The Wise and the Wary
Who can you trust? Deb hears this question over and over again in her professional practice as an elder law attorney and a fee-only, holistic financial planner. Let Deb teach you how to protect yourself and your assets from those who might not have your best interests at heart. [Editor's note: Deb no longer contributes to Silver Planet, but we have made her archived blog entries available as a service to our readers.]
I Just Want a Simple Will…
Misconception #2 of “The 12 Biggest Misconceptions of Estate Planning Clients”
I hear this one all the time from new clients. They don’t see their lives as complicated, or maybe they’re trying to signal to me that they don’t want to spend a lot of money on estate planning.
I always wonder if they use the same approach with their doctor during their annual physical. As a highly trained and conscientious professional, the doctor will perform all necessary tests to assess health—no more, but no less. Anything short of that would be professional negligence, with the threat of a future lawsuit if something important was overlooked.
Similarly, an estate planning attorney will want to review your complete family situation and financial life. As for your family, what about minor children, children from another marriage, or contentious in-laws? Do any beneficiaries have addictions, spendthrift tendencies, or special needs?
As for your assets, what is your exposure to creditors? What is your exposure to income taxes or estate taxes? Do you have trustees or agents under power-of-attorney documents who can take over your financial life if you were disabled for any length of time?
You get the idea—our lives are rarely simple. And an attorney who doesn’t ask all necessary questions could be guilty of professional negligence. A reputable attorney will give you what you need and not just what you want.
By Deborah Hoskins, JD, CFP
The Wise and the Wary Blog
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