Blogs Derek's Tax Blog How To Do Estate Planning On The Cheap – Revisited
The upcoming issue of Forbes contains an article that describes some of the basic estate planning documents and cost estimates for hiring an attorney to prepare them. How To Do Estate Planning On The Cheap - Forbes.com Deborah Jacobs does a good job of advocating for the use of an attorney over do-it-yourself software and websites, but she misses a key point. Successful estate plans must address the issues that the clients are concerned about. Too often people believe that a one-size fits all approach will address everything, including issues they haven’t even considered.
For example one of the cheapest documents listed is the Living Will. However, the subject matter of this document, end of life and dying with dignity, could be of the greatest concern to the client. I find that over the years my documents and my approach to subjects have changed. Like many Washington attorneys I used the state statutory language as my Directive to Physicians (living will) form. Over the years I have added supplements for issues that clients have been concerned about.
Recently I have been hearing from clients that physicians are not following the statutory living wills. I think this is for three reasons. The first is a general aversion to conflict on the part of the medical staff. Will a doctor really follow the directive if even one family member objects? From the reports I am getting the answer is no. The second is a reluctance to be held accountable. In order for a directive to be invoked a medical determination will need to be made. With modern medical advances, who is willing to say there is no likelihood of recovery? Finally, the Washington Department of Health and the Washington Medical Association have jointly developed the POLST (“Physicians Orders on Life Sustaining Treatment”) form. I believe that many physicians believe that their form should control this issue, not the directive.
The example of the living will shows that the document is only part of the process. The counseling on the document and the customization of the document ensure that the client’s wishes are being addressed in a way that a simple fill in the blank form cannot. I could provide similar examples for all of the other documents listed and the other documents that are a part of our will and revocable trust systems.
However, just because the preparation of the estate plan should not be thought of as a form completion service does not mean that professional assistance cannot be obtained at a reasonable cost. In our practice we utilize a Risk Assessment to help identify the key issues that must be addressed by a successful estate plan. I invite you to download this form and use it as a check up for your current plan.
Prior to an initial consultation I review the Risk Assessment, data taker, and prior estate planning documents. This enables me to run a very efficient initial meeting. At the end of the meeting I have enough information to make recommendations and to quote a fixed fee. Since the client ultimately has control of the plan they request, they are in control.