I see Legal Zoom is being sued for not preparing an estate plan that did what it said it would. Banks and financial institutions would not accept the Legal Zoom documents to fund the individual’s trust. As I always tell my clients, your estate plan is not worth the paper it’s printed on unless and until you fund your trust. And the Legal Zoom documents? Were seen to be unacceptable to the banks and financial institutions. In addition, the information given by Legal Zoom on estate planning is supposedly designed to give users a “general understanding of the law” but “is not guaranteed to be correct, complete or up to date.“
Really? Legal Zoom can’t even guarantee that the “general understanding” is correct? Do you really want to trust everything you’ve worked for – your assets, your estate, and your family, to a company that can’t even get basic law correct?
Further, Legal Zoom tells you, on their website, that 80% of people who fill in blank forms do so incorrectly. Legal Zoom is, in effect, saying to their users they they are very likely to do the forms wrong, but they should do so anyway. Why would you do this? I have seen it time and again, when I send out my intake forms to my estate planning consultations. Nearly everyone marks something that ultimately is incorrect after we’ve had some time to talk about it.
Finally, a lawyer in Minnesota went through the process of getting a will using Legal Zoom. You can see his video here. What is enlightening is that the will was packaged well, and was better than the lawyer expected. But the reality is that there were MANY provisions, standard, important provisions, that were left out of the will. A will is a pretty basic document for an attorney to complete, and Legal Zoom couldn’t even get it right. I won’t go into the detail of the missing provisions, but suffice to say there were a number of critical paragraphs missing.
Haven’t you worked too hard to leave your estate plan to chance? Why is it a better option to save $1,500 on an online estate plan, just to cost your family – your closest loved ones – tens if not hundreds of thousands of dollars in untangling your messed up estate plan?! I know times are tough, and we’re all looking to save dollars where we can. But this is about your entire life. Do not work your entire life to screw it up in the end.
I am working on an automated estate planning process that will allow my clients to save up to 50% on their estate plans by inputting their information in an online format. Their answers, and indeed their entire estate plan, will be personally examined, reviewed, and assembled personally by me, but because of the online aspect, it will be at a significantly lower cost. This option helps to combine the needs of my clients who know they need an estate plan but want a lower cost, but aren’t willing to risk everything just to save a few dollars.