The Motley Fool Discussion Boards

Previous Page

Financial Planning / Inheritance Strategies

URL:  https://boards.fool.com/small-town-attorneys-who-do-wills-divorces-real-29186872.aspx

Subject:  Re: named executor of my father's estate Date:  3/22/2011  12:56 AM
Author:  Wradical Number:  5547 of 5836

Small-town attorneys who do wills, divorces, real estate closings, etc, are jacks of all trades and masters of none; so you will sometimes see glaring errors in wills they've prepared.
=================================
Oh, you'll find such attorneys in big cities, too. And actually, our CPA firm has had a very good relationship with a couple of such guys over the years. They'll draft a will, relying on cookbook boilerplate documents, and generally do a decent job, but when the client dies, they call us in to do the estate tax returns, and maybe other work as well.

One in particular would make me scream, because he kept on putting a trust in the actual will document - instead of doing the trust separately, and the will just being a catch-all pour-over will. Not exactly malpractice, but almost. It's perfectly legal, but it defeats the purpose of avoiding probate, and may, and usually does, require an annual accounting to the court for as long as the trust exists. And he used obsolete terminology in other ways. His documents referred to "The Internal Revenue Code of 1954, as amended". Well, it's been the Internal Revenue Code of 1986 since,...well, you get the idea.

My advice to our senior partners: "If you ever get divorced, send your wife to HIM!" They didn't argue.

Bill
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us