Estate Planning Attorneys
What is estate planning?
Estate planning is the process of deciding and designating who will receive a person’s assets and responsibilities after that person dies or becomes incapacitated. Some of the goals of estate planning may include:
- Ensuring that dependents, especially children or disabled relatives, are taken care of
- Fairly distributing assets and minimizing disputes among family members
- Minimizing the tax impact of inheritance
- Documenting the person’s wishes for childcare, end-of-life medical decisions and other important choices
An estate plan may include legal directives such as a trust, power of attorney, and/or living will.
What does an estate planning attorney do?
An estate planning attorney helps people create or modify their estate plans, particularly the legal documents that are part of an estate plan. Some of the tasks an estate planning attorney may carry out on a client’s behalf include:
- Drafting estate documents such as a last will and testament, power of attorney, trust and so on
- Advising on the tax implications of an estate plan
- Modifying existing documents as the estate plan changes
- Putting plans in place to avoid guardianship or conservatorship issues if the client becomes incapacitated
- Ensuring that all aspects of the estate plan follow state and federal law
In addition to drafting, reviewing and filing documents, an estate planning lawyer acts as a counselor and advisor to the client. Estate planning involves tough conversations about who can be trusted with what responsibilities and how limited resources need to be distributed. An estate planning attorney who has experience walking through that process can help clients make decisions that fit their needs and respect their wishes.
How do estate planning attorneys get paid?
Estate planning attorneys may charge flat fees for specific tasks, such as preparing a simple last will and testament or power of attorney. More complex tasks or ongoing maintenance of an estate plan may be billed by the hour. Some attorneys charge an up-front fee (called a retainer) for ongoing legal work, such as managing a trust.
How do I choose the right estate planning attorney?
Because estate planning is such a highly personal process, it’s important to choose an attorney who you can communicate with well. Your attorney will need information about intimate details of your life to provide advice that truly meets your needs and fits your preferences. The more comfortable you are with your attorney, the better.
It’s also important to choose an attorney whose practice is focused on estate law and who is well-versed in the laws in your state. If your estate plan is deemed legally invalid, your heirs may have to go through a complex legal process to resolve disputes, which defeats the entire purpose of having an estate plan.
Some estate planning attorneys offer free consultations, but even if you must pay for a consultation, it’s worth taking the time to get to know your prospective lawyer, ask questions, and find out whether you have the right fit. The cost to hire a lawyer is generally much less than the financial and emotional costs of not having a solid estate plan.
