New Client with Poorly Drafted Trust Documents
I have just been hired to take a look at a trust document and the related issues surrounding the family as it now exists. The father passed away leaving an estate that was valued only 6 years ago at 5 million dollars but now is worth a little less than 1 million dollars. He left the trust with enough funds to only fulfill part of his wishes and so the trustee is now put in the most precarious of positions and will have to make some very tough choices. The father wanted the funds in the trust to provide for the well being of his 2nd wife and also to preserve the family estate which is over 900 acres. He wanted the children to be unable to dispose of the property for 25 years. The problem is that he left the trust with only enough assets to accomplish this goal for 2-3 years.
The father used a “free legal service” and paid nothing to have the documents drafted. The children and their stepmother will now get the unfortunate opportunity to find out how little he got for his money. I will be one of several lawyers for the 5 children, their stepmother, and her children who work to find a compromise to this situation. The cost on this end of settling the estate will be much higher than it would have been if the father had retained better counsel for his situation. The documents contain boilerplate language and will provide for plenty of arguments on all sides.
A good plan on the front side of things is well worth the cost of such counsel. Make sure you are working with an attorney who is well equipped and for whom your estate is really more routine for their practice. If you go to “free legal” then expect to get what you pay for. If you go to an attorney that says they specialize in 50 different things then expect that they are really a generalist and have little in the way of experience in specialized situations. As an attorney it is not unusual for me to work on, draft and litigate 150 estate plans a year. From this experience/knowledge bank I still have to bring in other more specialized attorneys to work on odd or unusual areas that will make or break the success of an estate plan. My best advice is to work with an attorney who is willing to go the extra mile and to be the client that is willing to pay the long dollar for them to do so. It is honestly one of the best investments you can make for your children and grandchildren. Todd Courser 810-245-0813