Legal Question in Wills and Trusts in Michigan

Re: last will and testament

I would have no way of knowing if the product from "Legal Zoom" will meet the legal requirement of Michigan or not without purchasing the product and seeing how it works. My greatest concern is that in trying to save $200 you will be locked into a document that may or may not meet Michigan's legal requirements, may not protect your assets or items as you choose or may not have the language in it to adjust with the times, legal, and tax changes that are modified quite frequently. Such a small item of money may very well cost tens of thousands of dollars or the loss of a home if not correctly drafted.

Re: last will and testament

DO IT YOURSELF ESTATE PLANNING IS LIKE DO IT YOURSELF BRAIN SURGERY.

SOME PEOPLE think that estate planning is easy. They think they can use a computer program, fill in the forms, and write their own will and related estate-planning documents, and their good intentions will translate into legal documents that will be what they want and what their families will later need.

There are several computer programs that tout the "it's easy" misconception, but the real question you need to answer is whether you and your family's security is worth the uncertainty of prefabricated documents. Do it yourself estate planning is like do it yourself brain surgery.

Much is at risk when you do estate planning. You are risking your financial security, your family's financial security and the peace of mind of everyone involved. If you are not an experienced estate planning attorney, you are not likely to know and understand the issues you should address, much less how to actually address them.

For example, often people decide to make gifts of specific assets to individuals. This can work out, but the estate planning documents may not become effective for years into the future. What happens when you sell the stock that was going to Bill? Or the home that was going to Mary? What if the stock becomes worthless and the home triples in value? Will Bill get a little, and Mary quite a lot? If there are expenses and taxes to pay at your death, should Bill and Mary pay part of them, or should they receive their bequests free of expenses and taxes -- and let their heirs bear the burden of these costs? Additionally, should you treat your unequal children equally? Should you take into consideration your children�s respective abilities, capabilities, strength of relationship and level of responsibility and maturity? Frankly, a do it yourself computer program or form that uses a one size fits all approach will not work.

A qualified estate-planning attorney will know how to spot the issues that are important to you, and how to address them. Do yourself a favor do not do it yourself!