Dangers of On-Line Wills & Trusts in Idaho

Dangers of On-Line Wills & Trusts in Idaho

When considering the creation of a Last Will and Testament or a Living Trust in Idaho, one inevitably sees or hears about services such as LegalZoom.com and its competitors. They promise to provide important legal documents without all of the trouble and expense of involving a lawyer or attorney in the process.

Anyone thinking about this option should consider four critical aspects of such a decision. Unfortunately, it is easier to create a catastrophe using do-it-yourself on-line documents than one might imagine.

Here are the main legal concerns generated by the use of on-line document services:

1. One Size Doesn’t Fit All: The very nature of Wills and Trusts generated on-line is that they present customers with a very finite set of options. They are produced under the premise that what works for regular people under normal circumstances should work for everyone. Although a limited amount of tailoring is available, the truth is that “regular people under normal circumstances” are hard to find. Unless you view yourself in that category, you should be cautious about using documents that are created with that assumption.

2. The Devil in the Details: Wills and Trusts are governed by a precise set of legal standards. Each state sets its own standards. The failure to strictly adhere to the technical requirements of the state in which the Will or Trust is signed could result in a legal contest between the heirs you designated and those who would have received your estate, but for the provisions of your Will or Trust. The resulting legal battle could demolish your family here in Idaho and result in years of expensive litigation for the ones you intended to bless with generous gifts in your Will or Trust.

3. Failure to Fund: Under a Living Trust, the process by which the property of the people making the trust is transferred into the trust is called “funding.” Unless the persons making the Living Trust change the ownership of their property, most of the advantages of the Living Trust will be lost. For example, failure to transfer assets into the trust will result in probate being required even though avoiding probate was usually a major reason for creating the Trust in the first place.  So whether your property is located in Boise, Meridian, Eagle, Star, Nampa, or other nearby communities – in fact, anywhere in Ada County or Canyon County – it is critically important to make sure that your lawyer or attorney prepares and records the deed moving your home and other property into your Living Trust.

4. Ancillary Documents: To have a thorough estate plan requires more than just a Living Trust Agreement. The complete plan should include the Living Trust Agreement, Last Will and Testaments, Living Wills, Durable General Powers or Attorney, one or more Deeds to move the real estate into the trust, and an Affidavit Regarding Residence of Trust to ensure that one’s homeowner’s property tax exemption is not lost in the process.

Unless an on-line package includes all of these documents, it is inherently incomplete, increasing the odds of significant problems for you and your loved ones either while you are living or when you pass away.

CONCLUSIONS: Essentially, on-line legal document services invite you to “bet the ranch” on their minimalist products. They ask you to place all of the property that you have worked a lifetime to accumulate into an arrangement that is easily jeopardized.

While meeting the applicable legal requirements is technically possible with an on-line service here in Idaho, it is very easy to overlook one or more of the required details leaving your loved ones with a potential disaster on their hands.

It is also worth noting that the tremendous savings of legal fees promised by LegalZoom.com and other such services tend to be seriously over-stated. For a sober apples-to-apples comparison of the complete Living Trust Package offered by Idaho attorney Barry Peters and the equivalent documents offered by LegalZoom.com, see the chart here. What you will find is that Barry Peters offers a complete Living Trust Package that is thoroughly and carefully crafted to address the unique details of your circumstances. You will also find that his pricing is very competitive, even when compared to on-line products.

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For an expanded discussion of this subject, see the article here.

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Whether you live in Boise, Meridian, Eagle, Star, Nampa, or other nearby communities – in fact, anywhere in Ada County or Canyon County – for additional easy-to-understand information on Idaho Wills, Trusts, probate, and estate taxes, visit the user-friendly website at BarryPeters-Law.com.  Then call attorney Barry Peters’ offices at (208) 939-2600 for an expedited appointment to begin the process of setting up your own Living Trust.  Or, if you have questions, please call Barry for a free telephone consultation or visit his Q & A pages at BarryPeters-Law.com/common-questions.  As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.