| My recent announcement that I would be closing | | | | the same with lawyers. |
| my law firm raised a lot of questions for people | | | | You wouldn't believe how many lawyers don't |
| who hadn't thought about what would happen if | | | | have their own estate plans! |
| their lawyer died, retired or stop practicing law. | | | | While you're asking questions, you should also ask |
| So, this week's article clues you in on what you | | | | your lawyer how he or she will make sure your |
| need to know. | | | | planning is kept up to date throughout your |
| In the typical scenario, if you've done estate | | | | lifetime. |
| planning with a lawyer and he or she dies, retires | | | | Ask him or her whether you'll have to pay hourly |
| or goes out of business, it means you need to | | | | fees to make changes or ask quick questions. |
| start your planning over with a new lawyer. What | | | | And, ask whether he or she will proactively |
| does that mean to you? | | | | communicate with you on an ongoing basis or if |
| Generally, it means you will find a new lawyer and | | | | it's up to you to initiate all conversation about |
| he or she will have to create a whole new plan | | | | changes in your life, the law or your assets. If |
| for you. | | | | you've already begun working with a lawyer, call |
| This can mean incurring thousands of dollars in | | | | him or her up now and ask these questions. Look |
| planning fees all over again! | | | | for a ready answer that includes a plan whereby |
| Yes, that's true. Almost no lawyers will take over | | | | you won't have to begin your planning again from |
| the planning that has been completed by another | | | | scratch, in which your plan is regularly reviewed |
| lawyer and pick up where you left off with that | | | | and your lawyer has a membership program you |
| lawyer. | | | | can join so that you can make changes to your |
| Why? | | | | plan on an ongoing basis without paying hourly |
| Because it means your new lawyer would be | | | | fees. |
| taking the risk that your prior lawyer made | | | | If you are working with a Personal Family Lawyer, |
| mistakes that he or she didn't catch. That's too | | | | you have the peace of mind of knowing that if |
| big of a liability risk for your new lawyer to take | | | | anything happens to your lawyer (or if you move |
| on. | | | | to another State), your planning will transition |
| So, that means you have to begin again. | | | | easily to any one of the other lawyers in the |
| Beginning again means a whole new planning | | | | Personal Family Lawyer network without a need |
| session, a whole new set of documents and a | | | | to pay new planning fees. |
| whole new planning fee. | | | | Plus, your Personal Family Lawyer has a |
| That can be ugly. | | | | membership program in place so your plan can be |
| So, what can you do to make sure this doesn't | | | | reviewed regularly, you can make ongoing |
| happen? | | | | changes without paying hourly fees and you can |
| If you haven't begun your planning yet, you can | | | | contact your own lawyer before making any sort |
| ask your prospective lawyer the following | | | | of financial or legal decisions for your family. |
| questions: | | | | The clients who had worked with me over the |
| 1. What happens to my plan if you die, retire or | | | | past five years of my law firm practice are able |
| go out of business? | | | | to now choose from one of ten Personal Family |
| 2. Will I have to begin my planning again with a | | | | Lawyers in the Southern California area who are |
| new lawyer from scratch? | | | | ready to step in and take over their planning. |
| 3. You are creating a plan for me, but do you | | | | And, if they move out of State, there are |
| have your own succession plan in place? | | | | Personal Family Lawyers all over the country |
| Unfortunately, most lawyers do not have their | | | | standing by ready to ease the transition. |
| own succession plans in place. You've heard about | | | | This is what you want to look for as well. |
| the cobblers kids having no shoes, right? Well, it's | | | | |