I heard a sad tale of woe.
Fellow did his “own” will with Legal Zoom.
When I was told that the son had the original will, I just KNEW there would be trouble. Most attorneys INSIST that you leave the original will in their vault for safekeeping.
All was fine and dandy until he “corrected” it.
Note that if he had NOT had the original, he couldn’t have spoiled it.
Now the fun begins.
It may be that the fellow that died will be declared “intestate” (i.e., no will).
And the state law will divide his assets.
Probably not the way he planned.
AND, for sure, there will be extra costs (i.e., legal fees, court fees, insurance bond, extra lawyer, billable hours).
ALSO, if he had NOT screwed it up, his son could have been the executor and “saved” the 15% fee. Now that’s up for grabs.
Getting your will done by a good lawyer is NOT that expensive and certainly not as expensive as a mistake.
No one to blame but the fellow who thought he knew what he was doing.
Argh! I hate when “amateurs” try and do “brain surgery”. It’s a common thing on Wall Street, but didn’t expect it of this individual.
[Note to self: Remember this blog post.]
“Yes, the advice of an attorney costs more. But eighty percent of people who fill in blank forms to create legal documents do so incorrectly. Are you going to beat the odds? Are you willing to take the risk?”
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