Seven things to consider when selecting an estate planning attorney.
When you begin estate planning, it’s important to feel comfortable and confident in your attorney’s ability to understand your wishes and clearly put your plans together. During the course of estate planning, you’ll be sharing personal details about your family, finances, and future goals so you should feel at ease with the attorney who will be listening and acting on your behalf. Here are seven questions you may want to ask your estate planning attorney before beginning your relationship.
1. How much experience does your attorney have with estate planning?
It’s important to know the experience level of your attorney and how long they’ve been handling estate planning. Asking how long they’ve been a practicing attorney and how many of those years have been in estate planning is a straightforward way to better understand their experience level. While not all experience is the same, gathering the basic information about the length of practice can help determine if this person is the right fit for you.
Beyond years of experience, you can ask questions about specialized training, knowledge, or certifications in estate planning. You may also want to ask questions regarding the complexity of estate planning they have handled in the past to make sure it aligns with your needs. Does your attorney need to have experience only in your local area or will your needs extend beyond the city or state you live in, or even the country in which you currently reside.
2. What is included in an estate plan?
Did you know an estate plan includes more than just a will? There are several basic documents that every person should have as part of a comprehensive estate plan. These estate planning documents include a last will and testament, a durable power of attorney for finances, and an advanced medical directive that incorporates a living will and healthcare power of attorney.
A well-designed estate plan should be tailored to each client’s unique circumstances and additional documents may be needed. For example, if you have family members who are disabled or handicapped, you may need a supplemental needs trust. If you have young children, you may need to appoint a guardian as well as set up a minor’s trust to preserve funds for your children until they are older.
Additionally, if you own numerous assets, such as businesses, real estate, or intellectual property, your estate plan may also need to include other types of trusts to best preserve these assets. Furthermore, you may need to retitle assets, obtain a life insurance policy, or designate beneficiaries on certain accounts. Ask your attorney if they are comfortable creating these documents for you during your estate planning process.
3. The length of time it takes to create an estate plan.
Depending on your personal circumstance, creating an estate plan can take anywhere from a few weeks to several months. While many factors impact the length of the process, discussing this with your attorney will give you a better idea of what to expect from the experience. There may be things you can do as the client to expedite the process, so be sure to discuss the process with your attorney in detail. An experienced estate attorney should be able to walk you through the process and give you estimated timeframes so you can both set realistic expectations.
4. Pricing models vary by attorney.
Before getting started, it’s best to understand how your attorney will charge for estate planning services. Estate planning work may be charged via a flat fee, hourly rates, or a combination of both methods. Often, attorneys charge a flat fee for estate planning, however each estate plan is unique and includes varying amounts of work so there is the possibility that additional fees may be incurred.
A good estate planning attorney will first require an initial consultation to better understand and assess your needs and the types of estate planning documents that will best suit your specific goals before they can quote a fee. Additional fees may also be charged based on the level of complexity of your estate plan, the number of documents that will need to be drafted, or certain tasks that end up taking longer than expected. Other costs that may be incurred include filing fees and court costs.
Inquiring about your prospective estate planning attorney’s compensation model and having a clear understanding of how they charge will help you decide whether the attorney is a good fit for you. It will also inform you of your financial obligations from the start and prevent any potential confusion down the road.
5. Is your attorney knowledgeable about probate?
Although related, probate and estate planning are two different things. Estate planning involves preparing for the future by putting the right legal tools in place. Probate is the legal process that involves handling an individual’s affairs following their death. In other words, estate planning involves arranging for how property, money, and assets will be distributed, while probate is the process of distributing those things.
If an individual does not have an estate plan in place at the time of their death, probate can be tedious, time-consuming, and expensive. Many people seek to avoid probate, and it’s critical to find a lawyer who understands how probate works and how to design your estate plan to avoid probate as well as minimize estate taxes.
6. Your attorney is one piece of the puzzle.
Designing a comprehensive estate plan often requires input from and coordination with various advisors. This may require working with other attorneys, financial advisors, and tax professionals to obtain a complete and accurate picture of all the client’s assets and liabilities.
To ensure that your estate plan addresses all applicable areas, individuals should ask prospective attorneys about the need to communicate or work with other advisors and professionals and what this process may entail.
7. What if your circumstances change?
Over time, estate plans may need to be revisited to adjust for changes in circumstances such as the purchase of real estate, shifts in family dynamics, retirement, and other significant life events may necessitate that estate documents be amended or rewritten. Ask your attorney how they handle updates and revisions to your estate plan and how they are available to discuss the changes. An experienced attorney will be able to walk you through the revision process and how you can ensure your documents remain accurate and up-to-date.
Braggs Law Offices can walk you through the entire process.
Braggs Law has been handling estate planning for decades and can help answer your estate planning questions. We’re here to listen and support you as we create your estate plan together, and we will offer education along the way, so you understand the process. Asking the proper questions upfront will help you feel confident that you have chosen a qualified professional who can handle your estate plan efficiently, effectively, and accurately.
Reach out today with any questions you may have regarding estate planning or to get started planning for the future. Contact us online, schedule an appointment, or call us at (703) 972-5640.
