Estate planning is the process of arranging and managing your assets and affairs for the future, such as who will inherit your property, who will make decisions for you if you become incapacitated, and who will care for your minor children. Estate planning can be a complex and sensitive matter, especially for couples who may have different or conflicting interests and goals. Therefore, it is important to consult with a qualified and experienced estate planning lawyer who can advise you on the best options and strategies for your situation.
One of the questions that many couples face when they seek legal help for estate planning is whether they should have the same lawyer or separate lawyers. There are some potential benefits and risks of having the same lawyer for both clients and you should be aware of them before making a decision.
Some of the benefits of having the same lawyer for both are:
• It can be more cost-effective and efficient, as you only need to pay for one lawyer and work on one estate plan together.
• It can foster open and honest communication between you and your spouse, as you discuss your goals, preferences, and concerns with each other and the lawyer.
• It can ensure consistency and harmony in your estate plan, as you agree on the same beneficiaries, executors, trustees, guardians, and other provisions.
In Indiana, there is no specific law that prohibits or allows a lawyer to represent both clients in estate planning. Some of the risks of having the same lawyer for both are:
• It can create a conflict of interest for the lawyer, as they may have to balance the interests of both, which may not always be aligned or compatible.
• It can limit your confidentiality and privacy, as anything you tell the lawyer may be shared with your spouse, and vice versa. You may not be able to disclose certain information or ask certain questions that you would prefer to keep private from your spouse.
• The attorney may be forced to withdraw from representing both if a conflict of interest arises that cannot be resolved or waived by both clients.
Therefore, if you are considering having the same lawyer for both clients in estate planning, you should consult with a qualified and experienced Indiana estate planning lawyer who can advise you on whether it is suitable and feasible for your situation.