Power Law Firm LLP w Hackensack

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  Sun Moom

  :: 19 May 2013 10:17:51

  This review is for anyone who is thinking of having this firm prepare an estate plan. The cost for the initial plan is reasonable - and you will receive an enormous book with the trust and other relevant documents. Don't be too impressed though as most of these documents are generated from forms provided by an association of estate planning lawyers. However, you WON'T learn at the initial registration meeting is how much the firm will charge once it is time to administer the estate. These fees for administration (which takes place after a loved one passes) may easily run into 5 figures. These fees seem slightly on the high side for work that is merely adequate, nothing special - (though be prepared to proof their work yourself). But my bigger gripe is not the fees themselves, but rather that the firm does not adequately explain that when it prepares the original documents (the ones that are promoted at the dinner meetings and seminars), you are essentially locking yourself into having this firm administer the trust. The trust documents that are provided are enormous - with a book of this size, it would take another lawyer several days just to review the whole book to understand it and to then administer the trust - and then possibly redraft the language. So even with another lower priced lawyer administering the estate, you would pay more because the new lawyer would have to do extra work. So basically, you are stuck. Whether the firm and the estate planning association unnecessarily complicate the trust materials to make it more difficult for clients to switch lawyers later on, I don't know. But that is how it seems. Bottom line: before you sign up for this program, ask explicitly "How much will it cost to have your firm administer the trust after I/my loved one passes away?"Ask them to provide exact numbers for estates of your size and have them commit that information to writing. The firm will also tell you that a trust is cheaper and faster than probate. Faster - yes. But cheaper - not necessarily. You should be aware of all of this when you sign up.