How “Shopping Around” For An Estate Plan Could Leave Your Family With An Expensive, Unintended Mess
Avoiding Costly Mistakes: What You Need to Know About Estate Planning
Why Shopping Around for an Estate Plan Could Leave Your Family in a Costly Mess
When considering estate planning, the common advice to "get three estimates" for a service might seem logical. However, when it comes to planning for your family’s future, this approach could lead to unintended consequences that may cost your loved ones dearly.
Here’s why shopping for the cheapest estate plan isn’t the answer—and how you can make the right choice to protect your family and assets effectively.
The Problem with Shopping Based on Price
Unlike purchasing a product, estate planning involves complexities that many people don’t fully understand. Comparing quotes from multiple lawyers without knowing what you’re evaluating can result in selecting a plan that’s inexpensive upfront but ineffective when it matters most.
The reality is that low-cost plans are often little more than form documents. These plans fail to adapt to life changes, legal updates, or shifts in your assets, leaving your family vulnerable. Sadly, many families realize this too late, often during a time of grief or crisis.
A Real-Life Example of Failure
Consider the story of a man who spent $3,000 on estate planning documents he believed would protect his family and avoid court battles. Yet, after his passing, his family found themselves in probate court, dealing with outdated documents and mismanaged assets. This wasn’t malpractice—it was common practice. Without proper updates, asset management, or ongoing communication with his lawyer, the plan failed to serve its purpose.
Five Reasons Cheap Estate Plans Fail
- They’re Not Designed to Last
Life changes, the law evolves, and your assets shift over time. Low-cost plans don’t include the necessary updates or follow-up to ensure your plan remains effective. - Sold by the Wrong Professionals
Estate planning documents are sometimes offered by financial advisors whose primary goal is managing your investments, not protecting your family. These professionals often lack the expertise to anticipate or prevent family disputes. - Documents Can’t Replace Relationships
A set of documents won’t guide your family in a time of crisis. Building a relationship with a trusted estate planning attorney ensures your loved ones have someone to turn to for advice and support when it matters most. - Your Family Pays the Real Price
Even moderately priced plans can fail if they are not properly maintained. As seen in the example above, families often face costly legal battles or conflicts that could have been avoided with proper planning. - Estate Plans Need Regular Updates
With over $58 billion in unclaimed property in the U.S., it’s clear that many families lose track of assets. An effective estate plan includes regular updates and tracking to ensure everything is accounted for and easily accessible.
A Better Way to Plan
If you love your family, you don’t want the cheapest estate plan—you want one that works. A comprehensive plan involves ongoing communication, updates to reflect life changes, and a trusted advisor who understands your family’s unique needs.
Rather than shopping for the lowest price, seek an estate planning lawyer who focuses on creating lasting relationships, ensuring your plan remains effective, and providing the guidance your family will need.
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