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...Avoid Probate, Dacey...
...measure of national interest in this device is a sleeper bestseller titled How to Avoid Probate (Crown; $4.95). Written by Norman F. Dacey, who calls himself "America's best-known estate planner," the hefty paperback consists of a 50-page blast at lawyers and 300 pages of assorted forms that readers are urged to use in setting up revocable living trusts. In Dacey's version, a man puts most of his estate into life insurance, makes a bank trustee but directs the bank to invest the estate in a mutual fund. While the bank pays his heirs...
...Dacey's book appalls lawyers-and not just because the author is a nonlawyer whose main business is selling mutual funds. The charge is that Dacey's do-it-yourself forms can hardly be relied on amid the wildly disparate laws of all 50 states. Last week the American Bar Association denounced the book, warned that using the forms without the help of a local lawyer is an invitation to disaster-to say nothing of almost inevitable probate...
...A.B.A. itself sponsors a far sounder predecessor of Dacey's primer - a highly sophisticated film, written and narrated for U.S. lawyers by Harvard Law Professor A. James Casner, one of the country's top trust experts. To really beat probate, Casner stresses that the creator must "fund" a revocable living trust with as much as possible of his income-producing property before he dies-the more the better. Setting up such a trust may cost more than probate in lawyers' fees, trustees' fees and stock-transfer taxes. Even so, in many cases the trust can save...
...Avoid Probate, Dacey...