Maybe you’ve heard that before investing in a professional service you should “get three estimates.” While often this is wise advice, it’s actually a bad idea when it comes to estate planning. This article explains why and how you can ensure you get the most efficient and affordable plan possible for your family without shopping estate planning lawyers the way you may think.
Let’s begin with why “getting three estimates” for an estate plan doesn’t work to actually get you what you want.
First and foremost, this recommendation assumes that you should be shopping for an estate plan based on cost and that you understand exactly what you are shopping for and how to evaluate those estimates.
Shopping for an estate plan based on getting the lowest cost plan possible is the fastest path to leaving your family with an empty set of documents (maybe in a beautiful binder, but not worth the paper they are written on) that won’t actually work for your family when they need it.
Unfortunately, we see the negative effects of cheap estate planning when family members come to us during a time of grief with that fancy binder that sat on the shelf for years sending out signals of false security, full of out of date estate planning documents and find themselves stuck in Court or conflict, even though that’s exactly what their loved one thought they had paid someone to handle for them.
Here’s 5 reasons why shopping for the cheapest estate plan is likely to leave you with a plan that won’t work for your family … and will leave them with a big mess instead.
If what you want is the false security of a cheap estate plan, go online and do it yourself. Chances are, you haven’t done that because you know that’s risky business and you love your family too much for that.
Well, it’s the same way when you are shopping around town for the cheapest plan possible. Because you love your family, you don’t actually want the cheap plan, you want the plan that’s going to work for your the people you love, when they need it.
In my next article, I’ll share with you 5 questions you can ask when hiring a lawyer to prepare an estate plan for the people you love.
In the meantime, if you already have an estate plan in place and you are concerned you may have gotten a cheap plan that won’t actually serve your family when they need it most, contact us for a plan review. You can either have us do it for you, or you save some money by doing it yourself with our guidance and then come in to discuss what you discovered along the way.
Contact a Personal Family Lawyer® today to begin the planning process with a Family Wealth Planning Session, during which you’ll become more financially organized than you ever have been before and you’ll finally be in a place to make informed, educated choices about the right plan for your family based on the things that really matter, instead of just shopping around by price.