Estate planning is a complex aspect of law. Understanding it can be challenging. Remember, estate planning laws are explicit in nature. They require a smart legal mind. Thus, going it alone can be challenging. However, working with an estate planning lawyer comes with a lot of merits—including peace of mind. In this guide, you are going to learn everything about estate planning and why you should hire a lawyer today!
What’s Estate Planning All About?
It isn’t all about deciding who gets what. It’s also about drawing up the necessary legal paperwork to ensure that your wishes are followed. And that’s exactly where estate planning attorneys come in handy. A lawyer who specializes in estate planning is commonly referred to as a probate attorney.
With the help of such an attorney, you have access to someone who’s well-conversant with both federal and state laws. They’re specialists in handling wills and trusts. So, if you want to leave something to your loved ones, consider hiring an experienced probate attorney. He or she will handle all the probate tasks on your behalf.
But if your estate is large, you may want to consider hiring a fiduciary financial advisor. Remember, your lawyer may not know how to best plan your estate. That’s why you might need to hire a financial specialist to work with your attorney.
The Role of an Estate Planning Attorney
Estate planning attorneys typically specialize in handling estate planning issues. Their main goal is to help clients prepare for the financial legacy they’ll leave once they pass away. They can help you write your last will and testament.
Plus, they can help you minimize your estate, as well as, inheritance taxes. Once you’re gone, he or she can help your will executor to transfer assets to your beneficiaries. And if necessary, they’ll probate the process.
An Estate Planning attorney in Los Angeles can also assist you to ensure that you’re well prepared for end-of-life situations in which you aren’t able to make your own decisions. With the help of an estate planning lawyer, you’ll be able to make important decisions for your case. A good planning attorney can serve as a legal guide through various aspects of your case.
How to Find the Best Attorney
Are you looking for an estate planning attorney? Well, consider getting a referral from your friends and family. Estate planning marketing strategies also include recommendations from your state bar association. They have attorneys whom they usually refer clients who’re in need of estate planning services.
When it comes to estate planning, state-specific expertise is extremely important. Remember, laws and probate procedures vary from one state to another, so be vigilant when making your choices.
Always look for an estate planning lawyer who puts you at ease. Bear in mind that you’ll need to disclose your personal information, including your desires after you pass away. This process will be easier if you’re comfortable talking to your lawyer.
Factors to Consider
Choosing an estate planning attorney to represent you is extremely important. But be sure to choose the best lawyer. Don’t just hire based on advertising. Instead, you should take your time to research the best options. You may also want to consider obtaining recommendations from your friends and family.
How do you choose the best estate planning attorney? Well, there are several things you should take into consideration when making such a decision. First, you need to make sure that the attorney went to school and received the right level of education and training. If you aren’t sure about this, consider asking for referrals from your financial advisor or insurer. They’ll probably have lawyers they’ve worked with previously and who they believe can offer professional help.
Estate planning can sometimes get very complex. And this is mainly because it forces you to contemplate fiscal issues that’ll occur when they’re still alive and when they’ll have passed away. It’s therefore extremely important to ensure that your assets are effectively managed and that your loved ones will receive their inheritances, without incident.
Although any attorney can draft a simple will for straightforward situations, like naming the beneficiaries of your 401(k) plan, a seasoned estate-planning attorney can help you navigate more complex situations. For instance, if your case involves several trusts, as well as, multiple heirs, you might need to hire a highly qualified attorney. Here are some of the things you should consider:
Specialization
Look for an attorney whose primary focus is estate planning. An estate specialist is well-versed with current changes in the legal industry. Plus, they know how to strategically craft your documents to achieve the best outcome possible.
Hiring an attorney who has a general view of all legal matters isn’t a good option. Of course, they might be knowledgeable about estate planning but they might not have a deeper understanding of certain facets.
Experience
Strive to find an experienced attorney. They say experience is the best teacher. So, be sure to look for an estate planning attorney who has seen his or her documents work perfectly after a client’s death. With such an attorney, you can rest assured that your issues will be adequately dealt with. Besides, you can relax knowing that they’ll be able to overcome all the hurdles associated with your case.
Expertise
There are certain attorneys who don’t draw up estate-planning documents. On the other hand, there are those who execute the associated trusts. Generally speaking, it’s always more efficient to hire a lawyer who executes the associated trusts. This will ensure that the correct assets are conveniently transferred into the trust.
Look for an attorney who has exceptional expertise in handling estate planning issues. He or she must demonstrate resilience and determination. He must be able to devise a solid estate plan for you. Plus, he or she must uphold the onus of confidentiality. You really don’t want to work with a lawyer who’ll end up disclosing your personal matters to the entire world.
