If your family situation is not too complex, your total net worth not super large and your main goal is avoiding probate and passing on assets to the next generation, then you may be an ideal candidate for on-line estate planning. There are some unique and special benefits that come with on-line estate planning.
Even if you meet that aforementioned criteria - if meeting with an attorney IN PERSON is non-negotiable for you - then an on-line approach may not be for you. If you are using a local estate planning firm - I have some important tips shown at the bottom of this post. Even with on-line planning, for a small extra fee, you can get access to talk virtually with an attorney as you are going through the process and we encourage taking advantage of that.
Let’s step back a moment and talk about overall personal financial success and peace of mind. How do estate plans fit into financial success and what are other important elements?
The key questions are:
Business owner? If your business is such that it can be sold, or passed on to loved ones. then it is very important to give it special attention as an important asset of your financial plan and estate plan. Relatively small improvements in how smoothly it runs, and/or increases in its revenue generation can greatly multiply its value and impact on your future security and lifestyle.
We like trustandwill.com which is available to the general public and if you use a link we provide, whether you are a client or not, you get 10% off the main costs of the estate plan. Use this link to get the 10% discount.
Just as important, once you complete the plan, for just $39/year, you get 1) Changes you want to make as family situations evolve, 2) Updates due to you changing your state of residence (amazing feature) and 3)Updates due to laws changing. Item #3 includes communication from Trustandwill.com explaining what law changed, why and what you need to do.
What is the cost of the plan? If you own one property (e.g. your home) and buy the option for access to a live attorney during the process, the cost is around 1/2 (or less) of what most local attorneys charge.
It’s important to recognize the value of a caring advisor. No matter if you use an online platform or a local attorney, an estate plan requires that important tasks get done after the estate plan itself is done that have nothing to do with the legal paperwork. Almost all attorneys and many advisors are not willing to hold you accounting to getting those tasks done. We will.
Feel free to contact us if you have questions.
Meanwhile here are some resources from Trustandwill.com resulting from live webinar they offered the public recently.
Please, please, please for the sake of your future security, peace of mind, and for the security of your loved ones, take the steps necessary to put both a financial plan and estate plan in place and review both regularly. In our world the “evil” that harms families is procrastination. A secondary evil is complexity since the loved ones left behind have to deal with unnecessarily complex estates that drain them in their time of grief. A good financial planner will help you improve your finances through simplification.
It’s not an emergency, but it is exceptionally important. Put it in your calendar, tie a string on your finger, ask your friend or spouse to hold you accountable - whatever your method for getting a crucial activity done - use it! You’ll be glad you did! Make you life less stressful!
Be careful using the referral from a person not well versed in personal financial matters. They may have connected personally with the attorney but that doesn’t mean their work is outstanding.
Attorneys do not use another attorney’s work - they start over. Use an attorney that has a succession plan. In other words, their firm will continue to exist and future changes will be easy to get. Ask them, “What if I come back in 15 or 20 years to make a change?” Otherwise, as your situation changes, or laws change, years down the road, you may be looking for a new attorney and paying full price.
Usually attorneys offer the first meeting at no cost, collect most of the information they need, and give you a quotation at the end. It makes sense, if you can, to talk with at least 2 attorneys (highly recommended with succession plan).
Estate plans, like construction, can be made “more stout”; extra strength to withstand earthquakes, or built in window protection for hurricanes. In the case of estate plans, there can be extra layers of legal protection, that are optional. Each “legal layer” makes the plan more expensive. Be willing to question the necessity of these extra legal layers of protection. Ask if they are practical, or overkill.
We’re happy to offer you a couple options for estate planning.