Your Current Estate Plan May Do More Harm Than You Think

Online estate plans and document “kits” are all the rage these days.  They typically appeal to people who are looking to save money and at least get something in writing should they pass away.

I’ve actually worked with quite a few of such people in my own practice, namely when their do-it-yourself plan backfires and fails to protect their loved ones in a true emergency.

It’s no secret that budget estate plans notoriously fall apart and set well-meaning people up for a nasty TRICK, instead of a treat, when the unthinkable happens.  And the worst part is that it often costs families far more to fix these mistakes than it would have to work with an attorney in the first place.

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3 Mistakes To Avoid When Planning Your Estate

MISTAKE #1 –Choosing a lawyer who will charge you outrageously high hourly rates for simple services.

Many lawyers will lure you in with “cheap” basic services and then proceed to rack up the fees as they execute planning services which really should have been covered by the flat fee.

When you’re investigating flat fee services from a lawyer, here are some simple questions to ask:
• Are all of your fees flat fees?
• What about ongoing work after the initial completion of my estate plan documents?
• What happens when I call with legal questions 2 years after my planning documents were completed?
• What if the questions are about something other than my estate plan?
You need to be satisfied by the answers you receive to these questions, as they often sneak up on families’ after-the-fact, and can be a major drain on your family’s cash flow.

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