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Estate Planning Software and Websites: Are They for You?

There are a plethora of options available for those who want to prepare an estate plan with legal software or an online legal software system. In fact, there are a number of well-known personalities who sell their legal software “products” at your local bookstore. Other online services “interview” you and then provide you with a trust, will, or escrow, often at a fraction of the cost of an attorney.

Of course, there are advantages and disadvantages to using any such system to prepare a will or trust. Consider the benefits and costs of buying that legal software CD at your local bookstore instead of hiring an attorney to complete your estate plan. here are some Benefits:

o Its initial cost is relatively low. To use a legal software system you only need a computer, a printer and some time. The average initial cost of an online legal service or software purchased from the bookstore is substantially less than the cost charged by an attorney.

o Often saves time. Obviously, the advantage of saving time will vary from person to person. If you work slowly with a computer, the time savings will be minor or non-existent. If you are faster, there will be more chances to save time.

o You don’t always deal with the consequences. This is a strange “advantage”, but it is true. A lot of people just don’t care about the consequences: it’s their heirs’ problem. In life, if you screw up a plumbing job yourself and end up hiring a plumber to fix it, you are forced to deal with the consequences. If you try to fix your car’s head gasket and end up having your car towed to the garage to complete the repair (often at multiples of what the original cost would have been had led to the store at first), you must deal with the consequences. This is not always the case with estate planning. His heirs are often forced to deal with the problems.

o You have more privacy (and you don’t have to deal with your shyness). Yes it’s correct! Hiring an attorney requires opening up to a complete stranger. Many people hate revealing personal and private information to someone they don’t know. This reason is perfectly understandable.

o Seems to be in control. Some people like to be in control and feel empowered by using an online legal software system instead of hiring an attorney.

Here are some of the disadvantages of buying that legal software CD instead of hiring a lawyer:

o The relatively low initial cost and time “savings” may also be a disadvantage. This may seem strange, but it is true. The old saying that “you get what you pay for” is very true, both in life and in planning your estate.

o Using these products may cost you more time and money. Now, I just pointed out that you save money and could save time by using a legal software system, right? Yes, I do. However, “doing it yourself” naturally increases the chance of a bug, which means you can ultimately spend even more time and money to fix it.

o In estate planning the cost of a mistake is often not cheap. If an estate plan breaks, it can be quite expensive to fix, assuming it can be fixed. Some errors simply cannot be corrected because the courts are so hesitant to modify the terms of a will or trust once death occurs or after the trust becomes irrevocable. Many people don’t realize this: Even if 1,000 witnesses contradict what is written in the trust or will, after death (or when the trust becomes irrevocable) it can be quite difficult and expensive to change a provision. Also, it’s very, very uncertain – you can spend the fees and still not fix the problem.

o Heirs often bear the consequences. The cost of $1,000 or $2,000 to hire an attorney to implement an estate plan may seem expensive now, but it can seem pretty cheap later if things go wrong. I know of at least one attorney who absolutely loves Do-it-yourself legal software and online services: You are often hired to fix mistakes and end up charging much more than it would have cost to set up the plan initially.

There are probably other advantages and disadvantages that are not listed here. However, consider this question before you buy any software product or service online: Are you serious about planning your estate or do you just want to feel better? If you’re serious, you need to do it right, the first time, with a competent attorney.

Disclaimer: The information in this article is not legal advice and its use does not create an attorney-client relationship. Any liability that may arise from your use of or reliance on this article or any link in this article is expressly disclaimed. This article should not be relied upon as legal advice, and is subject to change without notice, or may contain outdated or dated information, or information that is not relevant to your jurisdiction. If you need legal services, you should consult an attorney.

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