By Libby Banks, The Law Office of Libby Banks
I’ve been hearing lots of commercials on the radio lately offering discounted fees for trusts. Be cautious in using these services. Often, they are trust mills, or really out to get your money – they want to sell you an annuity or other product where the real money is made.
I often get calls from people who’ve used some of these companies. Many feel insecure about what they have. They don’t have the peace of mind that my clients tell me they feel when they leave my office.
Using a licensed attorney who is experienced in estate planning is your best option to get your plan done right. You get what you pay for and the cheap trusts offered by many are exactly that – a cheap version that is the same for every couple or individual that crosses their threshold.
When you begin your estate plan, it takes an investment of your time and attention, and you should expect that whoever prepares your plan puts in the time and attention as well. They should look at your specific situation, assets, beneficiaries, and concerns in recommending a plan and in preparing the plan. With many of the companies advertising cheap trusts, even if the trust is prepared by an attorney, you may never even meet with the attorney. The attorney may not even be from your state. Since laws vary by state, that can cause your family problems later.
You want your estate plan done properly. If it isn’t, it may well be too late before you – or more likely, your family – finds out. Without proper estate planning, your family may end up in court. If you are incapacitated, they may have to go to court and declare you unable to handle your affairs so one of them can be appointed as your guardian and conservator. If you are deceased, your family may have to file a probate to transfer your property to your heirs.
Experts know things we don’t. As an estate planning attorney, I know what to recommend for you based on your situation, your beneficiaries, your assets, and your goals and dreams. You may not know all the ways you can benefit your heirs, or all the ways you can cause problems for them with a poorly drafted will or trust.
The cost of poor planning or no planning almost always exceeds the price of setting up a proper estate plan while you are alive and well. Putting the right plan in place and using an attorney who practices primarily or exclusively in estate planning, will save your family heartache and expense.
Call our office at 602-375-6752 for our free initial consultation to get started on your plan!
