An estate will be distributed either according to the will or, by law, in the absence of a will. To plan for your estate, a lawyer needs to know about those people in your family tree because, even if you want to leave someone out, if there’s a missing piece within your will, rules of state law will take over to fill in the gap.
With these tips, you can find an attorney who has your best interests in mind. Start your search with this helpful guide today. 1. Ask Your Inner Circle. There are over 169,941 estate lawyers and attorneys in the US. Here in Michigan, there are over 35,000! By using this guide, you can find the best estate planning attorney in your area with ease.
The lawyer explains that estate planning is very important in order to ensure the future of the family. A lot of hard work goes into accumulating wealth and securing a legacy. This is why it is very important to protect those assets and plan how they will be distributed in case the owner passes away.
The attorney agrees to create a will, living will, and revocable living trust for $1,000. Unless something changes and you decide you want the attorney to do some additional work, you’ll only have to pay $1,000 for the attorney’s services.
Your estate planning attorney can discuss the options for creating and funding a trust with you. Your legacy is much more than your assets. Your personal values, life experiences, impact on others and belief system are all important components of your legacy.
Estate planning attorneys, also referred to as estate law attorneys or probate attorneys, are experienced and licensed law professionals with a thorough understanding of the state and federal laws that affect how your estate will be inventoried, valued, dispersed, and taxed after your death.
In fact, a good estate planning attorney may be able to help you avoid probate court altogether, but that largely depends on the type of assets in the deceased's estate and how they are legally allowed to be transferred.
Every state has a scheme that will dictate the steps of intestate administration, but the typical process goes something like this: 1 Someone initiates a case in probate court. 2 The court determines that there is no will and appoints an administrator rather than an executor, usually a family member or heir. 3 The administrator gathers the deceased’s assets, identifies the heirs, and notifies the deceased’s creditors. 4 The administrator liquidates estate assets to the extent necessary to pay the deceased’s debts, taxes, and the costs of estate administration, such as attorney’s and accountant’s fees. 5 The administrator distributes the remaining proceeds and assets according to the intestate succession schedule set out in state statutes.
When You Die With a Will. Leaving a will ensures that your wishes are carried out, if possible, and your property is distributed in the way you choose. It can also make probate of your estate much easier. Probate is the legal process by which ownership of your property is transferred to living beneficiaries.
Every state has a scheme that will dictate the steps of intestate administration, but the typical process goes something like this: Someone initiates a case in probate court. The court determines that there is no will and appoints an administrator rather than an executor, usually a family member or heir.
Trusts are often used in estate planning to take advantage of favorable tax treatment , to place conditions on the use or distribution of assets , or to allow the heirs to take possession of assets without a probate proceeding. The trustee holds the assets in a fiduciary capacity.
The administrator liquidates estate assets to the extent necessary to pay the deceased’s debts, taxes, and the costs of estate administration, such as attorney’s and accountant’s fees. The administrator distributes the remaining proceeds and assets according to the intestate succession schedule set out in state statutes.
The number of people who have wills has been steadily declining in the millennium, according to a 2020 survey by Caring.com. Almost 25% fewer American adults had wills in 2020 compared to 2017. Even older adults are less likely to have wills. Their number dropped by 20% in 2019, and 25% fewer middle-aged adults had wills in that time frame. 1 
Intestate administration is often a lengthy, inefficient, and expensive proceeding because the administrator is usually required to seek permission from the court for each of these actions . The administrator will spend much time requesting court orders and attending hearings.
Usually referred to simply as a “will”. Living Will Describes your preferences for care in a medical emergency and names someone to carry out your health care wishes. This document is sometimes called an advance directive, health care directive, or medical power of attorney.
Time: 2 to 4 weeks. Once the attorney has your information, your estate planning documents will be prepared. Basically, these are what you’re paying for. In many law firms, your documents will not actually be prepared by the attorney; they will be prepared by an assistant based on a template that the law firm uses.
The following are the core estate planning documents: 1 Last Will and Testament States your wishes for your property and minor children (if any) for after you pass away. Usually referred to simply as a “will”. 2 Living Will Describes your preferences for care in a medical emergency and names someone to carry out your health care wishes. This document is sometimes called an advance directive, health care directive, or medical power of attorney. 3 Durable Power of Attorney Names someone you trust to manage your finances if you can no longer make decisions for yourself. A power of attorney is only valid while you are alive. 4 Revocable Living Trust Determines who should manage and receive your property after you pass away without the cost and hassle of waiting for court approval of your will.
