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Where Can I get help making a family trust and will?
Anonymous6 views4 answers
Hi, I need to make a family trust and will. I have 3 children and not much money. Is there a low cost or free local or online place to walk me through it? Like turbo tax but for estate planning?
Sure, there are all kinds of free forms and low cost options out there. There are a number of internet sites that will do this for you, too. Of course, if (when) there is a problem, or if you check the wrong box, or if the form does not work in Nevada, or if your children wind up with a big fat hairy mess after you are gone, then there will not be anyone from the free sites available to help them out. There will not be anyone from the internet that they can call to find out why the bank is not accepting one of their forms, or why they cannot access your accounts.
As in most things in life, you get what you pay for. If you pay nothing, you receive very little in value. Now, if you took the time to educate yourself on estate planning by reading numerous articles and books, going to classes or seminars, and generally building your knowledge base, like attorneys do, all the time, then you would know what to look for and you could certainly figure it out, on your own. Most people do not do this. Most people either do not do the estate planning at all, (figures are about 65% of the population, or they look for some gimmick or easy DIY planning.) Many people simply add one of their kids to the title of all their assets. This almost never works well.
An estate planning attorney knows the questions to ask you to determine if your case has any complications and the knowledge and experience to know how best to achieve your planning objectives. You are not going to be around to see how things work out. But your kids will. You owe it to them to do this right.
Quality estate planning does not need to cost an arm and a leg. You may be able to establish an estate plan for $400 or so that will avoid thousands of dollars in costs and hassles for your kids. Or you can pay $50 to some internet outfit and then have your kids wind up stuck with the bill to fix things. Do the internet services work? Sure they do...but you do not want to be the case where something did not go the way it was supposed to.
There is no "one size fits all" estate plan that will work for every person. That is because every person has a different situation with different needs and objectives. Your attorney can work with you to figure out what is the best option for you and your kids.
James Frederick
I understand your concern over the cost of legal fees and the incentive to search for a way to save money. Indeed you will find forms and online services that are available for purchase. Unfortunately, I am unable to recommend those alternatives because I belief the use of those forms will lead to an undesireable result.
I recognize that you are likely to view this advice as entirely self serving. However, there are particular language requirements that must be observed for a trust to serve as a valid instrument. An uninitiated author could inadvertently create a taxable event, or cause the trust to be invalid, or cause property to be unprotected from creditors, or generate other unforseen problems.
Engage an attorney. Over the long run - you'll save money. More importantly - you will achieve the intended result.
Frankly, I've had cases where someone has come in with a "check the box" form Will, and none of it has been valid under Nevada law. You really should have an attorney prepare your Estate plan. Also, if you don't have much money or assets, there may not be a need to do a trust, it will depend on what your specific situation is. I highly recommend that you at least meet with an attorney to see what your options are and what the cost may be.