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Directory for Seniors in Montana
Your Internet Community – Your News – Your Health – Your Stories – Your Friends – Your Family – Your Photos – At Seniors In Montana you can Exchange Social Calenders, share recipes, photos, and more!
Seniors in Montana
Directory for Seniors in Alaska
Your Internet Community – Your News – Your Life – Your Stories – Your Friends – Your Family – Your Photos – At "Seniors In Alaska" you can Exchange Social Calenders, share recipes, photos, and more!
Seniors in Alaska
Directory for Seniors in Pittsburgh
Need a caretaker, housekeeper, shopper, ride anywhere? We can help link you up. We can also provide you with a directory of local civic engagement and employment opportunities for adults over the age of 55 who wish to re-enter the workforce.
Seniors in Pittsburgh
Information for Portland Seniors
We have jam-packed "Portland Senior" with resources to assist seniors and their families in making the decisions and accessing the services they need. We can help!
Portland Seniors
Directory for Seniors in Jacksonville
Giving Seniors in Jacksonville More Options: Please see our Directory of Independent Life Resources for the support of senior citizens and persons with disabilities.
Seniors in Jacksonville
Link and Resource Directory for Seniors living in Montana
Giving Montana Seniors More Options: Please see our Directory of Independent Life Resources for the support of senior citizens and persons with disabilities.
Seniors of Montana
Link and Resource Directory for Seniors living in Wisconsin
Resources for the Wisconsin Senior: Find out how to become a happy, healthy, and more ethical member of an already mostly unhappy society.
Seniors of Wisconsin
Directory for Seniors in Cincinnati
Need a caretaker, housekeeper, shopper, ride anywhere? We can help link you up. We can also provide you with a directory of local civic engagement and employment opportunities for adults over the age of 55 who wish to re-enter the workforce.
Seniors in Cincinnati
Link and Resource Directory for Seniors living in Idaho
Giving Seniors in Idaho More Options: Please see our Directory of Independent Life Resources for the support of senior citizens and persons with disabilities.
Seniors of Idaho
Fun Activities for Senior Citizens
Elder Mistreatment: Abuse, Neglect, and Exploitation in an Aging Society are the result of citizens not taking action when they are supposed to.
Wise Old Age
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| The Pitfalls Of Online Wills |
Author: Michael Goldstein, Esq. | Posted: 30-11-2006 |
There comes a point in every person's life where it is appropriate and prudent to begin planning for the post death division of property and assets. It is necessary to anticipate and plan for the quagmire that is probate. For many facing the task of planning their estate, the mere idea of paying an estate planning attorney can be painful and many simply choose to forego such a task by using cheap or free online forms. While choosing the easy way out may save you money now, it will cost your estate significantly more in the future. The pitfalls of cheap online wills and trusts writing programs are many.
The premise is simple enough. You want a means of distributing your property after your demise but you do not want to pay more than necessary. The problem is dead serious. On their face, online wills and trust programs appear to be a bargain. You can prepare your own will or create a trust for less than $20.00, a tiny fraction of the cost of a good estate planning attorney. Unfortunately for your family though, the inherent inadequacies of such services are not discovered until after your death. Any remaining heirs will be forced to pick up the remains of your estate and force it through probate, taking substantial amounts of both time and money. The money spent today on a good estate planner will save your estate exponentially more in the future.
Numerous amounts of problems arise when deciding to use online wills and trusts services. Most often these services do not take into account specific state law regarding the administration of probate or trusts. Only an attorney in your state can effectively advise you regarding the various jurisdictional issues that may affect many of your decisions regarding your estate. Many states have varying requirements regarding the number of witnesses that must attest to the creation of a will. Failure to comply with state requirements regarding the order of attestation and witnesses will sometimes lead a court to completely invalidate your will as a means to distribute wealth and property. By refusing to extend the Doctrine of Substantial Compliance, many state courts, like the Casdorph court, have stressed the importance of proper will execution. Online will services do not take into account the varying requirements among states. Only a skilled estate planning attorney can advise you regarding the proper methods to ensure that your will is upheld during probate. Failure to comply with these requirements will force all property through intestacy, which is where the state decides who gets what. Moreover, intestacy is not something that the online services will tell you about. Additionally, the plain meaning rule, which instructs court's to look only at the plain meaning of words contained in the will, stresses the importance of obtaining professional advice. Using an incorrect word or clause can dramatically alter the effect of the will, invalidating the very purpose of its creation.
Trusts are often used as a tool to avoid the probate system completely, and many online services use this very idea as a marketing tool. There are many kinds of trusts used in estate planning (i.e. revocable, irrevocable, discretionary, spendthrifts, marital, special needs and testamentary trusts, to name a few) and only an experienced attorney has the knowledge and ability to advise you regarding the proper form of trust for your desired purpose. In addition, online services do not address the various issues faced when creating a trust. As trustee, beneficiary or settlor, there are various rights and obligations associated with each party. Violation of any imposed obligation or duty can serve to completely invalidate the trust document itself. In order to properly address your needs, an estate planning attorney considers all relevant factors and will recommend the best option for you.
Online services fail take into account all available means of wealth transfers and do not begin to address all pertinent issues, such as tax impacts, ease of administration, imposed rights and duties and the potential pitfalls. Only a qualified attorney can ensure that your estate does not find itself stuck in the murky and troublesome world of probate and intestacy. Wise planning now could spare your family the unpleasant pain of probate in the future.
Article Tags: Estate Planning, Wills, Trusts, Intestacy |
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