You have been told by an attorney that s/he will prepare your estate plan for $800. It sounds like a good deal. However, sometimes deals which seem too good to be true are often exactly that: too good to be true! Below is a checklist of questions you should ask during your initial consultation with your attorney. If s/he answers “yes” to every question, then you really have got a bargain!
1. |
What documents will be included in the estate plan? At a minimum, each estate plan should include a trust, a pour-over will for each client; a Durable Power of Attorney for Finances (aka Durable Power of Attorney for Asset Management); a Durable Power of Attorney for Health Care (aka Advance Health Care Directive); a Living Will (some states); a document transferring all your “tangible” personal property into the trust; a Nomination of Guardian (if you have minor children); and Deed(s) to transfer your residence into your trust. |
Yes/No |
2. |
Will you receive draft copies of all documents with explanations of the main provisions so that you can review what has been prepared before you go to his/her office to sign the final documents? |
Yes/No |
3. |
Has the attorney prepared at least 100 estate plans in his practice? |
Yes/No |
4. |
Is the attorney a certified specialist or have an equivalent degree of expertise in the field? |
Yes/No |
5. |
Will you have unlimited visits with the attorney in case you have questions prior to execution of the final documents? |
Yes/No |
6. |
Will the attorney personally handle the signing of the documents? Some attorneys will meet with you for the initial consultation but leave the rest of the preparation of the estate plan (including the signing of all the documents) to a paralegal. |
Yes/No |
7. |
Are notary fees (which can sometimes run up to $150) and costs included in the $800? Most attorneys will include postage; photocopying; phonecalls with their fee but exclude out-of-office charges such as attorney service fees; county recorder fees. |
Yes/No |
8. |
Will the Durable Power of Attorney forms (Finances and Health Care) be “fill in the blank” statutory forms or will these important documents be specially tailored to fit your specific needs? |
Yes/No |
9. |
Will the attorney be transferring your residence into your trust? Your trust will need to be “funded” i.e. transferred into the name of the trust. What assets will the attorney assist you in transferring into the trust? Most attorneys will transfer your home into the trust, but leave the “funding” of your other assets – IRA; vacation home; brokerage accounts – to you. S/he, however, should provide you with instructions – and sometimes sample letters – on how to fund your trust. |
Yes/No |
10. |
Is the attorney covered by malpractice insurance? |
Yes/No |
11. |
Is the attorney also a financial planner? Will s/he make any financial investment recommendations to you or will s/he refer you to an independent financial advisor if you need one? |
Yes/No |
12. |
Will the fee include an attractive binder to hold all your documents, or will you simply receive your documents in a plain brown envelope? |
Yes/No |
13. |
Will you receive copies of all your documents – electronic copies as well? |
Yes/No |
