1: All estate plans are the same.

A lot of people think a will is a will is a will, and expect the lawyer to prepare it cheaply and without a lot of effort or involvement on the client's part. However, a good estate planning attorney will want to spend enough time with the client to figure out their hopes, dreams and goals, and will want to prepare documents that are tailored to that client's needs. You can certainly download a will from the internet, but it will be very generic - we believe the people you love deserve more care and attention, and we prepare each will with the particular client in mind.

2. An estate plan is a will.

Most people think of estate planning as preparing a simple document which will usually be a "will". However, an estate planning lawyer thinks of an estate plan as a comprehensive process - a process in which the lawyer makes sure the client's goals in transferring her assets to her heirs goes smoothly and according to plan, as well as making sure the client is protected in the event of disability.

3. The lawyer doesn't need to know too much.

Imagine going to a doctor and sitting, mute, while he tries to figure out what's wrong. You wouldn't do it! Well, going to an attorney and not telling him the full picture of your family, your children's strengths and weaknesses, and the size of your estate is just as silly. A lawyer can't prepare the correct documents for you if he isn't fully informed, and the wrong documents can be disastrous in the event of death or disability.

A lawyer will want to involve your financial planner, if possible, to ensure that everyone is working in a coordinated manner to ensure the clients' goals are met.

4: Estate planning is for the wealthy.

Most people think of estate planning for the wealthy, but we believe that it is more important for those that aren't wealthy. If a wealthy family makes mistakes in their estate plan, causing extra fees and costs, the heirs will probably still get more than they expected. In a family with less wealth, those extra fees and costs can significantly eat into the heirs' inheritance and it is always unfortunate to see money wasted on professionals instead of going to the family.

A young couple may not have any money - but they have the biggest reason to plan than anyone - their children deserve to have their parents prepare a plan for their care in the event the unthinkable happens. If nothing else, name guardians for your children and don't leave that decision up to a judge.

5: You don't need an estate plan until you retire.

While waiting until you are in your 50s, or even your 60s, to create a plan for passing on your wealth may work for some people, it overlooks the need to plan for your possible disability. We all know people in their 30s and 40s who have had strokes, or catastrophic accidents, and failure to plan for that event can throw the family into turmoil and result in needless losses.

6: Estate planning is too complex.

A good estate planning attorney will educate you about your options, so that you can make informed decisions. He will guide you through the process, at your own comfort level, and not push you to make decisions before you are ready. Some people know exactly what they want, and can convey that to the attorney in 2 or 3 meetings. Some people are overwhelmed, and may need 5 or 6 (or more!) meetings. A good attorney will give you as much time as you need, so that together you can create a plan that will work for you.

7. Once my plan is done, I can forget about it.

While a solid estate plan may serve some people for their entire lives and never need modification, it is unlikely. We recommend reviewing your plan every 3 - 5 years, or that you join our maintenance plans so that we can meet with you annually to be sure that it remains current. Taxes rates change, childrens' situations change, additional children and grandchildren are born, people get divorced, move to other states, and fortunes are made and lost with some regularity. These things, and many more, could require a change in your plan.
If you'd like to schedule a free, no-obligation consultation in one of our offices you can call toll free at 888-336-1212
between 9:00 and 5:30 Monday through Thursday, or click here to use our interactive calendar.