Tuesday, August 23, 2011

Response To The Editor

Yesterday, August 22, 2011, we reviewed an article in the Wall Street Journal titled, "Time to Deregulate the Practice of Law." You can read the full article here. We responded to the article with a letter to the editor. This is our full response to the article:

August 22, 2011


In regard to Winston and Crandall's essay "Time to Deregulate the Practice of Law" (WSJ 8/22/2011). A will is a simple document indicating how you want your assets distributed at your death. Simple. Anybody can write on a napkin, "Distribute my assets equally to my children." Simple.

Then you die. Your children are now faced with the processes of actually transferring your home, your bank account, your investment or retirement accounts, your life insurance policy, your car to themselves. The children must deal with county recorders and deeds, bank managers and signature cards, investment firms and contracts, life insurance companies and policies, the division of motor vehicles and titles. Dealing with these entitites may also be simple . . . or not.

To think that a will is the beginning and end of the legal issues involved in transferring assets at death exhibits a gross ignorance of reality, let alone the law, exactly the level of gross ignorance companies like LegalZoom (praised by the authors) deeply rely upon in selling their wares, but the kind of gross ignorance I did not expect from senior fellows at the Brookings Institution.

Craig E. Hughes
Hughes Estate Group, Attorneys

1 comment:

MJ said...

Excellent and informative response!