The Wills & Trusts Firm, LLP

Core Value - Double Check, Then Check Again Attention to detail can make all the difference. I often say, playfully-but-seriously, that clients don’t want to see their names misspelled in a document. But you know what? Clients don’t want to (and shouldn’t!) see ANY typos in their legal documents, especially not a will. At our firm, double-checking is just the beginning. We actually have a physical demonstration routine to make the point for new hires (or those who, ahem, need a refresher): ·????????(i-a) Touch the piece of paper (the client’s retainer check? their email signature block?) and spell the name out loud: “S – M – I – T – H”, then ·????????(i-b) touch the computer screen where you just added Mr. Smith to our CRM or client software, and say it out loud again: “S – M – I – T – H”; then ·????????(ii, iii) do that Texas two-step a second and third time. Seriously. And it’s not just a platitude to be repeated by the staff: I also walk the talk. Two years ago I committed a “scrivener’s error” in a will and got the year of child’s birthdate wrong ("2022" should have stayed "2021" - a too-hasty search-and-replace after New Year's Day). It was an error with literally no potential legal consequence – a child’s birthdate is what it is. But when it came to light in the course of our annual check-in, I insisted on re-executing the wills at no charge. I drove to the clients' home that weekend to get it letter-perfect. A "humble-brag"? Perhaps, but that’s how we roll. Typos and omissions will continue to be a product of (inevitably) human error, so we can’t promise perfection. But you get our full attention, a commitment to getting details right on the front end, and then, if we do misfire, whatever it takes to make it right. ?? We're curious: What steps does your business take to ensure accuracy and attention to detail?

Core Value - *Encouragement* At The Wills and Trusts Firm, LLP, “encouragement” is part of our ethos – all the way from a prospective client’s initial inquiry through our annual follow-up emails after the estate plan binder is delivered. Why is that so important? First, because it helps get prospective clients to get started and engaged clients to get the planning and protection they paid for! Seems obvious, right? But here’s the two-edged sword: on the one hand, everyone should have a will, and almost everyone we connect with agrees. I’ve never had anyone leave a consultation saying “Actually, a will would be a BAD thing to have.” But on the other hand, there’s no April 15, there’s no final exam period, there’s no December 31… there’s (usually) no deadline of any kind. (Of course, when circumstances are urgent, the clients don’t need encouragement… It can get real real fast.) Second, because it’s part of the service promise. I’m always amazed when I hear other lawyers complain that “the clients aren’t responding” or when I hear prospective clients say that they got the questionnaires or first drafts from their prior lawyer and they never did anything and the whole project just died on the vine. What?? Third, and perhaps most important, because we believe that it sets the right tone for the advisor/client relationship. We understand that life gets busy, which is why we gently guide and encourage our clients through the estate planning process without rushing them. We never want clients to feel like they *owe* us a response. Clients know their family/work/home/tax issues better than we do! Our goal is to support them at every step, ensuring they feel confident enough to put the pencil down temporarily if other projects take priority for a while. ?? A question for my fellow “trusted advisors” to share in the Comments: How do you encourage or support your clients during complex or lengthy processes?

Our Brand Promise Our brand promise comprises four elements, none of which is unique in a crowded field, but which, taken together, make us an out-of-the-ordinary resource! The ingredients: (i) A flexible, no-cost consultation to start. First on zoom, then a follow-on phone call? Short call to explore, then a longer zoom with your partner? An in-person meeting in midtown? Sit down in your living room some evening or weekend? Pick your poison! (ii) Flat fees for almost all of our estate planning projects (so, not probate, but pretty much everything else). We'll use the time in our consultation(s) to figure out the right scope of work, and once we agree a plan, you know what it costs. Do we occasionally need to scale up or down? Of course, but only as agreed based a revised understanding. (See our core value "A Deal's a Deal" - more on that in a later post.) (iii) Our legal expertise delivered in plain English. If it's not already obvious from my social media persona, I do love my words. But for clients, words are only as good as the understanding they convey. The only thing I love more than a well-turned phrase is the "ah, got it" look in a client's eye. (iv) We'll get you across the finish line. We're transaction managers as much as drafters, and we appreciate that for busy clients, a little guidance and encouragement go a long way. BUT, we know that our planning engagement isn't your only project (mortgage refi, fender-bender, college search, travel soccer), so we get that YOU are in control of the timing. (Seriously, we've had people take ten years.) We're continuously refining our recipe, but we've had pretty good success with the four staples above. Why? Because we believe that estate planning should be accessible, understandable, and transparent, with a goal of reducing, not increasing, your cortisol levels. ?? For potential clients: Ready to start your estate planning journey? Visit our website or give us a call to schedule a conversation. ?? For our referral partners and colleagues: What's in your brand promise? Drop a comment!

Farewell! (but the beat goes on...) Our big September announcement: The Wills & Trusts Firm, LLP says goodbye to Amy Kawa Posner, who last week left us for a new opportunity with another estate planning law firm. We wish her continued success, confident that her will/trust-drafting chops and her commitment to her clients will always be a winning formula (especially in a field like estate planning, because so many folks who need a will don’t have one yet!). While we'll miss Amy's contributions and camaraderie, our clients and partners can rest assured that our commitment to our proven processes and client experience remains unchecked. In coming weeks, we’ll be re-introducing The Wills & Trusts Firm, LLP – sharing our approach and core values, outlining our brand promise, and describing the kinds of clients and referral partners with whom we work best. This consistency is rooted in our approach: we look to work only with clients who are a great fit for our firm, so we can always provide the focused, expert advice they expect - at a flat fee and on time. (And, conversely, helping prospective clients find the right counsel when their budget isn't right for our flat-fee model or when our services aren't right for their needs.) So, stay tuned! ?? Potential clients: If you’re considering creating or updating your will, we invite you to take a look at www.thewillsfirm.com ?? Readers: Speak up! There's no secret that teams change over time. How does your business maintain service continuity during employee transitions?

