Thursday, February 17, 2011

Houston Will and Trust Attorney Discusses the Truth About Online Legal Options, etc.

By: Kimberly Hegwood, Houston Will and Trust Attorney

Why do so many families end up with a big fat mess on their hands in dealing with their estate when there is a change in circumstances? Well, here are two reasons to start...

1) Going it alone with "cheap" online options
 
Did you know that many lawyers like to joke to one another about how good those online legal programs (LegalZoom®, Pre-Paid Legal®, etc.) are for our business? Why would that be?  First, because they are NOT as "easy to use" as claimed, and secondly...they actually cost you an arm and a leg in the long run!
 
You might think they seem like an inexpensive and safe option. But I am not referring to the money for the service itself.
 
Using those programs can end up leaving thousands (or much more) of YOUR assets in the coffers of Uncle Sam, or in the probate process...even if you follow all of their instructions to a tee. I see it all the time--frustrated clients standing upon a poorly-constructed legal foundation, not just for their assets, but for the disposition of other important wishes (like the taking care of children).
 
The security you get is actually false security. 
 
Even worse...
 
Choosing the wrong asset allocation method can end up leaving your estate owing more to the IRS than if you had done nothing at all.
 
Now, it is not my intention to scare you, but again--I have seen it more than I would like. Frustrated families coming to see me during a period of great stress, and my staff and I having to attempt to "undo" poorly-crafted plans created by well-intentioned families (or even other lawyers) which ends up costing everybody far more than they would like.
 
So, I hope you are with me:  Choosing a well-trained and caring professional, who will put YOUR interests first--rather than just making another "sale" online is critical for any disaster plan.
 
With all that, now we come to the issues you will deal with in choosing the right planning lawyer for your needs. Here is another mistake:
 
2) Choosing a Houston Will and Trust lawyer who will charge you overly-high hourly rates for simple services.
 
Many lawyers will lure you in with (again) "cheap" basic services...and proceed to rack up the fees as they execute planning services which really should have been covered by the flat fee.
 
When you are investigating flat fee services from a lawyer, here are some simple questions to ask:
 
* "Are all of your fees flat fees?"
* "What about ongoing work after the initial completion of my estate plan documents?"
* "What happens when I call with legal questions 2 years after my planning documents were completed?"
* "What if the questions are about something other than my estate plan?"
 
You need to be satisfied by the answers you receive to these questions, as they often sneak up on families after-the-fact, and can be a major drain on your family's cashflow.