How Should I Select a Trust Attorney?
The selection of a trust attorney should be made with some caution. The factors to consider are:
- Is the attorney competent and do they know what they are doing when it comes to trusts and wills!
- Is the lawyer helping fund my trust instead of charging me the cheapest cost and leaving to me to get it funded? (By the way, look further to see why it is in the unscrupulous attorney’s interest that you not fund your trust properly!!!!!)
- What happens when I am gone, do I think this attorney is going to help my family or be long gone?
- Can I get references?
- Did the attorney spend time explaining to me what my options were before I had to decide what type of trust or will instead of asking 5 questions and recommending a product?
If you answer yes to all 5 of these questions then you found a great attorney and you should use that attorney. At a minimum, however, you should have a yes to each and every question. Otherwise in the process of creating your trust, you will be frustrated, likely have a document that is complex and that you do not understand, and your trust will act more like a will than a trust, causing your family to incur the costs of probate. See the article (What does Probate Cost).
Let me explain what we do when we obtain an inquiry and you be the judge of quality of representation:
1. Our trust attorneys have gone through an extensive qualification process, including learning the basic of trusts, trust management, litigation of probate and trust issues and advanced trust formation. Additionally, all trust attorneys at the firm have gone through continuing education on advanced trust design and estate planning changes in the last 15 years. The attorneys for Allen, Flatt, Ballidis & Leslie doing trusts for our clients have been here for over 20 years. When it comes to trust matters, the protection of the client’s wishes are foremost in the mind of the attorney and with smart planning, estate taxes can be deferred or avoided, administration eased and future planning simplified.
2. Our lawyers have reviewed many trusts drafted by lawyers, or groups that are cheap, but ineffective. The client is provided with a questionnaire to fill out and has a face-to-face meeting, usually with a paralegal. They are invited into the office next with the lawyer where they sign documents. They are informed rather quickly what the trust entails, but few clients understand the terms. Sometimes, such simple things as who owns the homes are missed or if it is or is not community property.
Worse far too often, these inexpensive trust lawyers have given instructions to fund the trust. What does fund mean? (See this article on funding a trust). By not funding the trust these clients have essentially paid $2,000 to $5,000 for a will that must be probated. A trust is an entity that you create and can own property and things. It must be given title to these things, or a probate has to be opened.
So why would an attorney not properly tell you how to fund your trust? Simply put, greed. You buy a trust from an attorney, and the attorney’s name is on that trust. If you pass away, and your heirs find your trust in your safety deposit box, they call your trust attorney.
When they call, guess what happens? The attorney explains that you failed to put title into your trust of your home and other assets. They explain that to get the title into the trust your heirs must open a probate. The attorney gets paid huge fees for probate. If you own a $600,000 house, even with a loan of $550,000, that attorney gets $19,999 in fees. See this article (What does probate cost). So why would an attorney do a trust cheaply for you! It is an investment in the future.
Just look at any site that promises a cheap trust. They promise a letter explaining what to do. Almost all clients cannot get this done so the trust preparation was a waste of time and money. At Allen, Flatt, Ballidis & Leslie, we help you along the way. We want your heirs to avoid probate and the costs of administration. We charge a reasonable fee to make sure what you want accomplished is done professionally and correctly the first time. In fact 96% of our clients refer other family to us because we charge reasonably and are efficient and reliable.
If you need a consultation, feel free to Contact Us online or call 1 888 752-7474.