We understand that sometimes shopping around is a good thing. Maybe you’ve gone so far as to get “three estimates” on products and services in the past. That may be a great idea for some products and services for your house, car, etc.; but it is not always the best way to pick a great estate planning attorney. In this article, we are going to examine why comparing by price only is not the best practice when choosing an estate planning attorney and how you can ensure you get the most efficient and affordable plan possible for your family.
Shopping estate planning attorneys based on cost alone may not be your best method of determining the best and most qualified estate planning attorney for your family because it assumes that those estimates you received from those various estate planning firms all provide the same level of service. Most likely, you are not comparing apples to apples when looking at just price. This “shopping around” thought process may be the quickest 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 may not actually work for your family when they need it most.
Unfortunately, we have seen the negative effect of empty documents all too often. We’ve seen many families 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, chock full of out of dated estate planning documents to which the family finds itself stuck in Court or conflict or worse, both. Due to price shopping, these families get exactly the opposite result of what they paid some “professional” to handle for them.
Here are 5 reasons why you could end up with a big mess instead of the best plan for you and your family when deciding on an estate planning attorney based on price only:
1. Your life changes. The law changes. Your assets change over time. Any of these could make your plan worthless. Your plan needs to keep up with you and so does your estate planning attorney.
2. Often “cheap” estate plans are sold by non-attorneys who want to get their hands on your money or make commissions by selling your family other products and services. Their goal may not line up with your family’s needs since they are in the business to make a quick commission.
3. Forms and documents won’t be there for your family when you can’t be. Your loved ones need a trusted advisor with whom you have built a relationship, who may even have met them.
4. You get what you pay for and if you pay for something that doesn’t work, your family will pay the price. Your assets need to be owned the right way. Your plan needs to be updated with your changes that take place in your family. If your plan is not complete, your family could be at great risk when something happens to you.
5. An estate plan is not a “set it and forget it” kind of thing. If you don’t protect your property the right way, it could end up going to the state. There is currently, $1,500,000,000 in unclaimed property held by the state of Arizona. This money or property usually gets there when someone dies or becomes incapacitated and their family loses track of the money or property because it wasn’t tracked well during life.
Chances are the reason you are reading this article is because you don’t want false security and to open your family up to major issues in case something was to happen to you. You can get that by doing your own plan online. You know that planning on your own or without the proper guidance can be risky business and you love your family too much for that.
It can be the same way when you’re shopping around town with only price in mind. You love your family and you want a plan that’s going to work for you and the people you love, when they need it. You want a plan that grows with you and your family. You want an advisor you can trust for your family when they need it.
If you don’t have a plan and you need the peace of mind of knowing that your family is in trusted hands, contact Truest Law to schedule a Family Wealth Planning Session.
If you already have a plan, and you don’t have the assurances that your plan will actually serve your family when they need it most, contact Truest Law for a plan review and Family Wealth Planning Session.
To learn more about the Family Wealth Planning Session, contact us at truestlaw.com or call 480-949-6500 to schedule your session. You will become more financially organized and you will finally be in a place to make informed, educated choices about the right plan for your family based on the things that really matter most. Don’t just shop around for price when your family deserves so much more.