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Wills at a bargain - By Tim Barkley

Price shopping is a passion. "How much is a simple will? a living trust? a power of attorney?" "How much will I pay for a divorce? to enforce child support? for a bankruptcy?" In a phrase, looking for a bargain.

There is certainly nothing wrong with seeking "the best deal." Getting "the most bang for your buck" is part of our culture. And, we certainly need to be good stewards of our resources – that’s what planning is all about.

There’s another side to the picture, though, as in most situations. If "how much" is the determinant of legal strategy, that strategy is one-dimensional at best, and dangerous at worst.

Legal services are not shoes. Shopping for a will is not like shopping for Reeboks.

It is demonstrable that the pair of shoes bought from Store A will be the same as pair one could have bought for $10 more at Store B. It is conversely demonstrable that the Last Will and Testament that one receives from Attorney A will not be the same as the Last Will and Testament that one might have received from Attorney B. The same is true of any other professional service.

First, the documents are different. While some of the differences might be technical, obvious only to the trained eye, they are not therefore irrelevant. In fact, those technical differences are often crucial.

Second, and more important, however, the attorneys are not the same – not "fungible." If an attorney who specializes in a certain service does an occasional Will, his advice might well be less valuable than that of an attorney who emphasizes estate planning services as a focus of his or her practice. Are you getting your money’s worth?

Third, your situation might be more unique than you realize. Not everybody needs "just a simple will," as has been discussed in this column previously. Even if you decide after consultation that you don’t want to plan with anything more than a simple will, your attorney should be able to advise you on the potential benefits and risks of your planning choices. An inexperienced attorney might not even recognize the issues.

The same is true of the work product of an attorney in any other area of the law. As the saying goes, "the devil is in the details." The lowest cost is sometimes an indicator of market sensitivity and efficiency, but sometimes only ensures the least qualified services. Often, "you get what you pay for."

More than just exploring the cost issue, then, you should seek out the qualifications of your prospective attorney. Ask some of the following questions:

  • How many cases like this have you done? How many wills or trusts have you drafted?
  • What percentage of your practice consists of this type of service?
  • How do you determine your fee for this service? Is it contingent, hourly or a flat fee? If hourly, how many hours do you estimate you will spend on this matter? Are you willing to work within a maximum fee? If a flat fee, are there any situations under which it might increase? How often does that happen in your practice?
  • Have you ever lost or settled a suit against you for malpractice in this area of law?

Although cost predictability is good, and everybody wants some feeling of controlling the situation, too many people find out too late that the lower up-front fee is not the final fee, and that the fee quote is not a good measure of either experience or character. These more important issues can only be judged from a broader knowledge base than "how much?" provides.

While a prospective attorney’s answers to questions like these will not give a complete picture of his or her qualifications, the picture that emerges will certainly be more complete than the simple dollar-figure answer in response to the simplistic question, "how much?"
 

Offering Premier Services in Estate Planning and Administration, Elder Law, Real Estate and Business Planning.

The Tim Barkley Law Offices
P.O. Box 1136
Mount Airy, Maryland 21771
(301) 829-3778

tbarkley@barkleylaw.com