When it comes to passing on your belongings and your property after your death, an estate planning attorney can be very useful. However, in order to hire the right attorney, you need to make sure you ask the right questions.
What questions should you be asking an estate planning lawyer?
Check out this guide to discover the most important questions to ask an estate planning attorney.
1. What Experience Do You Have With Estate Planning?
Ideally, you’ll want to find a lawyer whose primary focus is planning estates.
In terms of total experience, we recommend finding an attorney who has been in the estate planning business for at least three years. Additionally, you want to find an attorney who has experience handling clients in similar circumstances as you and with similar financial resources.
2. Will You Work With My Financial Advisor? ‘
It’s also very important to find an estate planning attorney who will work with your financial advisor to confirm that your money is making it into the right accounts and trusts.
Your attorney should also coordinate with your financial advisor to ensure that your property and other investable assets are being titled correctly. A good estate attorney will not only help you create your plan, but will follow through with financial advisors and other professionals to make sure all the pieces fall into place.
3. How Do You Charge?
Before signing on with an estate planning attorney, it’s very important to understand their payment structure. If you’re dealing with a small estate plan, your attorney will likely charge a flat fee.
However, if you have a larger, more complicated estate, then there’s a good chance that you’ll be billed hourly. If your attorney does charge hourly, make sure you have a clear understanding of what tasks are billable and which ones aren’t.
Your attorney should also be able to update you on fees as their work progresses.
4. How Will You Handle Estate Plan Updates?
Even the best estate plans may require some alterations if new laws are passed or your life circumstances change. In case this happens, you need to know that your attorney will be willing to update your plan.
Many estate planning attorneys provide annual or biannual reviews for a small fee, and it’s a good idea to take advantage of these. For more information on putting together and updating your estate plan, you can check out https://lionlegalservices.com/life-and-estate-planning/
5. How Long Will it Take You to Finish My Estate Planning Project?
Your attorney should be able to provide you with a rough timeline of how long it will take for them to complete your estate planning project.
Just as long as you’re in good health, you should feel free to take as much time as needed to put together your estate plan. However, agreeing with a general timeline beforehand can help prevent the process from getting bogged down.
Are You Ready to Hire an Estate Planning Attorney?
By asking these questions, you’ll be able to find the right estate planning attorney. Before you know it, your estate will be in order and you’ll be able to breathe easy knowing that project is done.
Be sure to check back in with our blog for more news and tips related to estate planning.