"Oh This Is Really Simple"

If there are five words that should immediately make you see a red flag when dealing with legal matters, it’s those.

My seven favorite words? "Nothing is as simple as it seems."

I frequently meet with clients who start a sentence with: "My brother told me his friend's aunt's neighbor who works in a law office told them..." What usually follows is a partially or completely false statement of law. The internet and social media are flooded with "armchair lawyer" wisdom and videos that are often espousing false and misleading legal advice.

Here are a few of my favorite incorrect legal premises floating around right now:

• "The oldest adult child always has full control over asset distribution to other beneficiaries." (They don't.)

• "A Power of Attorney allows you to place an elderly parent into memory care against their wishes." (It doesn't.)

• "Having a will keeps your assets out of probate." (It does not.)

• "Unless your estate is worth millions, a trust is a waste of money." (Generally false.)

The Reality of Self-Help Law

I have seen many clients employ DIY legal solutions that ultimately cost them tens of thousands of dollars to have an attorney deal with later. Take the advice that a will is simpler and easier than a trust. In a California probate, for example, if you pass away with a $1,000,000 estate, which is not uncommon there given today's real estate values, the statutory probate fee is $23,000. By comparison, a California trust-based estate plan can often be created for $5,000 or less. It bypasses the slow, arduous probate court entirely and saves your family from jumping through countless legal hoops. A consultation with an estate planning attorney would have laid out the options before hand and you would have made a fully informed decision regarding which type of plan to employ and help you decide if you actually need an attorney, or not.

The Golden Rule of Estate Planning

The more diverse your family situation, the more assets you have, and the simpler you want things to be for your survivors, the more you need to consult a professional. Even with modest assets and great family dynamics, a trust is often the smarter choice. Spending a small amount of time consulting an attorney to confirm your legal strategy is money well spent. Don't leave your legacy up to neighborly gossip or internet videos. Protect your family by getting it right the first time. Generally, not making legal decisions based on uniformed gossip or the internet is applicable to numerous other legal issues as well.

As always: This information is provided for general informational and educational purposes only. You should not act, or refrain from acting, based on any content provided without first consulting a licensed attorney qualified in your jurisdiction regarding your specific facts and circumstances. No attorney client relationship is created or implied herein.