Choosing the right attorney to draft an estate plan is vitally important. Individuals should consider several factors to find the best fit.
One place to start is by asking for referrals from friends and family who have used an estate planning attorney in the past. It is also recommended that individuals review attorneys’ websites.
1. Ask for Referrals
Estate planning is a legal process that ensures your wishes are carried out when you die or become incapacitated. It involves writing a will, creating trusts, designating powers of attorney and naming beneficiaries. The process can help minimize taxes, avoid probate and limit disputes among family members and beneficiaries. Moreover, it can help you set aside funds for charity.
An effective estate plan outlines an individual’s goals and assets, including property, financial obligations and healthcare wishes. It may include instructions on how those assets are to be distributed, managed and maintained in the future. It also addresses end-of-life health decisions and identifies a guardian for children or pets, should the need arise.
During the process of estate planning, it is important to communicate your wishes clearly. A lawyer who specializes in this area can help you draft a will and other documents that express your intentions. They can also assist you in determining what assets constitute your estate and how much it might cost to transfer them.
While doing your research, make sure you ask for references from friends and family members. These can provide you with valuable insights about the experience and professionalism of a particular attorney. They can also help you avoid common mistakes that can have significant consequences. For instance, incorrect wording on titles or beneficiary designations can cause confusion and costly taxes for your loved ones in the future.
Additionally, you can consult with a financial advisor who specializes in estate planning. SmartAsset’s free tool matches you with advisors who serve your location and provides you with a shortlist of qualified candidates. You can interview your advisor match at no charge to decide which one is best suited for your needs.
2. Look at Their Website
When looking for a lawyer, it’s important to check out their website. This will give you an idea of their experience and how well they may be suited to your case. Some attorneys focus on a specific area of law, while others have a more general practice. This is because focusing on a particular practice area helps them generate more leads and attract more clients. For example, a residential real estate attorney would be more likely to generate new business than a personal injury attorney.
This attorney’s website has a unique tagline that stops visitors in their tracks and effectively engages them with relevant content, like practice area power pages and videos.
3. Ask for a Free Consultation
Estate planning is a legal process that outlines how a person wishes to leave their property and assets upon their death. It is important for everyone, regardless of age or wealth. It is a way to ensure that your wishes are carried out exactly the way you want them to be and to minimize taxes and fees. It can also help your family avoid the costly, drawn-out probate process and potential disputes over your estate.
When you create an estate plan, you will need to make a list of your assets and debts. This will include physical items such as real estate and precious metals, bank accounts, and insurance policies. It is also helpful to make a list of passwords and usernames to online accounts. It is a good idea to keep these documents in a safe place, such as a fire-proof safe. Your executor will need them to complete your estate plan.
Many people put off estate planning because they believe that they don’t own enough, it will be costly or confusing, they have plenty of time to do it later, or they think it is for the “wealthy.” However, when something happens to an individual, their family must pick up the pieces. Estate planning provides a clear, concise way to determine how you would like your property given to others and to whom.
An effective estate plan can reduce or eliminate the need for probate, minimize taxes, provide for proper stewardship of the estate and protect assets from creditors and predators. Additionally, it can help prevent family conflict and disputes and can be amended as circumstances change. It is important to update an estate plan as soon as you acquire new assets or experience a life-changing event.
4. Check Their Fees
As estate planning can be a costly process, it is important to find out what fees the attorney charges for his or her services. This can help individuals decide whether or not this is a suitable option for them. Some attorneys may charge a flat fee for their services, while others may charge an hourly rate. In addition, many estate planning attorneys ask their clients to pay a retainer upfront before starting work on their case. This money can be refunded or used to cover the cost of any hours worked on the case.
It is also a good idea to ask potential estate planning attorneys about their experience in the field. It is important to know if they have experience with complex estates, drafting trusts, and coordinating with financial planners. Additionally, it is important to find out if they are familiar with state and federal laws and regulations related to assets and estates.
Finally, it is important to find out if the attorney is familiar with probate issues. This can be important since it is common for estate plans to include provisions to avoid probate. In order to do this, it is necessary for the attorney to have knowledge about joint-owned property and assets that allow individuals to designate a beneficiary (such as life insurance policies, IRAs, 401(k)s, annuities, and certain bank accounts).
Finding a qualified estate planning attorney can be a difficult task. However, by asking the right questions and thoroughly researching attorneys, individuals can be confident that they will find an experienced professional who will be able to assist them with all of their estate planning needs. This will help ensure that an individual’s estate plan is complete and accurately reflects their wishes for themselves and their loved ones after they pass away or become incapacitated.
5. Check Out Their Reputation
It is important to check out an attorney’s reputation, and the best way to do this is by asking for a recommendation from someone you trust. A personal recommendation stemming from firsthand experience will give you an idea of the attorney’s general approach, how responsive they are to client calls and whether they were able to help with their specific legal case. It is also worth checking out the attorney’s online presence and looking at any press articles they may have been featured in.
Moreover, you can also visit professional legal directories and websites that offer reviews of attorneys from their peers. This can give you a comprehensive view of an attorney’s overall reputation and competency level in 2023. A Martindale-Hubbell Peer Review Rating, for example, indicates that an attorney’s peers rank them at the highest level of professional excellence. This is a solid indicator of an attorney’s quality and credibility.
