And if your lawyer dies, retires or ceases to practice the law?
My recent announcement that I would close that my law firm has generated many questions for people who did not think about what would happen if their lawyer died, retired or stop doing the law.
So, this week’s article is explained on what you need to know.
In the typical scenario, if you have made estate planning with a lawyer and that he dies, withdraws or breaks down, that means you have to start your planning with a new lawyer. What does this mean to you?
Generally, it means you will find a new lawyer and he will have to create a brand new plan for you.
This can mean that thousands of dollars planning dollars still once again!
Yes, it’s true. Almost no lawyer will take care of the planning completed by another lawyer and pick up where you left you with this lawyer.
Because this means that your new lawyer would hold the risk that your previous lawyer has committed errors that he has not caught. It’s too important to a risk of liability for your new lawyer.
So, that means you have to start again.
By starting again, a whole new planning session, a brand new set of documents and new planning fees.
This can be ugly.
So what can you do to make sure that does not happen?
If you have not started your planning yet, you can ask your prospective lawyer the following questions:
1. What happens to my plan if you die, get away from business?
2. Will I have to start my planning again with a new lawyer from scratch?
3. Do you create a plan for me, but do you have your own succession plan in place?
Unfortunately, most lawyers do not have their own succession plans in place. You have heard of children with pavers without shoes, right? Well, it’s the same with lawyers.
You do not believe how many lawyers do not have their own property plans!
As you ask questions, you must also ask your lawyer how it will ensure that your planning is kept up to date throughout your life.
Ask him if you will have to pay schedules to make changes or ask quick questions.
And, ask if he or she will proactively communicate with you on an ongoing basis or if it’s up to you to start the whole conversation on the changes in your life, the law or your assets. If you have already started working with a lawyer, call it now and ask these questions. Look for a ready response that includes a plan in which you will not need to start your planning from scratch, in which your plan is regularly reviewed and your lawyer has a membership program that you can join so you can bring Changes to your plan on your plan. An ongoing basis without pay fees.
If you work with a personal family lawyer, you have the peace of mind to know that if something happens to your lawyer (or if you go to another state), your planning will easily switch to one of the other staff lawyers . Family lawyers network without the need to pay for new planning fees.
In addition, your personal family lawyer has set up a membership program so that your plan can be revised regularly, you can make current changes without paying the hourly fees and you can contact your own lawyer before taking Financial or legal decisions for your family.