Here's why you may not want to “shop around” for an estate plan, and how you can ensure you get the most efficient and affordable plan possible for your family without shopping for an estate planning lawyer the way you may think.

First and foremost, getting estimates assumes you understand exactly what you are shopping for and how to evaluate those estimates. In most cases, from the most sophisticated business people to the highest net worth to those just starting out in the workforce and on their path to adulthood, we see that you very likely do not know how to evaluate estimates when shopping for an estate plan.

Shopping for an estate plan based on getting the lowest cost plan possible is often 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.

I often witness the detrimental consequences of inexpensive estate planning when grieving family members approach me. They bring in an elaborate binder that had been sitting on the shelf for years, exuding a false sense of security. Unfortunately, the binder contains outdated estate planning documents, and as a result, the family finds themselves ensnared in a potentially avoidable court process or conflict. This is contrary to what their loved one believed they had paid someone to manage on their behalf.

The documents provided were standard forms, with no subsequent updates or consistent communication with clients after the initial planning. There was a lack of inventory for assets, potentially causing difficulties in locating them after the death or incapacity of a loved one. Additionally, there was a failure to ensure proper titling of assets, jeopardizing the effectiveness of the overall plan. Furthermore, it came to light later that plans crafted for families with minor children had significant flaws, putting the children at risk of being removed from their homes and placed into protective custody while the Will and designated guardians were identified.

The least expensive plan will not be worth the paper it's written on once you've left the attorney's office -- your life changes, the law changes, and your assets change over time; your plan needs to keep up with those changes.

“Estate planning” is often sold by financial professionals who want to get their hands on your “assets under management”, not necessarily prioritizing doing right by your family, or keeping the people you love out of court or conflict -- in fact, they may not even know how to keep your family out of court or conflict.

When an investment advisor includes estate planning as part of their financial advisory and retirement support services, their primary emphasis is typically not on comprehending the intricate relational and legal dynamics within families. As a relational lawyer, my specialized expertise and training enable me to proactively recognize potential family conflicts and address them before they escalate into costly problems. Drawing from my experience in witnessing families becoming entangled in court proceedings, I can ensure that your family avoids such situations.

Engaging a lawyer who prioritizes delivering "the best documents" at the "lowest price" or charges inadequately cannot offer more than standard form documents. In the current landscape, particularly with the prevalence of AI, obtaining form documents is readily available for free. However, it is the legal counsel's expertise that determines the content of these documents and how they are managed when it truly matters, providing substantial value to your loved ones.

You will ultimately get what you pay for and it's your family that ends up paying the price. An estate plan isn't a set it and forget it kind of thing, it needs to stay up to date with changes in your life, the law and your assets.

Presently, there's over $58 billion in unclaimed property stored in unclaimed property departments throughout the United States — yes, that's billion with a B. These assets frequently end up there when an individual passes away or becomes incapacitated, and their family loses track of them due to inadequate tracking and/or record keeping during the person's lifetime. This serves as just one illustration of how your family may face losses if you opt for the most economical estate plan rather than establishing a plan that genuinely suits the needs of your loved ones.

If what you want is the false security of an inexpensive estate plan, go online and do it yourself. Chances are, you haven't done that because you know it is risky and you love your family too much for that. Or because you're busy, and just haven't gotten around to it.

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 me for a plan review. I 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.

Call or text me @ 305.831.1044 and I will be glad to help you achieve some peace of mind.