Estate Planning vs. Financial Planning
Most people understand the value of a financial advisor: someone who helps them save, invest, and work toward long‑term goals. But they mistakenly think estate planning documents are a one-size fits all that AI, document preparers, internet legal services and financial advisors can do for cheap. When it comes to real protection, control, and creating a legacy, your estate planning documents should reflect you and your values, this is something that AI, document preparers and internet legal services simply cannot match. There is a plethora Estate and asset planning done right provides legal power, future certainty, considerable long-term savings, family protection and a reflection of your values in ways that financial planning, document preparers, AI and internet legal services cannot achieve.
If you live in a nice neighborhood, you are likely to receive weekly offers for a free steak dinner from a financial advisor or insurance agent, who say they are offering estate planning services. But what they are doing is selling you on annuities, insurance policies or becoming your financial advisor. You see annuities and life insurance policies have big upfront fees baked into them and if you don’t hold them until maturity, you will pay many thousands of dollars in early redemption/break fees. Financial advisors make a percentage of assets under management, every year. They want you to stay with them; and if giving you generic estate plan documents helps you feel tied to them, that is good business year over year.
On the other hand, there are the cheaper price options of document preparers, internet legal services or even AI, which are premised on the lowest common denominator should be good for everyone and therefore a cheap price can be offered. Hundreds or even thousands of people are walking around with the same documents. I personally have seen where the wrong state statutes are referred to, legal clauses that are not valid in the governing law they say the documents are drafted under, deeds that are patently defective on their face and trying to transfer assets in a way that is illegal and fails. What is the result? Frustration when family members are struggling with death or a serious medica condition, upset and a much bigger legal bill to clean it all up in court or create family settlement agreements – if that is possible. Some of my colleagues joke and say we love internet legal services, document preparers and financial advisors estate plans, as we make a lot more money at death from all their mistakes, then if we had drafted the estate plan initially.
Other attorneys, like me, cringe when we see the documents that this category of drafters provide and then become saddened when families come to us wondering why these documents aren’t working or have created a problem within the family or the assets are not transferring consistently with the Will or Trust. In all instances it is because they engaged someone or a service who had no ethical duties to them in the creation of their estate planning and did very little work to understand their needs. They are a volume business and have a different agenda than the client’s best interests; and they are not bound by the ethical duties of an attorney.
As your attorney, we have a duty to be competent in the services we are providing, to advocate for you and your wishes, to be diligent in our work and communication with you and to keep your information confidential – even after death. We can be sued or disbarred and must carry malpractice insurance if we fail in any of our duties to our client. None of the other document drafters provide that protection. The internet legal services, even when you pay for an hour or two of attorney time, the attorney who works for the bank or financial advisor, will all have big disclaimers on what they are actually providing to you. When they make major mistakes or you get something different than you or your family were expecting, your recourse is pretty close to zero.
Personally, I try to only do business with providers who stand behind their work, which as attorneys, we are licensed and duty bound. Next time someone offers you a free steak dinner, free or cheap estate plan, ask yourself “what is in it for them?”. The adage of “you get what you pay for” has never been truer than when it comes to estate planning. Or as some of my colleagues say, pay now or pay a whole lot more later. I prefer to try to educate people and help them care for themselves and their loved ones. This is more consistent with my morals and commitment to service. I support different non-profits and provide different public service talks trying to help people understand why one of the most caring things you can do for yourself and your loved ones, is to thoughtfully prepare your estate plan (which covers incapacity and death). This is done by working with an attorney who is duty- bound to put your interests first. We align the documents with your assets, intentions and values. The documents are a by-product of our skill and knowledge being used to effectively carry out your values and desire to take care of you and your family when you are unable to do so yourself. We get paid for this service and you get a guarantee that we are licensed attorneys who are competent, diligent, advocate for you, and keep your confidential information private.
How We Can Help
At Tritch Buonocore Law, estate planning, asset protection, and trusts are just the beginning. We are committed to giving you true peace of mind through clear guidance and a full understanding of your options. Our goal is to make the process simple, approachable, and stress-free, so you can focus on your spouse, your family, and the adventures ahead.
We welcome new clients with a 30-minute meet-and-greet consultation. Reach out at (480) 525-6244, email us, or visit our website whenever you’re ready.
