🤝 Working With Your Estate Planner

HOW TO WORK WITH YOUR ESTATE PLANNER.

01 - Counseling vs Controlling.

Counseling is the ideal balance when it comes to Estate Planning. An Estate Plan can be jeopardized when the balance shifts and either the client or the attorney controls the estate planning process too heavily. This happens on the client side, when clients self-diagnose their needs with respect to estate planning, and the result is an insufficient plan or unsophisticated plan. Sometimes this shifts to the other extreme when an attorney creates an overly sophisticated plan that is too complicated for the client's needs or situation.

02 - Credentials.

I would be surprised if most attorneys have not prepared an essential will at some point in their careers. That does not make every attorney an Estate Planning attorney. Be sure to discuss credentials, experience, and application. It’s encouraging to know that the attorney you’re working with has drafted more than a handful of Estate Plans over their career. Equally important is how many they have administered.

Important Questions to Ask.

• How many Wills have you drafted?
• How many Trusts have you prepared?
• How many Wills have you probated?
• How many Trusts have you administered?

03 - Living documents.

After your Estate Plan is established and funded, how often should you revisit it to ensure it is up to date? Wills and Trusts are not like wine. They do not get better with time. Some plans may never need to be updated. In general, every five years is an excellent time to revisit your Estate Plan. If it’s more than ten years old, it worth having your plan reviewed. Often clients come in with old wills that are still in the original envelope and have not seen the light of day since signing. Estate Plans are working documents, not relics. Notebooks and binders have replaced sealed envelopes in the modern Estate Planning era.