I know, I know, no one wants to talk about "end-of-life" planning. I get it. But it’s coming, sooner or later, and one of the biggest mistakes you can make is to not have a plan. Another significant mistake is trying to put together your Will, Trust, Powers of Attorney, and other estate planning documents through "Do It Yourself" online forms, kits, or even cut-rate legal services. (Spoiler alert: most of the time, those plans don’t even work!) It is critical for people to understand cost versus value and that like any good investment, the time and money you put into a quality estate plan now will have a huge rate of return…when it matters most!
Let’s see if we can help you understand how Wills and estate planning is one of the smartest investments. First, below is an overview of the costs of no planning versus two types of planning: 1. A Will Plan or 2. A Revocable Living Trust Plan:
Cost without ANY Estate Plan in 2024:
- Potential Legal Fees – Probate Court: $7,000 - $14,000+; Total Fees: $17,000-$29,000+
- Court Delay Time – Time to start: 9+ months; Total time delays: YEARS
- Who Inherits Home & Assets: State of Texas decides
- Who is in Charge of Distributing Assets: State of Texas decides
- Who is Guardian of Your Kids: State of Texas decides
- Privacy: Public record of assets & family history
Cost with a Will Plan 2024:
- Potential Legal Fees – Probate Court: $3,500 - $7,000+
- Court Delay Time – Time to start: 3+ months
- Who Inherits Home & Assets: You decide
- Who is in Charge of Distributing Assets: You decide
- Who is Guardian of Your Kids: You decide
- Privacy: Public record of your Will & assets
Cost with a Revocable Living Trust Plan in 2024:
- Potential Legal Fees – $0
- Court Delay Time – N/A
- Who Inherits Home & Assets: You decide
- Who is in Charge of Distributing Assets: You decide
- Who is Guardian of Your Kids: You decide
- Privacy: Private/No public record
As you can see, there is a huge cost in time, money, privacy, and frankly, your own choices when it comes to not having a quality plan. Now, the difference between a Will and a Revocable Living Trust is for another time, but it is something only an experienced, qualified law firm should be advising you on. More on how to find such a firm later.
Wills and estate planning are one of the smartest investments one can make. There is a huge cost in time, money, privacy, and, frankly, your own choices when it comes to not having a quality plan. Now, the difference between a Will and a Revocable Living Trust is for another time, but it is something only an experienced, qualified law firm should be advising you on. More on how to find such a firm later.
When people come to the Burch Law Firm, often they say, “we want to spend as little as possible.” The question I ask then is, “Now or later?” Because like any good investment, it’s going to take some time and money now to save a lot more later. Many people, sadly, think “anything” such as DIY forms or reduced-fee legal services are “better than nothing.” Unfortunately, most of the time they aren’t even valid or can make things even worse. We’ve seen people lose their homestead exemptions or cut out a spouse inadvertently because they tried to do this planning on their own.
So, how do you choose the right law firm to create your estate plan? Well, if you’re going to do this, you need to do it right! But what does that mean? If you’re reading this, then hopefully you’ve already realized that DIY kits and forms, or those legal programs are not for you, and you need a qualified law firm to put together your estate plan. How do you know if you’ve picked the right one? If you have no experience when it comes to how Wills, Trusts, Powers of Attorney, and other estate matters get handled when the time comes, then the easiest way to decide is…well, cost. As long as it sounds like they get the job done, right? Sadly, even law firms make things much more expensive and time-consuming when it’s time to actually use the planning documents they create! Sure, they may be “cheap” or easy to create, set up, and sign, but how can you be sure they'll stand up when it matters most?
Here are some final thoughts. Estate planning is often called “legacy planning.” Why? Well, one of the definitions of “legacy” is: “an amount of money or property left to someone in a Will.” Another definition of “legacy” is “the long-lasting impact of particular events and actions that took place in the past, or of a person’s life.” Now, your legacy could either be the long-lasting impact of not creating a proper estate plan…or it could be the long-lasting impact of your life. When you create an estate plan, and you do it right, then your family will be able to focus on the story of your life and not the impact of you leaving a mess. And your story is your legacy. You and your family deserve the dignity of a plan that will tell your story and honor your legacy. Now that is something worth investing in!
Below is a checklist of what to look for when choosing an Estate Planning Law Firm.
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What percentage of their practice is focused on estate planning? (This should be at least 50%.)
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Do they also handle probate cases or estate administration? (If they don’t know how these documents get interpreted by courts and financial institutions when you pass away, then they shouldn’t be drafting them.)
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Will they guide you on arranging bank accounts and designating beneficiaries for life insurance, retirement, and investments?
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Will they help you get your documents signed properly so they work?
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Do they provide you with originals and electronic copies of your signed documents?
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Do they have a succession plan in case of the owner's death, sale, or retirement, ensuring continuity for updates and family needs?
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How do they charge if you want to update your plan?
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Do they provide periodic reviews of your plan to make sure it is still in line with your wishes and any changes in the law?
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Do they have expertise in advising on asset protection and business interests for business or rental property owners?
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Will they draft and ensure the filing/recording of deeds, such as for a revocable living trust?
- Why do they do what they do? Do they have a clearly defined mission statement or value statement?
