INTRODUCTION:

 A famous Philadelphian said it best:

 “Our new Constitution is now established and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.” — Benjamin Franklin, in a letter to Jean-Baptiste Le Roy, 1789[1]

I introduce myself to my students in Estates & Trusts class with this quote. The topics of estates (which arises from a death), and taxes (its companion) are not topics of daily conversation. However, this conversation is essential for everyone.

After reviewing thousands of Wills, it became very clear to me when a client purchased and wrote a Will through an online service. Perhaps, the Will used very generic and boiler plate language, or the Will was missing key provisions usually included in a Will, or the way the signatures were set up was not the usual format. Then I began to think about the potential increase in these online estate planning documents and the possibility of Will contests and other problems that arise from a poorly worded and signed Will. Surely, I am biased, but as an attorney, I prefer live estate planning with a client. In today’s world, “live” is in person or by Zoom.

In person estate planning, with a visit to your local attorney, provides clients with a trained professional who can listen to their life story and end of life goals and customize their Will, Financial Power of Attorney and Health Care Power of Attorney. You need to look at the Will and Powers of Attorney every three years or with a major life change like a marriage, divorce, illness, birth of children or death of a family member. Plus, an attorney-client relationship gives you an attorney’s duty of competency, promptness, diligence, confidentiality, and communication with attorneys subject to disciplinary action.

More importantly, a good estate plan will (hopefully) avoid going into Court to resolve issues regarding a Will or Power of Attorney. You can save your family stress, anxiety, court costs and legal fees by having your estate planning documents in good order. You will avoid intestacy where the Court applies your state law to your estate to determine who inherits.

It may appear that you are saving time and money with online estate planning, but your estate and family may pay a much bigger price tag later. For a list of pros and cons of online estate planning, See Table .[2]

Pros and Cons of Online Estate Planning Services

An online questionnaire is no substitute for a real person who knows your State specific laws and the local procedures at your County courthouse. Local attorneys offer virtual consultations, and attorneys will travel to you to discuss your wishes for your estate and end of life goals.

WHAT ARE THE PROS OR ADVANTAGES OF ONLINE ESTATE PLANNING:

• Convenience -- Online estate planning allows you to create and manage your estate plan from the comfort of your own home, without the need for in-person meetings with attorneys or other professionals. This can save you time and effort, especially if you have a busy schedule.
• Cost-Effective -- Online estate planning services may be more affordable compared to hiring a traditional attorney. Many online platforms offer fixed fees for their services, which can be more cost-effective for simple estate plans.
• Accessibility -- Online estate planning can be accessible to a wider range of people, including those who may not have easy access to physical offices or who may have mobility or transportation limitations.
• Customization -- Some online estate planning services offer customizable templates and options, allowing you to tailor your estate plan to your specific needs and preferences.
• Avoiding lawyers! How many lawyer jokes are there, anyway? Only three. The rest are true stories.

WHAT ARE THE CONS OR DISADVANTAGES OF ONLINE ESTATE PLANNING:

• Limited Legal Advice -- Online estate planning services do not provide the same level of personalized legal advice and expertise as working with a qualified estate planning attorney. Forming an attorney-client relationship provides you with a professional who can fully understand your unique circumstances and provide tailored solutions.
• Legal Complexity -- Estate planning can be complex, with varying laws and Court requirements depending on your jurisdiction. Online estate planning services may not be equipped to handle complex situations, such as those involving significant assets, blended families, or special needs beneficiaries. One size fits all does not work in estate planning. Your estate planning attorney has legal training and must act under the rules of ethical conduct.
• Potential Errors -- Without the guidance of a qualified professional, there may be a higher risk of errors or omissions in your estate plan, which could result in unintended consequences or legal issues in the future. If the intent of the person writing the Will is unclear, then the Court will not add provisions to a Will based on “supposition, guess, divination, apparent inequities, or conjecture”. [3] Your state’s intestate law will determine the distribution of the estate. Plus, there are legal formalities in signing the Will and Will contests in Court can arise with a layperson using software to prepare a Will.
• Lack of Human Interaction -- Online estate planning services may lack the personal touch and human interaction that working with an attorney can provide. Estate planning involves sensitive and emotional decisions, and some people may prefer the guidance and support of a trusted professional. Estate planning attorneys take classes every year to know the recent changes in the law.
• Security Concerns -- Online estate planning involves sharing sensitive personal and financial information online, which may raise concerns about privacy and security. It's important to choose a reputable attorney, subject to professional conduct and ethics rules, to protect your information.

There will always be a demand for online estate planning, despite its limitations. The biggest perhaps being, the Terms of Use disclaimer for online estate planning stating that answers to the online questionnaire are not reviewed for legal sufficiency and the online service does not provide legal advice and cannot perform any services that an attorney would perform.[4] There are usually additional fees charged for a consultation with an attorney; however, it appears, from my review, that the list of attorneys available for consultation on several online estate planning websites that an accurate list of attorneys may be out of date and may include attorneys that are disbarred.

CONCLUSION:

How does Members’ Wealth assist with estate planning? With a highly trained, experienced lawyer on staff, Members’ Wealth provides excellent value to its clients.

While we do not draft documents, we can do just about everything else and without the hourly cost so many people hate paying lawyers.

Members’ Wealth can help those without any documents go through the discovery process to gather the needed information and to educate and role play about the many choices that come with designing an estate plan or creating financial and medical powers of attorney. This saves lots of time spent with the drafting attorneys and saving time with attorneys is saving money.

For those with existing documents, clients can have conversations about their evolving estate planning needs and revisit those needs over the years without additional legal fees.  Members’ Wealth will scrutinize and summarize the documents on your behalf so a more regular review of your plan is less daunting, since you will not have to revisit complex legal documents but rather a more user-friendly summary.

The Members’ Wealth attorney can also assist clients with finding a qualified attorney to prepare their estate planning documents, help you communicate with attorneys from a neutral position so you can feel comfortable in knowing you are not getting taken advantage of and that they have your best interests in mind. We can also review drafts of your important documents before you sign them.

Perhaps most importantly, the entire process can be done in conjunction with your financial advisor, your portfolio manager, your accountant, etc. to make sure the plan is coherent and tax efficient relative to all your other moving parts.

Estate planning is essential to your financial well-being and estate planning evolves over time. The Members’ Wealth attorney is here for you!

[1] Sparks, Jared (1856). The Writings of Benjamin Franklin, Vol. X (1789-1790). Macmillan. p. 410.

[2] ChatGPT, personal communication, April 18, 2023, and April 21, 2023, with edits.

[3] In re Estate of Zeevering, 78 A.3d 1106, 1110 (Pa. Super. Ct. 2013).

[4] Caroline Shipman, Unauthorized Practice of Law Claims Against LegalZoom – Who Do These Lawsuits Protect, and is the Rule Outdated? The Georgetown Journal of Legal Ethics 942 (2019).

About the Author – Marie Feindt, J.D.

Marie has a Bachelor of Arts degree in Pre-Law from Penn State University and earned her Juris Doctor from Widener University School of Law.  She currently teaches Torts & Personal Injury Law and Estates and Trusts at Villanova University.

She brings tremendous experience with her legal background of drafting Financial Powers of Attorney, including Healthcare and Mental Health Powers of Attorney.  In addition, she has handled drafting Wills with Grandchild or Special Needs Trusts, Living Wills and HIPAA authorizations.  Her depth of experience will be invaluable in assisting families with their estate planning needs

To get in touch with the Members’ Wealth team today, I invite you to email info@memberswealthllc.com or call (267) 367-5453. 

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