Leading estate planning lawyer Kelly Shovelin, founder of Four Pillars Law Firm in Wilmington, NC, outlines that depending on your situation DIY living trusts may not hold up in a court of law. For more information please visit https://www.fourpillarslawfirm.com
Wilmington, NC, United States - May 10, 2021 /MM-REB/ —
In a recent interview, leading estate planning lawyer Kelly Shovelin, founder of Four Pillars Law Firm in Wilmington, NC, warned against DIY living trusts.
For more information please visit https://www.fourpillarslawfirm.com
When asked to comment, Shovelin said, “In recent years, more and more people – who are not experts in estate planning – have turned to online services to draw up their living trusts. Unless you are single and don’t own any property, DIY trusts are not the way to go.”
The emergence of online services for living trusts has created a false sense of security for many.
“People who make DIY living trusts go online, download the documents, try to fill them out as best as they can, and then get these documents notarized – all without consulting with an experienced estate planning attorney. They then incorrectly assume that they have all their bases covered legally,” she added.
“However, more often than not, these types of documents are not foolproof enough to hold up in the court of law. This is particularly true if a third party wants to contest the terms of the trust. In other words, some things must be taken into consideration that you might not think of when drafting a living trust to minimize problems in the future.”
Estate planning, according to Shovelin, is a field of practice represented by the legal community for a reason.
“It’s useful to think about it like this: let’s say that you need to undergo a root canal procedure. Would you refuse to seek the help of a dentist and perform the surgery on your own? I’m guessing not. It’s best to have the same mindset when it comes to approaching a living trust and other estate planning documents,” she said.
In this way, living trusts downloaded online fail to address critical legal considerations and obligations, which could pose challenges down the line.
When asked to elaborate, she said, “Drawing up a living trust yourself - instead of consulting with a professional - 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. Also, remember these documents are the same documents everyone gets, whether they have no children or 10 and whether they have $100.00 or Millions.”
When asked about the other benefits of working with a seasoned attorney, Shovelin said, “Rarely are two estate planning cases the same. An estate planning professional considers your family’s specific needs and dispenses the accurate legal information so you can be confident that you’ll have a legally viable plan. And it should be a PLAN with contingencies built-in, not just a bunch of one-size-fits-all documents.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Kelly Shovelin
Email: Send Email
Organization: Four Pillars Law Firm
Address: 2202 Wrightsville Avenue, Suite 213 Wilmington, NC 28403
Phone: (910) 762-1577
Website: https://www.fourpillarslawfirm.com
Source: MM-REB
Release ID: 89011383