Periodic Reviews
Most estate-planning attorneys will offer to review your affairs on an annual basis. And this can be very important if you experience a change in your finances. Some legislative amendments could also change certain aspects of your estate planning.
Estate Tax Experience
Look for an estate-planning attorney who can help you create a comprehensive estate plan which includes life insurance, wills, as well as, trusts. Ask the attorney to provide his or her academic certificates. Aside from academic qualifications, you’ll also want to make sure that the attorney has many years of experience handling cases similar to yours. Plus, he or she must be knowledgeable in all aspects of estate planning. Albertson & Davidson, LLP has extensive experience in estate planning tax. Contact them for premium services.
Legal Fees
Most estate-planning lawyers charge flat fees. But there are some who charge an initial fixed-rate, followed by an hourly rate. So, be sure to inquire about their charges early enough to avoid surprises. There’s nothing bad like receiving huge bills that you hadn’t anticipated before.
How to Effectively Plan Your Estate
This isn’t something anyone will enjoy doing. However, it’s worth noting that there’ll come a time when you won’t be able to make important decisions for yourself. In such a situation, you’ll need to write a living will. This will ensure that your doctors and family clearly understand your wishes. But you can’t possibly handle this by yourself. You’ll need to work with a professional financial advisor to help you out. This will ensure that everything works flawlessly. With the input of an experienced estate-planning attorney and a financial advisor, your estate planning will be easier and more effective.
When devising an estate plan, there are several things you may want to take into consideration. And this includes naming your kid’s legal guardian, examining small business assets, assessing wealth preservation, ensuring that your heirs receive your assets, and minimizing legal expenses. But you can possibly handle all these by yourself. You’ll need to hire a professional estate planning attorney to help you out.
The attorney will help you to devise a solid estate plan. And this will go a long way in ensuring that your loved ones receive their inheritances without a hassle after you’re gone. Before hiring an estate-planning attorney, make sure that he or she demonstrates exceptional skills. Moreover, you need to make sure that the attorney is humble, kind, and transparent. It must be someone with whom you’re comfortable sharing your personal matters. Above all, ensure that the lawyer you hire offers affordable rates and charges a contingency fee.
Estate-planning project Timeline
As you grow older, your risk for long-term health issues also increases. An estate attorney can help you to fiscally prepare for such situations. And this draws up your need to create a living will.
Depending on your needs, you may need to discuss certain aspects of your plan with accountants, retirement planners, as well as, other money managers. Whereas an estate lawyer’s experience might overlap with these professional fields, he or she might not be a tax or investment expert.
Before hiring an estate planning attorney, take time to learn more about estate planning, as well as, the logistical practicalities involved in implementing it. Even though you’re working with a professional attorney, it’s important to carefully review all documents to avoid any form of miscommunication. Make sure that you understand everything, including the things that can be altered in the future, as well as, those that are irrevocable. Most estate-planning attorneys will always be available to address your concerns. However, it’s important to make sure that the attorney you choose to work with will be available to answer your questions in case of an emergency.
To determine if the attorney you have hired is the best, there are several questions you’ll need to ask yourself. For instance, how comfortable do you feel talking to them? Does he or she communicate clearly? Do you feel like you have a good rapport with the attorney? Do you feel comfortable sharing your personal issues with him?
When trying to answer these questions, always trust your instincts. This will help you find the best estate-planning attorney for your needs. Remember, estate planning is a complex field, both emotionally and legally. Thus, it’s imperative to hire a lawyer who can deftly handle it.
Key Takeaway
When preparing your estate plan, there’s no need to rush. This isn’t something pleasant at all. However, there might come a time when you’ll need to plan your estate. Creating a living will serve as a form of advance directive that can help your medical providers, as well as, your loved ones to understand your wishes.
But for you to do this, you’ll need to devise a comprehensive financial plan. Aside from that, you’ll also need to hire an estate planning attorney to help you plan your estate. Remember, you might have to discuss certain aspects with other professionals, like accountants, money managers, or retirement planners. Whereas an estate-planning attorney’s expertise might overlap with some of these fields, they could only be having a general understanding of those facts. So, be sure to hire a specialist. This will help you achieve better results. Take your time to review your estate plan, as well as, the logistics of implementing it.
Once you have done that, go ahead and discuss your expectations with the estate-planning attorney. Let them know your plans and then proceed with the creation of the will. If you want things to flow well, hire a qualified and experienced attorney.
The Bottom-Line
Finally, you have decided to undertake estate planning. Congratulations. At least, you care about your future and that of your descendants. However, you cannot do estate planning alone. It comes with a lot of legal issues. That’s why you need a lawyer to help you with all your estate planning needs. The above guide contains everything about estate planning. From the basics to why you need a lawyer, this guide is all you need to get things right when it comes to estate planning. Hire the right legal expert for the best legal services.
