Can I Do It Myself?

Who Should Help Me With My Estate Planning Documents?

Can I Do It Myself?

It is possible for a person to do his or her own estate planning with forms or books bought at a stationery or bookstore or from the State Bar. At the least, a review of such forms can be helpful in preparing you for doing estate planning. If you do review such materials and have any unanswered questions, however, you should seek professional help.

Do I Need a Professional To Help?

If you do seek advice, wills and trusts are legal documents which should be prepared only by a qualified lawyer. However, many other professionals and business representatives may become involved in the estate planning process. For example, certified public accountants, life insurance salespersons, bank trust officers, financial planners, personnel managers and pension consultants often share in the estate planning process. Within their areas of expertise, these professionals can help you in planning your estate.

The State Bar urges you to seek advice only from qualified professionals. Many professionals must be licensed by the State of California. Before hiring any professional to help you with your estate plan, you should inquire about that individual's qualifications. In addition, you should decide whether the professional adviser has any underlying financial incentive to sell you a particular investment, such as an annuity or life insurance policy, because that financial incentive may color the advice given to you. Unfortunately, some sellers of dubious financial products gain the confidence and private financial information of their victims by posing as providers of estate or trust planning services.

Should I Beware of Someone Who Is a "Promoter" of Financial and Estate Planning Services?

In a word, yes. There are many who call themselves "trust specialists," "certified planners" or other titles intended to suggest the person has received advanced training in estate planning. California is experiencing an explosion of promotions by unqualified individuals and entities which have only one real goal -- to gain access to your finances to sell insurance-based products such as annuities and other commission-based products.

Here are some helpful hints and suggestions:

       Before considering a living trust or any other estate or financial planning document or service, ask yourself “Is this person selling me a product which may be unnecessary or providing legal advise and not qualified to do so?”  Always ask for time to consider and reflect on your decision. Do not be pressured into buying an estate or financial planning product.

       Know your cancellation rights. California law requires that sellers who come to your home to sell goods and services (not including insurance and annuities) that cost more than $25 must give you two copies of a notice of cancellation form to cancel your agreement. You, the buyer, may cancel this transaction at any time before midnight of the third business day after the date of this transaction.

       Be wary of home solicitors who insist on receiving detailed confidential information about your assets and finances.

       Find out if any complaints are filed against the company by calling local and state consumer protection offices or the Better Business Bureau.

       Know whom you are talking to and insist on identification of the person and a description of his or her qualifications, education, training and expertise in estate planning.

       Always ask for a copy of any document you sign at the time you sign it.

       Report high-pressure tactics, misrepresentations or fraud to the police immediately.