Advisor Connections Newsletter™
February 25, 2016
Will-Based Estate Planning
Will-Based Estate Plans
A question we are frequently asked by colleagues is "does your office do will-based plans for interested clients." The answer to this questions is "Yes!"
A will-based plan may be a good option for individuals or families who wish to avoid the higher professional fees of a trust-based estate plan, or the time commitment involved in designing and maintaining a trust-based plan. However, unlike a trust, a will does not afford creditor, divorce, remarriage, bloodline, or Wealth Reception™ protections over inherited assets for beneficiaries. Furthermore, a Will does not mean an individual's estate will avoid administration in a Probate Court upon death or disability.
Generally, in a will-based plan, additional documents beyond just the Last Will should be included, specifically:
There is a tendency for families to want to draft their own documents or download them off the internet for no cost at all. However, it is important to have legal documents prepared by an attorney - not only to ensure they are done correctly and meet the family's goals and expectations, but also so the client can go through a counseling process with an education component to it. By going through this process, the clients will be empowered with the knowledge to ensure the estate plan does what it is intended to do.
For those who are interested in a will-based plan, our office offers a counseling and design process to build a plan that meets the family’s goals and objectives. Generally, this process includes a Design Meeting (lasting between 2 and 3 hours) and a Delivery Meeting when documents are signed (lasting approximately 2 hours).
Fees for will-based plans vary depending on whether a client is single or married, and which documents are included. For a Will Package (including the Last Will and all ancillary documents and checklists mentioned above) fees start at $650 for single clients and $995 for married (or domestic partnered) clients.
If you have any questions regarding our will-based planning process, do not hesitate to reach out to us at (216) 236-6480 or by emailing Joe Ferraro.