Self Help Methods Often Prove Costly -McNamara Law Firm

When it comes to legal planning, professional help can be invaluable. I have seen many “do it yourself” and “internet downloaded legal form” disasters over the years, which cost time and money to fix, if fixing is even possible. It pays to do things right the first time for most things in life, and legal planning is no different. Consulting an experienced professional will avoid the many pitfalls and tax traps that exist.
I shudder when people tell me they have “handled Mom’s estate” and now find themselves in hot water because they unknowingly missed required legal procedures. I hate breaking the bad news to adult children that their deceased parents Estate Plan (typically off the internet) wasn’t complete, and court assistance is now necessary. Or, the legal advice a non-lawyer gave at a cocktail party caused huge tax problems that cannot be remedied. Just a few such common disasters I see include:
• Adding adult children to the parent’s house deed as co-owners, thinking that probate would be avoided upon death. However, by doing this, the parents eliminated the tax benefits the children would have received if they inherited the property;
• “Off the internet” Living Trusts and Durable Power of Attorney documents, which are often incomplete, incorrect, and many times require later court intervention;
• Attempts to change/amend a will or a trust without legal assistance – California specific requirements and rules are often missed by non-lawyers. Incorrect documents can do a lot more harm than good;
And there are many, many other disaster stories. Yes, there is a cost for professional help. But costly mistakes usually far exceed professional charges.
For an appointment, please contact the McNamara Law Firm at (661) 287-3260, or visit www.theMcNamaraLawFirm.com.