By Tim Kirk, Heyl, Royster, Voelker & Allen
We often hear this easy question. We believe it is impossible to give an easy answer. Lawyers don't sell products. We sell time, knowledge, and solutions. Our job is to help you achieve your planning goals. Before we can do that, we have to take the time necessary to learn 1) who you are; 2) what you own; 3) how you hold title to what you own; 4) who are your beneficiaries; 5) whether tax laws will affect your plans; 6) what you are planning for long term care (if at all); and 7) if you want to avoid probate administration. Of course, there are many other questions that may arise from your answers to our initial questions.
It is common to prepare “simple” wills. Those wills typically leave everything to the surviving spouse and then to the children. That is what most people have in mind when they ask for a simple will. If you're really, lucky, and have a modest estate, that may still work. However, for many people, one or more of the following complicating factors might turn a "simple will" into a recipe for disaster.
Spouse. How is your spouse doing physically and mentally? Is your spouse capable of handling finances? More importantly, what will your spouse’s condition be at some unknown future date when you die? Alzheimer's disease, Parkinson’s disease, strokes, and other disabling conditions are a daily part of our newly extended lifetimes. Finally, in an age of second marriages, will your spouse’s next spouse leave your money to their own children and exclude your children?
Children. We need to know about your children. What are their abilities and disabilities? Many families have at least one child who needs special consideration because of illness, a disability, substance abuse, or financial immaturity. What happens if one of your children dies? Who gets his or her share? How about in ‑ laws? How about stepchildren?
Multiple Marriages. As life spans increase, second and third marriages have become more common. Ordinarily, when grown ‑ ups get married, each partner enters the relationship with their own assets, liabilities, children, and grandchildren. The rules concerning the distribution of assets and the rights of each spouse, either in divorce or at death, are very important to consider. Should you sign a prenuptial agreement? Should you use a trust?
Lifetime Needs. Today, many people are simply outliving their physical and mental capabilities. We are now as much concerned about life preparation as death preparation. Do you have appropriate power of attorney documents in place? Do you want to protect assets from predators and creditors? Asset protection rules are complicated and not every lawyer knows them.
The above comments are just a start. Hopefully, you now have a better understanding of why it is nearly impossible to just give a simple answer to the “how much do you charge for a simple will” question. We encourage all senior citizens to consult with a qualified elder law attorney.
For more information, you may reach Tim at Heyl, Royster, Voelker & Allen, 300 Hamilton Blvd., Peoria, IL 61602, or call 309-676-0400.
