Estate planning is not just for the wealthy. Every adult should have an estate plan, yet surprisingly, most Americans do not. The perceived cost of creating one is among the most cited reasons for a lack of estate planning.
The consequences of not having an estate plan in Oklahoma can become more costly in the event of death or incapacity than the upfront costs associated with creating estate planning documents like a will, power of attorney, and healthcare directive. At the same time, we recognize that many Americans are facing very real economic difficulties.
Having somebody else pay for your estate plan can help with cost-related concerns. In most cases, it is perfectly fine for another person to do so. But as great as the gift of estate planning is, attorneys have certain ethical and professional obligations to their client—in this case, the person creating an estate plan—regardless of who is paying for it.
Attorneys are subject to professional codes of conduct. We must work in the client’s best interest. Our professional duties to clients include practicing with competence, maintaining confidentiality, and avoiding conflicts of interest. In the context discussed here—where one person is paying for another’s estate plan—the person creating the estate plan is the client; the payor is not.
Generally, the duties we owe to clients do not extend to nonclients, even if the nonclient is footing the bill for the client. If one person pays for another’s estate plan, and a lawyer prioritizes the interests of the payor to the same degree as the plan recipient, this could constitute a conflict of interest, especially if the payor is also a beneficiary.
If someone has offered to pay for your Oklahoma estate plan, we encourage you to accept their generous offer. However, this arrangement may involve additional considerations and documentation.
To summarize, we represent the person getting an estate plan. We do not represent the person paying for the plan, and we cannot let their wishes or opinions interfere with our professional judgment or client’s wishes.
No matter who pays for an estate plan, we are here to make sure your wishes are put in writing and carried out. And since updating an existing estate plan is typically much less expensive than creating one from scratch, you may be able to pay for any future changes out of your pocket. Call us today to get started with creating or updating your estate plan.