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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?"
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