Is it worth it to hire an attorney to draw up a will, trust or other estate planning documents?
Kiplinger.com on personal finance and business says it is worth it. They posted a fun 10 question quiz about is it worth it -- questions like is it worth it to pay more for name brand prescription medications or will generics suffice? One of the questions is about wills: is it worth it to hire an attorney to draw up a will? Kiplinger.com says yes, it is worth it to hire an attorney. Take the quiz yourself and find out!
Of course, as attornies, we think it is worth it.
In fact, the other day I counseled a potential client regarding selling real property owned by her recently departed mother. The house wasn't in a trust so probate is required at first glance. After more discussion, I discovered that the mother did a trust on her own about 6 months before she died, but she failed to complete a Schedule A or a trust transfer deed to transfer the home to the Trust. If there was a Schedule A, the court may order the home to be transferred to the Trust, but there was no written evidence showing the settlor's intent to transfer that real property to her newly created Trust. (So for the other legal practioners out there, I am not sure that Heggstad Petition would have worked in Los Angeles County, but of course, if we were retained, we could try if the client so directed us.)
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Estate Planning, Probate and Trusts involve complex areas of law. Individual circumstances must be considered before any advice can be given. The general information above is not to be construed as legal advice, which can only be given after consideration of the unique facts of each matter. Please seek the advice or counsel of your attorney, financial advisor or CPA as it may be appropriate.
I've been looking to draft my will for some time now. It's not an easy thing to do! It makes death much more of a reality. One of the first questions that came to mind was do i have to hire an attorney? do i NEED one? Your article has been helpful answering my questions, in relation the following website also has very useful information: http://www.e-personalfinance.com/article/Do-I-Need-a-Lawyer-to-Draft-My-Will.html
Posted by: Liz | July 13, 2009 at 11:09 AM
Really, misspelling "attorneys" as "attornies"?!?
Posted by: Jason | August 03, 2009 at 04:55 PM