I was recently introduced to the idea of Will Parties by my financial planning guru, Mario Lucarelli. So what in the world is a Will Party? Do people get together to compare their wills, waving the paper over their head extolling the virtues of their estate plan?
A will party generally consists of two things; a group of friends (usually couples) and an estate planning attorney. The attorney discusses the benefits of having an estate plan and what could happen if they die without such a plan. From there the will party can go a couple of different ways. It could be simply an informational meeting or the couples could hire the attorney to draft their estate plan.
The informational will party is exactly what it sounds like. The group asks the attorney general questions about wills, trusts, health care directives and powers of attorney. No specific fact patterns are addressed and no attorney-client relationship is created. The attendees of the party are free to choose to hire that attorney at a later date, choose another attorney or not hire an attorney at all.
The second type of will party consists of two separate meetings. During the first meeting the attendees of the will party have the option to start an attorney-client relationship with the estate planner that very night. The attorney meets with the individual or couple separately from the group to discuss their general planning goals. These individual meetings are held in private so as to not endanger the privileged and confidential nature of such discussions. The attorney then sends the clients home with some information and a survey to be completed later.
After the first meeting the new clients fill out the survey, complete a retainer agreement and send the information back to the attorney. Over the following weeks the attorney drafts the required documents all the while staying in contact with the clients to ensure they understand them and are getting what they need to meet their goals.
After the documents have been explained to and approved by the client the second and final meeting is scheduled. The second meeting functions as a will signing party. The clients sign their documents and the other attendees of the meeting serve as witnesses to the documents. After the documents are properly signed and notarized much rejoicing ensues and a good time is had by all.
A few ground rules must be observed for these will parties. The first is that no alcoholic beverages are allowed to be consumed by either the attorney or the attendees when the attendees have decided to hire the attorney and they are discussing their individual goals or estate planning objectives or are signing their wills or witnessing the will. This is enforced to avoid any claims of reduced capacity, as capacity to understand what you are entering in to is essential. Additionally it must be understood by the attendees that just because they are speaking with an attorney about the estate planning process no attorney-client relationship is created until the attendee has signed a retainer agreement with the attorney.
I believe will parties can be a fun and educational way to spend a few nights with close friends with the added benefit of taking control of your future. The less formal setting can help reduce the stress and intimidation factor of estate planning. Additionally many estate planners offer reduced rates for these will parties, with the hosting couple receiving an even steeper discount. The estate planning process, which can include a will party, should be a comforting and enjoyable experience. There are no such thing as dumb questions, everyone has different concerns and questions and they should be answered with the upmost respect for the person and their desires. If you find the right attorney to assist you with this process it can be painfree and positive.
If you believe that a will party would be beneficial feel free to contact The Law Office of James T. Anderson at 952-356-6470 or email me at james@jtandersonlaw.com. As always you have the choice as to which attorney or firm you choose to hire. I am not the only estate planner in Minnesota that would be willing to assist with a will party or any type of estate planning. After all, it’s your future and your personal business, contact an attorney with whom you are comfortable.
