The Truth About Cheap Internet Trusts

The Truth About Cheap Internet Trusts

It is not uncommon for a consumer seeking a trust, before hiring an estate planning attorney, to turn to online services. Generic pre-packaged trusts are widely available on the internet. These “one size fits all” trusts often lack critical features that a trust needs to function as a trust should, and many end up in probate for a number of reasons. Internet trusts lack what I call “safety net” provisions which are probate avoidance clauses layered throughout my law firm drafted trusts. My own field of specialized estate lawyers, who are my competitors of course, but we do share a common goal, we do like to think that the consumer will avoid the temptation to click a few buttons and grab a boilerplate trust that is peddled to the mass public. The public is at a great disadvantage with a living trust inasmuch, unlike comparing cars, a consumer seeking a trust has no prior standard by which to judge the quality and power of a living trust. There is a reason why the typical law firm drafted trust is 3-4 times the length of an internet trust – and the reason is not to impress you – it is to ensure that no matter what happens, the trust functions as intended – whether you die shortly after the trust is signed or decades later, a law firm trust will be highly protective of the estate. Internet trusts also lack flexibility – and you would only know the difference if you reviewed a trust from some internet or infomercial and then reviewed a law firm drafted trust. And if you ever want to amend an internet trust, good luck – clients who in the past have purchased internet trusts and later sought the services of this law firm to restate or amend the trust have told us for years that the online company that originated the trust will not amend it. The trust consumer should carefully examine all options before proceeding with obtaining a living trust package.

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