Legacy Q&A: Article #2
My Attorney Knows Best Common Myth
Source: Apartment News Magazine
By Timothy Gorman
Real Estate Broker/CPA/Entrepreneur
One of the most common myths in estate planning is the idea that “My attorney knows best.” While attorneys play an invaluable role in helping navigate the complexities of the law, this mindset can sometimes lead to problems. It’s all too easy to rely on a referral from a friend or colleague who had a positive experience with their attorney. The truth is, their needs and experiences may be vastly different from yours. Choosing an attorney based solely on someone else’s recommendation, without considering your unique situation, could lead to unnecessary delays, higher fees, or worse, legal complications.
Here’s the truth: attorneys are wonderful tools, tools that we often cannot live without…but like any tool, you need the right one for the job. You wouldn’t use a backhoe when a shovel does the same job, and similarly, you don’t want to pick an attorney who isn’t the right fit for your estate’s specific needs. Just because you can do something doesn’t mean you should do it. Attorneys are experts at knowing the law, but estate planning often requires more than just legal expertise, it requires a deeper understanding of your family dynamics, your long-term goals, and a careful, tailored approach. This is why finding an attorney who takes the time to understand your situation and presents you with options is so important.
Don’t forget that the person you hire to write your estate plan could also be the one you turn to when things go wrong. While that may not be their goal, it’s an interesting and often overlooked aspect of the relationship.
Not all attorneys specialize in every aspect of estate planning, either. Some may have general knowledge, but if your estate requires expertise in specific areas like family business succession, corporate law, or philanthropy, you’ll want to find someone who has experience in those fields. A general practitioner might be able to handle basic needs, but when it comes to more complex issues, you’ll want an attorney with specialized knowledge. This is an important consideration as the success of your estate plan may hinge on these niche areas of law.
Another crucial factor to consider is the price. Estate planning fees can vary greatly depending on the complexity of your estate and the expertise required. You might need a straightforward, basic plan, or you could require something far more intricate. While hiring a high-end attorney for a basic plan might seem like a waste, the added costs of a more specialized attorney might ultimately save you money by preventing costly mistakes and ensuring a smoother transition when the time comes. On the other hand, if you have a large or complex estate, the extra upfront investment in a well-tailored estate plan could pay off in terms of tax savings and proper asset transfers.
It’s also important to think about communication styles. Some attorneys still operate the old-fashioned way…with paper files, in-person meetings, and minimal technology. Others have embraced digital tools and virtual meetings. Consider what works best for you, do you prefer working directly with your attorney, or are you comfortable with their support staff handling the details? Your preference matters, and the right attorney should be able to meet your communication needs in a way that’s comfortable for you.
To help with your search, here are a few key questions to ask any prospective estate attorney:
- Understanding of Estate Size and Complexity
“Considering the size and complexity of our estate, which includes [mention specific assets like real estate, investments, and other unique assets], how do you tailor your approach to ensure it meets our needs?” - Timeline for Estate Planning
“What is the typical timeline for completing an estate plan with an estate of our complexity? Are there factors that could extend this timeline?” - Billing and Estimates
“How do you structure your billing for estate planning services? Do you offer a flat fee or is it hourly? Can you provide an estimate based on the details of our estate?” - Point of Contact
“Will I be working directly with you for all matters, or will another attorney or assistant handle most of the details? How does this affect communication and the planning process?” - Communication Policy
“What is your policy on communication? How quickly do you typically respond to emails and phone calls?” - Digital File Storage
“Do you use digital file storage for documents and correspondence? How do clients access their files, and what steps do you take to ensure security and privacy?” - Ongoing Costs
“Are there any ongoing costs I should be aware of for maintaining the estate plan once it’s created?” - Additional Fees After Death
“What additional fees can be expected when the estate is being administered by the executor or successor trustee after the estate holder passes?” - Specialization and Fit
“Do you specialize in managing trusts of this type and complexity? Based on your understanding of our estate, do you think we’d be a good fit for your firm?” - Experience and Examples
“Can you provide examples of similar estates or trusts you’ve managed, and what were the outcomes?”
The point here is to slow down and take your time. Interview multiple attorneys if you need to, ask questions, and choose the one that best fits your family’s needs and values. Remember, estate planning is a major undertaking that will impact your loved ones for years to come. The attorney you choose can make all the difference.
In the next article, we’ll continue our exploration of common myths in estate planning, tackling more misconceptions and offering practical tips to avoid pitfalls. Stay tuned as we continue to explore the truths behind the myths and guide you toward building a legacy that lasts.