• If I have a Revocable Living Trust my Successor Trustee will not need an attorney at the time of my death. 

This is perhaps the biggest myth of Revocable Living Trusts.  In most estates, after the death of the creator(s) of the Trust, the Successor Trustee should seek legal advice to assist them in their duties to the beneficiaries of the Trust.

• If I have a Revocable Living Trust my estate will never go through Probate. 

Your estate will avoid Probate ONLY if appropriate assets are titled in the name of the Trust and beneficiary designations are comprehensive.

• Estate Planning Documents are all boilerplate forms which I can prepare myself or use a paralegal.

Regardless of the size of your estate, it represents EVERYTHING you have worked for and saved to pass down to your beneficiaries.  If an Estate Plan is not personalized, it may not provide tax savings could wind up leaving your assets to the wrong beneficiaries.  An experienced Estate Planning Attorney has reviewed thousands of documents and can ensure that your Estate Plan is “iron clad.”  Poorly drafted Estate Plans can lead to expensive litigation.

• The least expensive alternative is the best alternative to have my Estate Plan prepared. 

Trust Mills.            Trust Mills are organizations that charge a low fee to prepare an Estate Plan as a loss leader in order to get access to your private financial information.  At a later point, you are approached to purchase an annuity or other investment in which the insurance salesman may make thousands of dollars in hidden commissions. 

Paralegals.            There are paralegals and document preparation services that offer Estate Planning preparation.  Do not be deceived.  These individuals are NOT Attorneys and cannot give legal advice.  They do not have the education, expertise, or accountability of an Attorney.  A poorly drafted document may cost thousands of dollars in taxes and litigation after your death.  The purpose of Estate Planning is to reduce this risk.  Do not take a chance with an unlicensed person.

Internet Document Preparation Services.            Internet Document Preparation Services are companies that assemble Estate Planning Documents.  When comparing costs, be aware that you need to pay additional fees for each document. For instance, preparation of a single Last Will maybe advertised for $69.  This fee usually does not include the preparation of a Durable Power of Attorney or Advance Health Care Directive.  Notary Fees would also be an additional cost.  If you prepare a Revocable Living Trust, the cost to prepare and record a Deed to transfer your residence into your Trust may cost an additional $249.  Further, there is no Attorney to ensure your wishes are properly reflected and that each of your assets are reviewed to ensure your Revocable Living Trust is funded in order to avoid Probate.