If you have any financial obligations or concerns relating to a divorce, or you expect that you might, an attorney who knows both estate planning and family law can help you create a plan that meets your needs. Special government benefits.
Note: There is no central registry for storing estate planning documents.
Of course, estate planning attorneys generally do not agree with this idea. Just as accountants were critical of TurboTax in its earliest days, estate planning attorneys view estate planning as too specialized to be done properly by software. It simply isn’t so.
A good do-it-yourself tool will deliver the same results as an estate planning attorney — legal documents tailored to your situation. (Recall that most law firms simply reuse the same template and make a few changes to it — software can do this better, and doesn’t make mistakes because it’s too busy, tired, or bored.)
In addition to a general understanding of your legal needs, the lawyer may want to know who else is involved with the case and their relationship to you. For example, in some probate matters, a client visits the lawyer to seek help for his or her parents or siblings.
Do everything you can to reduce the time that lawyer will have to spend on your case. Even eliminating one email exchange could save you hundreds of dollars. ...
At the consultation, be prepared to talk about your case. The lawyer may not too many details of your case before you sign a fee agreement, but you should be prepared just in case.
Even if a lawyer doesn't ask for documentation beforehand, it's still a good idea to bring a copy of all relevant documents to the meeting. Spend some time thinking about what you may have on hand. Try to organize the documents in a logical manner before you meet with the lawyer.
To save money on legal fees, take the time to select a good lawyer, prepare well for your first meeting, and do everything you can to reduce the time that lawyer will have to spend on your case . Even eliminating one email exchange could save you hundreds of dollars.
After you decide on which attorney to hire, you’ll sign a fee agreement and officially begin your relationship with your lawyer. The first meeting with an attorney usually involves the exchange of a lot of information. You will spend a good deal of time explaining to the attorney the details of your legal issue and answering his or her questions. He or she will spend a good amount of time discussion and laying out a plan. If you think you might get nervous or forget something, you could practice this conversation with a friend, or you could write down what you want to say.
The first meeting with an attorney usually involves the exchange of a lot of information.
Without an estate plan, you and your estate may end up paying more in the long run in professional fees, court costs, and taxes. Using a flat rate with an attorney will be much more straightforward and to your long-term economic advantage.
A will is just one of those legal documents, albeit an important one. In fact, there are at least six “must have” estate planning documents you need. So, you don’t need to draft just one legal document and get it right, but several.
Always remember, and never forget, you don’t just need a will, you need an estate plan. While the two terms “will” and “estate plan” are often used interchangeably, this is wrong, as they are two different things. An estate plan is a set of legal documents to prepare for your death or disability.
This is probably the most important question an estate planning attorney will ask you. Family set up greatly affects the estate planning process. In fact, some states have laws that won’t let a person write certain relatives out of a will. Are you married? Most states protect spouses from being written out of a will.
Putting together a list of your finances will help your estate planning attorney make the best decisions for your financial future. Since most states have estate and gift tax laws for assets that exceeds certain amounts, you’ll need to make your attorney aware of every asset and liability to your name.
Once you take out any spousal shares and pay off liabilities of the estate, it’s time to talk personal bequeathments. Do you want to leave a sum of money to your favorite niece? Do you want to set up a trust fund for your children? How about those heirloom pearls your mother gave you?
Life insurance also falls under contract law as well, which means it will be distributed according to the life insurance policy. You can, however, list a trust as a beneficiary on a life insurance policy and the terms of a trust can be contained within a will.
Believe it or not, this question matters. Depending on the terms of a divorce settlement agreement, your estate planning attorney will need to know if your ex-spouse has any claims to child support, alimony, retirement accounts, or life insurance proceeds.
Unfortunately, estate planning means answering tough questions. Are you aware of any life-threatening illnesses? What are your wishes for after you’ve passed? If you have any specific wishes or religious requests, these are things your estate planning attorney will want to know.
Planning out your will may seem like a tedious process, but an experienced estate lawyer can help you navigate through the ins and outs of planning for your future.