You’ve likely heard the advice to “get three estimates” before investing in a professional service, but when it comes to estate planning, this approach may not yield the results you desire. In this article, we’ll explore why this common practice can be counterproductive and how you can ensure an efficient and affordable plan tailored to your family’s needs.
Why "Getting Three Estimates" Falls Short in Estate Planning
First and foremost, basing your estate plan decision solely on cost assumes that you fully understand what you’re shopping for and how to evaluate estimates. Opting for the lowest-cost plan may lead to an empty set of documents that offer false security but lack real value when your family needs them.
A Tale of a $3,000 Plan That Failed
Allow me to share a real-life story about a $3,000 estate plan that did not work, as experienced by Alexis Neely, America’s Personal Family Lawyer®.
In law school, Alexis’s father-in-law spent $3,000 on a Florida law firm to create estate planning documents that promised to keep the family out of court and conflict. He received an elaborate set of documents in a fancy binder, offering peace of mind. However, after his passing, the family found themselves in probate court and dealing with his ex-wife, contrary to his intentions.
The problem? The fancy set of documents was outdated, and assets weren’t titled correctly. Shockingly, this was not malpractice; it was a widespread issue in the legal industry. Many lawyers provided form documents without ensuring they would work when needed.
Five Reasons to Avoid Cheap Estate Plans
1. You Get What You Pay For: The price of a plan reflects its quality; a cheap plan may expose your family to unintended consequences.
2. Financial Professionals’ Agenda: Cheap plans are often sold by financial professionals seeking commissions, not by attorneys focused on your family’s best interests.
3. Absence of a Relationship: Forms and documents can’t replace a trusted advisor who builds a relationship with your family over time.
4. Lack of Updates: The least expensive plan becomes worthless once you leave the attorney’s office, as life, laws, and assets change over time.
5. Not a “Set It and Forget It” Matter: Estate plans need regular updates to stay relevant amid life changes, legal updates, and evolving assets.
Invest in a Plan That Works for Your Family
Choosing the cheapest estate plan can jeopardize your family’s future. If you’re concerned about the effectiveness of your existing plan, contact us for a review. If you do not have a plan in place, we’re available for a no-cost initial consultation to discuss your options.
Schedule online or call our office at (561) 834-7526.
Don’t compromise your family’s security. Empower yourself to make informed choices based on what truly matters. Invest wisely in a plan that stands the test of time.
