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ESTATE PLANNING SMARTS
photocopies, long-distance calls and faxes, sometimes marking them up (so clarify this in advance). You should also have a clear idea of what kind of service to expect. It’s perfectly legitimate to ask questions like: “What would be the next step?” or “How long will this process take?” and “How quickly do you typically respond to telephone and e-mail messages?”
All the terms should be summarized in a contract, called an engagement letter, that your lawyer prepares. It ought to cover the scope of the work, the fee, the prices for disbursements and how disputes will be resolved. This agreement should be easy to understand. Don’t hesitate to ask ques- tions if anything isn’t clear.
Should you and your spouse have separate lawyers? This adds to the cost, because two people will need to get up to speed on your situation and draft documents rather than having one lawyer produce his-and-hers versions of the same wills and trusts. But under most state laws, when cou- ples are jointly represented, everything you tell the lawyer, even privately, is not confidential from your spouse.
Separate representation may be desirable in second marriages when children from a previous marriage are part of the landscape. It’s even more important for people in troubled marriages or when one spouse has skeletons in the closet – like a secret companion or an out-of-marriage child. Having your own lawyer may also be appropriate when one spouse is an heir to a family business and the tradition has been to exclude in-laws from ownership and management.
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The Seasons of Estate Planning
As you move through life, expect your estate planning needs and priori- ties to evolve, though events that require you to update your estate plan may or may not coincide with specific life stages. Such stages tend to be driven not only by chronological age, but also by your finances, ma- turity and relationships – especially those with a spouse or partner, and children or grandchildren. Consider these situations.
You are single. Be sure you have all the basic estate planning documents to provide for your own care, if you can no longer handle your affairs,
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