Today’s #FictionalClientFriday involves a recent call from Jeanne, a client for whom we did a will and a Medicaid asset protection trust in 2018. That package, like all our packages, included a power of attorney (POA). Jeanne’s very connected to her family in Westchester County, even though she lives in Manhattan near our office. In appointing her agent, she chose an adult nephew, Dominic, with a niece Stephanie as the successor agent. Sounds good, right? Well, it’s all about keeping a good plan up-to-date, and in this case, it was Jeanne who did the advising. She let us know this week that she had been reading about powers of attorney, and she was concerned that hers was a “springing” POA – one that only becomes effective upon the principal’s incapacity or written instruction. One article in particular cautioned readers to avoid “springing” powers in favor of powers that are effective immediately, and that’s what prompted Jeanne’s call. We confirmed that her power did have a modification to make it “springing” (that’s how we do it in New York State – the standard, rigid form with “modifications”); and we reviewed why that was the right choice for her five years ago. (We like to use “springing” POAs in many situations, after a discussion of the pros and cons with the client.) Jeanne then advised that Dominic was beginning to help with paying bills, and updating the power to make it effective immediately seemed wiser than adding Dominic to a joint account… we agreed! Plus, after NYS revised the power of attorney statute in 2021, it’s nice (but not necessary!) to freshen up the date on the POA. So, since Jeanne’s a few blocks away, I headed out to her apartment with my intern after work earlier this week and got three new original POA’s executed. Next, we’ll send those to nephew Dominic with a cover letter and return pre-paid mailer. We work hard to stay in touch with our clients, but we like it even more when they call us with their updated questions and needs! Thoughts? Comments? #FictionalClientFriday

Wishing all our clients, colleagues, and fellow Americans a festive and safe Independence Day!

A nice crisp overview of issues to consider when copyrights are part of your estate planning. Identify the assets, determine a value, figure out where they’re going, and put the right person in charge. If you have copyrights or trademarks and you’re not already working with a pro like Michael Steger, maybe you should be… In any case, check out his video!

Today’s #FictionalClientFriday harks back to George L. Bischof’s time working for Macquarie Group, when he met all kinds of folks from all over the Commonwealth – some who became New Yorkers, some who were just passing through NYC, some who showed true Aussie hospitality during his global travels. In any case, this week WATF reconnected with a prior client, Steve, who hails from New Zealand and has lived there for decades, having raised a family, and is now enjoying an active retirement. At some point in his youth, Steve bought and held onto an apartment in Greenwich Village, which he has been happily renting out for years. A few years ago, we did a U.S. will for him to ensure the apartment’s smooth descent to his children and to dispose of his U.S. financial accounts. ? Now, though, as he and his family think about the post-COVID world, they are sensitive to the potential cost and hassle of probate, even in a venue as capable and sophisticated as New York County Surrogate’s Court. ? Accordingly, The Wills & Trusts Firm, LLP is recommending that he transfer the apartment to a revocable lifetime trust, which should allow his successor trustees to take care of business smoothly (in this case, keep things smooth for the rent-paying tenants and the real estate and insurance professionals on Steve's team) when he leaves this mortal coil. We’ll also draft the NYS-specific local co-fiduciary provisions so that his partner and/or children can serve as executors and/or trustees despite their non-US-resident/non-US-citizen status. ? Bundled with an equally-detailed pour-over will, and accompanied by local advance directives (power of attorney, health-care proxy, living will, and appointment of agent to control disposition of remains), that should be all the documentation Steve’s family will need. We’re delighted that Steve turned to us once again to help him “be a tidy Kiwi”! ? And… note that our counsel might have been different if the apartment were a coop, not a condo. In NYS, the winning strategy isn’t always to avoid probate entirely; rather, the goal is to minimize overall cost and delay. Sometimes, especially with cooperative apartments, probate is faster and cheaper than re-titling an asset in a trust. So if you know someone whose principal holdings and and advisors are overseas, but who's got a piece of real estate or a few accounts here in NYC, a little local counsel might be in order. #FictionalClientFriday #NewZealand #BeATidyKiwi

So, for #FictionalClientFriday, here’s something that has come up a few times in recent months. During consultations with NYS-resident married same-sex couples, after going through our questions and theirs, we’ve quoted a flat-fee for a planning package based on wills (as opposed to revocable lifetime trusts), which was appropriate for their situation and goals. Nothing particularly interesting about that, in all good ways. Just married folks, right? But then as we turned to the package based on revocable lifetime trusts, they asked if the more robust package of lifetime trusts and pour-over wills (as opposed to merely wills) would help address their concern about the risk of ??.??. ??. ?????????????? getting overruled. (A full discussion of ?????????????? is obviously beyond the scope of this post, but pre-????????????????????, ?????????????? protected federal rights for same-sex marriages in the states that allowed same-sex marriage, invalidating the Defense of Marriage Act (1996)). (One can argue about the remoteness of that non-zero risk, but in estate planning we worry a lot about remote, non-zero risk.) Our response was that when it comes to defensive estate planning for same-sex couples concerned about marriage equality rollback, it doesn’t much matter whether the testamentary documents are wills or lifetime trusts. The inter-spousal transfer after the death of the first spouse will be characterized for federal estate tax purposes without regard to the form of the testamentary instrument. ?There are various other avenues for defensive planning, but simply setting up RLTs won’t do the job. Thoughts? Comments? #FictionalClientFriday

We are lucky to have Graham Johnson, a theater major and rising senior at Colgate University, with us this summer at the intern’s desk. Please give him an anticipatory round of applause! Welcome!!