I Got People

Written by Derrick Carpenter on Feb 3, 2008 4:24 pm

I like to find the humor in life and this is funny: H&R Block’s media campaign for the past few tax seasons pokes fun at the do-it yourself tax preparer, yet I Got PeopleTax giant H&R Block has a lock on one of life's two certainties. Now it is going after the other. Two months ago, the Kansas City Company launched a new service -- online and in-store software packages designed to help everyday people write their own wills, trusts and estate plans at home without help from lawyers.I like to find the humor in life and this is funny: H&R Block’s media campaign for the past few tax seasons pokes fun at the do-it yourself tax preparer, yet for their expansion into the estate planning market, they chose a “box.” I love it, the company that pokes at not using professionals for something important as having your taxes done, thinks its okay to let you be a DIYer estate planner. When I’m speaking to a potential client about their own estate planning and they mention they plan on using one of the will in a box kits. I actually get a kick out of using Block’s signature lines, “you have a question? Well let’s ask the box.” Followed by, “I got people.” Creating an estate plan is an exercise in facing our mortality, which isn't easy for most. But botching an estate plan or forgetting to set one up altogether can be disastrous for generations in your family.Wills: Choice depends on your circumstances Basic do-it-yourself wills and estate-planning documents that are available in most states run between $20 and $120. Hiring a lawyer to do the same work appears to run between $700 and $1,500 in many places but can vary widely. Which choice is right for you depends on your circumstances. Here are some potential pitfalls: Someone insufficiently versed in legal matters could create major problems for heirs by leaving out something important or using incorrect or ambiguous language. Hiring a lawyer can be key if your estate becomes bigger or more complicated, or if your or your heirs' circumstances are changed by death, divorce, remarriage or some similar event Rules change. The current $2 million exemption from estate taxes, for example, is scheduled to jump to $3.5 million next year, disappear entirely in 2010, then drop back to $1 million after that. It's the law Wills, trusts and other estate-planning documents generally are private documents that in all 50 states can be drawn up without a lawyer. Virtually anyone 18 or older can make a will. But some rules vary, and individual states have slightly different rules about witnessing the documents and notarizing some of them. Many authorities broadly suggest using a lawyer, rather than online software or a legal kit, if your estate exceeds the $2 million exemption, above which federal estate taxes kick in.1 An estimated 7 in 10 Americans have no formal wills, and the division of their estates and how their heirs are provided for will be left to individual state formulas. 2 Of those with formal plans, the average age of the wills, when opened for final reading, is about 20 years old and potentially outdated by changes in estate-planning law or family circumstances. 3 Sales for Nolo's Quicken WillMaker Plus increased nearly 33 percent in 2006. 4 Legal kits aren't a substitute for an attorney but can help you organize your records and focus your thoughts even if you have to hire an attorney. 5 Online software or a kit is probably sufficient for simpler or smaller estates, particularly if most of the estate being distributed is personal property. Derrick and Dawn Carpenter, are Independent Associates with Pre-Paid Legal Services®, Inc. Pre-Paid Legal's Life Events Legal Plans along with the Identity Theft Shield™ provide
cost effective Preventive Legal Care, so that legal or identity theft situations don't become major problems. EVERYONE NEEDS A WILL! To Find out how to get yours, with yearly updates, for no additional costs visit: www.whosusingyourname.com Got Health? Got Life? GET LEGAL! (c) 2002 I Appreciate You,
Derrick
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Free Video Series! http://BECOMETHEHUNTEDNOTTHEHUNTER .INFO Do-it-yourself legal kits Here's a rundown of what other legal kits are available: www.nolo.com, the California-based publisher of Quicken estate-planning and legal documents, offers consumer information about wills, trusts and other legal matters, as well as software and other material for do-it-yourselfers. Nolo also can be reached at 800-728-3555. www.doyourownwill.com in Seattle offers free or low-cost help and support documents for people with simple estates. www.hrblock.com is geared up for income-tax work, but type WillPower in the search field to learn more about Block's new software. Block has been peddling versions of its new WillPower and Home and Business Attorney through its tax offices and other outlets since 1996. www.legalzoom.com, a Los Angeles online service co-founded by O.J. Simpson attorney Robert Shapiro, connects inquirers to help and information about many individual and small-business legal questions. We The People, a storefront franchise that helps people fill out legal forms, has grown to more than 100 locations from just 25 seven years ago, according to its Web site.