I was reading an article in the New York Times a few days ago about how the death of the artist formerly (and now again) known as Prince, without a will, highlighted the importance of estate planning for a new generation. The story did an OK job of explaining how the laws of different jurisdictions make such things as trusts, inter vivos transfers of homes, payable on death accounts and other probate avoidance stratagems tricky and explained the consequences of doing things wrong. What was missing was any suggestion that folks should talk to a lawyer. Instead, the author pointed out that online services such as Rocket Lawyer, LegalZoom, Nolo and LawDepot made it “easier and cheaper” to write wills.
While the author did include information from several lawyers, including one from Ontario, she also quoted an insurance salesman, a fellow who specializes in wealth management and from a Rocket Lawyer study on the percentage of Americans over 18 without a will. Some of the advice seemed a bit esoteric, such as using a limited partnership instead of a trust to hold title to real property. The takeaway was that while folks should consider doing some planning, using legal help was not part of the equation.
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