts were not the way to go, and if anything, created a false sense of security. For more information please visit https://pricelawfirm.com
Redlands, CA, United States - January 21, 2022 /MM-REB/ —
The rise of DIY living trusts has prompted a warning from Elder Law Attorney Sam Price, based in Redlands, CA.
For more information please visit https://pricelawfirm.com
The founder of the Price Law Firm, APC, said downloaded DIY trusts were not the way to go, and if anything, created a false sense of security.
“More and more people, who are not experts in estate planning, have turned to online services to draw up living trusts,” said Mr Price.
“They download the documents, try to fill them out and then get these documents notarized – all without consulting an estate planning attorney first. They then incorrectly assume they have all their bases covered legally.”
But he emphasized: “These documents are not foolproof enough to hold up in a court of law. This is true if a third party wants to contest the terms of the trust. In other words, some things must be taken into consideration you may not think of when drafting a living trust to minimize problems in the future.”
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 approaching a living trust and other estate planning issues.”
Downloaded living trusts fail to address critical legal considerations and obligations, posing potential future challenges.
Mr Price added: “Drawing up a living trust yourself risks putting your family members through months, if not years, of
complications. Some potential obstacles include accidentally disinheriting someone, a delay in asset distribution, and going to probate court.
“Remember these documents are the same documents everyone gets, whether they have no children or ten and if they have $100 or millions.”
He elaborated: “Rarely are two estate planning cases the same. An estate planning professional considers your family’s specific needs and provides accurate legal advice so you can be confident you’ll have a legally viable plan rather than a one-size-fits-all approach.”
Release ID: 89058504