Dangers of DIY Estate Planning Emails
Over the past decade, there has been a rise in demand for Alternative Legal Service Providers (ALSPs). ALSPs are companies that provide legal services apart from the conventional paradigm of legal services and systems. They ultimately use legal technology in order to provide more efficient services in a faster span of time and with a drastically cheaper fee.
You may have at one point seen a subject line pop up in your inbox similar to: "Protect your loved ones with an affordable estate plan", "25% off your estate plan" or "Tell us about yourself and we will match you with the right plan". While these offers from businesses such as banks, credit unions, financial planners, etc. that offer affordable "online" DIY estate planning options may appear to meet your needs on the surface, the dangers behind these "DIY Estate Plans" can have long-term consequences. In some cases, they are not put together by law firms.
There is no such thing as a "One Size Fits All" estate plan. Depending on the client's situation, it can be a complicated process that should be handled by a legal professional that understands the client's particular needs and family dynamics.
By trying to save money to have a DIY estate plan put together easily and inexpensively by one of these businesses, unintended problems may surface in the future. This may result in greater expense to correct the mistakes, requiring retaining an attorney or other advisor to assure damage is avoided by these “junk” estate plans.
With the pandemic still raging, these types of email offers are only growing as ALSPs target the fears and anxieties of older adults that are perhaps still sheltering in place away from friends and family.
Adults that are 50 and over are more commonly targeted by these types of estate planning emails than younger generations because they typically have more assets and are in a stage of life that requires more planning.
It is important to understand your legal needs and the potential dangers of trying to go the "easier" route. To learn more, visit this article on The Dangers of DIY Estate Planning: https://smartasset.​com/taxes/the-dangers-of-diy-estate-planning
If you have further questions, contact a member of our Estate Planning or Elder Law team.
Categories: Elder Law, Estate Planning, Senior Exploitation & Abuse
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