How much time should I spend with an attorney when estate planning?
The time you should spend with an attorney depends on who you hire and what you want.
Some DIY’ers spend no time with attorneys. They find forms online that they fill out or they answer online questions and an algorithm creates documents the software or code thinks you want and need. This method produces estate planning documents, but the DIY’er will never know if they are valid, strong, effective, and/or will the documents actually meet their goals and objectives. Using software, rather than hiring a licensed attorney, to create an estate plan, even when you believe your situation is simple and straightforward may be a costly mistake.
When someone hires a law firm, the time that client spends with an attorney varies. Every law firm may be different due to the law firm's practice, process, and procedures.
Many law firms, in order to be more profitable and because of the attorney’s interests, use legal or office assistants and paralegals to speak with potential clients, sign clients up, and help clients fill out forms before an attorney gets involved for the initial consultation. The attorney then reviews the form and may spend up to 30-60 minutes with the client to develop the plan. After that, the legal or office assistants and paralegals spend the remaining time drafting the documents (Last Wills, Trusts, POAs, Health Care directives, etc), communicating with their clients about the documents, and arranging an appointment to sign documents. When signing, the attorney may say “hello” or do a quick review before passing the client back to the legal assistant or paralegal. These law firms’ attorneys often spend most of their time on other matters, maybe with high net-worth clients or litigation matters. Many bigger law firms’ attorneys want to deal with unique and complicated matters, not the average or above-average person.
When law firms’ legal assistants and paralegals do most of the estate planning work, their clients miss out on important details or adjustments that come from the evolution of clients planning, learning, and adjusting to make a better holistic estate plan.
When estate planning, I have found that many people, for the first time or for the first time in a long time, are learning and discovering how it all works. During thorough planning, a client increases his or her knowledge and understanding of what they want and need. This type of client experience, for many, creates a need to discuss, revise, and adjust plans over a period of time. If clients do not feel comfortable or at liberty to ask lots of questions or to be asked lots of questions, their plans may fail to include important aspects. When clients are given time to learn, discover, and discuss their circumstances with an experienced, licensed attorney, their plan becomes and is customized to their unique needs, goals, and circumstances. And most importantly, they understand it.
For example, a couple went to an attorney who was a part of their church and ran his own law firm of good size. They knew this attorney well, respected him, and wanted his professional assistance in planning their estate. Their attorney friend provided an initial consultation and passed them off to his associate attorney (who was younger and less experienced). This couple agreed and moved forward because they believed their situation was simple. They received an estate plan which generally met their needs, but it had a big problem. The plan’s success was totally dependent on the surviving spouse’s ability and memory to transfer assets after the death of the first spouse. Of course, this couple did not understand this until after a couple of years later they felt prompted to consider updating their plan. Because their attorney friend “passed them off” to an associate attorney, they looked elsewhere and found me. When I reviewed their plan and informed them their plan’s success hinged on the surviving spouse to do a lot of work, they felt very uneasy and wanted to fix it. They didn’t want the survivor to be burdened with transferring assets, filing court documents, changing accounts, etc. They weren’t sure the survivor would be well enough, at that point, to remember and do those things. Over our many meetings, phone calls, and emails, we discovered other aspects of their plan (documents) that needed adjustment because our law firm’s process taught them what it all means and how their documents will work. This education and experienced legal guidance allowed this couple to update their estate plan to ensure success and not just hope the survivor does all the right things after losing their spouse of more than 50 years.
I find that most people are very smart and wise. And when they have good applicable information, they make better decisions. Applicable estate planning information is best given from a licensed attorney who is a part of the entire estate planning process, and not just the initial consultation and a few moments in a meeting at the end of the process.
Another example of this is a couple who came to me to update their documents because their family circumstances had changed due to a medical illness. They had some basic documents drawn up many years ago, but now it was imminent. They were very worried because they had documents, they didn’t know what they meant, and their prior attorney had just retired. As I met with them and discussed their wishes and goals, I learned their documents were created from information they provided in a form which the paralegal used to draft their documents. The retired attorney had done a 30 minute consult and said hello at their signing meeting. And then they never saw him again. They also believed the documents were no longer valid because their previous attorney had retired. After I went through those documents with them, I explained they were valid and how they would work. They were shocked! They did not understand the role of Executor, especially an executor from another state, nor did they really understand the responsibilities of the Health Care Power of Attorney or what their end-of-life decisions would be made and how they are made. And, they did not know how their family would actually be able to help them. Thankfully, I was able to share the answers to all these things. With the information I provided, they made different decisions and we updated their documents which provided them with much relief and comfort during this challenging time.
I believe if you do not understand your plan then you do not have a plan.
The more time you are able to spend with an experienced, licensed estate planning attorney, the more you will understand your estate plan. The more you understand, the better prepared you will be. The better prepared you are, the easier (and less expensive) it will be.
I love working directly with people. Our clients meet with the same estate planning attorney throughout the estate planning process. This method provides continuity and excellent legal service. You will have the same attorney during your consultation, throughout your attorney planning sessions, at your signing meeting to review the documents with you and oversee proper execution of your documents, and to give you your Estate Planning Portfolio Instructional meeting which ensures you are equipped with how to organize your estate plan for those you put in charge. The attorney explains how to easily put together your important papers, list assets (and debts, if any), who to contact, how to properly designate beneficiaries, fund trusts, and assign personal property.
Estate plans and the planning process are better when you spend more time with the attorney you hire than with legal assistants or paralegals, no matter how big, small, or complicated you believe your estate may be.
Spend as much time with the attorney you hire as possible. This is not much different than your medical doctor. Do you want a doctor who is "in and out" and uses CNAs to perform most of the work? Or would you prefer to have a doctor who listens directly to you, performs assessments, provides the care, and explain all the important details?
Palmer Estate Planning provides complete legal services to create and execute a holistic, customized estate plan. If you would like to learn more about how our clients spend most of their time with an experienced, licensed estate planning attorney, feel free to contact us.