questions to ask estate lawyer when in limbo

Are you asking the right questions when working with an estate attorney?

If you are working with an estate attorney, asking the right questions can make a world of difference and minimize the stress and financial pain involved with this difficult time in your life. Here are some critical questions you should ask when you meet with an estate attorney in the wake of a loved one’s death.

Do attorneys who don’t focus on probate/estates represent their clients?

My experience confirms that attorneys who don’t focus on probate/estates are less likely to properly represent their clients in estate matters. Unfortunately, I have seen the results of attorneys with little experience in estate law try to take on cases which end up on my desk after unreasonable delays.

What should I look for when hiring an estate planning attorney?

Above all, make sure you hire an attorney who demonstrates a high-touch level of service, and with whom you feel comfortable discussing personal matters. The following questions will help you to learn about estate planning and to determine if a prospective estate-planning attorney is right for you.

How do I choose a lawyer after a client dies?

Obviously, you should strive to find the most experienced attorney possible—one who has seen prepared documents take effect after a client's death. Such attorneys will have faced challenges from courts or the Internal Revenue Service (IRS) and will know how to overcome any hurdles.

How long do most estates take to settle?

Simple estates might be settled within six months. Complex estates, those with a lot of assets or assets that are complex or hard to value can take several years to settle. If an estate tax return is required, the estate might not be closed until the IRS indicates its acceptance of the estate tax return.

Which of the following is an executor allowed to do?

An executor is someone appointed by the court, often nominated in the will, who is given the legal responsibility to take care of a deceased person's remaining financial obligations. This means taking care of everything from disposing of property to paying bills and taxes.

What should an executor do before death?

If you're the executor of an estate, here's what you need to do.Determine if probate is necessary. ... Decide if you need a lawyer. ... Get non-lawyer help. ... File the will and notify beneficiaries. ... Locate and manage assets. ... Handle day-to-day details. ... Establish an estate bank account. ... Pay expenses and taxes.More items...

What questions to ask when setting up a will?

5 Questions to Ask Before Writing Your WillHow should I express my intentions? ... Who makes sure my intentions are carried out? ... What is a trust? ... How much inheritance tax will my heirs owe? ... What if I want to leave money to charity?

Can an executor withhold money from a beneficiary?

Executors can withhold monies from beneficiaries, though not arbitrarily. Beneficiaries may be unable or unwilling to receive a gift by a will. The executor's job is onerous and the time taken to execute a will may vary greatly.

Can an executor override a beneficiary?

Ways an Executor Cannot Override a Beneficiary An executor cannot change beneficiaries' inheritances or withhold their inheritances unless the will has expressly granted them the authority to do so. The executor also cannot stray from the terms of the will or their fiduciary duty.

What are the four must have documents?

This online program includes the tools to build your four "must-have" documents:Will.Revocable Trust.Financial Power of Attorney.Durable Power of Attorney for Healthcare.

Can executor Use deceased bank account?

Only an Executor appointed by the Master in terms of Letters of Executorship can deal with the bank account of the deceased. In most cases the appointed executor is a relative of the deceased, who acts with the assistance of a qualified professional to help with the process.

Is an executor entitled to a copy of the will?

After an individual has passed away, the executor who is the person or people who have been appointed in the will to administer the estate is the only person entitled to see the will and read its contents.

What questions do you ask a living trust?

10 Questions to Ask an Attorney About Living TrustsWhat Property Can Go in a Living Trust? ... Who Should Be My Trustee? ... Does a Living Trust Avoid Estate and Probate Taxes? ... What Are the Benefits of a Living Trust? ... What Are the Drawbacks of a Living Trust? ... Do I Still Need a Power of Attorney?More items...

What to include in living will?

You can put any wishes you have for medical care in your living will....What to Put in Your Living WillLife-prolonging medical care. These treatments include: blood transfusions, CPR, diagnostic tests, dialyses, administration of drugs, use of a respirator, and surgery.Food and water. ... Palliative care.

Is a living will the same as a will?

The difference between a last will and a living will With a last will, you choose who you want to inherit your property after you pass away. With a living will, you outline your preferences about future healthcare treatments, in case you're ever unable to communicate your wishes to doctors and loved ones.

How can estate attorneys help with dementia?

Estate attorneys should help clients fiscally prepare for the possibility of disability or dementia by drawing up powers of attorney , healthcare directives, and living wills .

What are the things to consider when planning an estate?

When building an estate plan, you may have a variety of concerns, including the following: Maintaining an orderly administration of assets while you are living. Ensuring that your heirs and loved ones receive your assets. Helping to reduce or avoid conflicts and confusion.

Why is it important to have an estate plan?

It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...

How to build an estate plan?

When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation

Is an estate attorney a tax advisor?

While an estate attorney's expertise may overlap with these fields, they may not be a general tax expert or investment advisor. Give yourself enough time to gain a broader, big-picture perspective on your estate plan and the logistical practicalities of implementing it.

Can a lawyer draw up a will?

Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.

Do lawyers draw up trusts?

Some lawyers merely draw up estate-planning documents, while others also execute the associated trusts. It's generally more efficient to retain a lawyer in the latter category, who can ensure that the correct assets are transferred into the trust.

What is an estate?

An estate is just a fancy name for “all your stuff” -- even if it’s not a vintage Bentley and stocks you can trace back the Dutch East India Company. It’s still worth something to someone.

Why do we need a will?

“The reason you need a Will is because you should be the one who designates who takes care of your stuff, and you should designate who should get your stuff. Because otherwise it may go to people who you don’t want to have the stuff.”.

Is a power of attorney necessary?

“It’s extremely important that you establish legal and financial Power Of Attorney,” he explains. “So a surviving spouse or someone else can make decisions for you if you are incapable. Not if you’re dead, mind you. If you are in any way unable to function.”

Why is it important to review your estate plan?

So it’s important to periodically review your estate plan to ensure it is up to date. Some estate planning attorneys will offer for a small additional fee to semi-annually or annually review your estate.

Should I work with an estate planning attorney?

All things being equal, working with an attorney who focuses exclusively on estate planning can be beneficial. They’re more likely to have seen a broader range of estate planning circumstances and can strategically assess your particular needs. But we don’t recommend discounting lawyers with a broader practice.

Is an estate plan a one time exercise?

Putting in an estate plan is typically a one-time exercise, so you want to ensure at the outset that your plan covers the broader picture of your financial and personal life. From there, periodic reviews to make updates are typically sufficient.

Do estate planning attorneys review estates?

Some estate planning attorneys will offer for a small additional fee to semi-annually or annually review your estate. This is a great option, and you should consider using an attorney that offers this. It may seem unnecessary at first blush, but think of it as annual insurance for your estate. At the right price, this additional service is well ...

Should I send my attorney my estate plan?

Your attorney should send you your estate planning documents to review before finalizing them for signing and execution. Some actions can be irrevocable (see “irrevocable trust”), and you want to make sure that all of your wishes are accurately reflected in your documents before singing them.

Do You Specialize in Estate Planning?

If an attorney doesn’t specialize in estate planning, they’re probably not going to be as good at it as a lawyer that does. An estate planning specialist knows all of the current laws and regulations and knows to carefully word your documents.

How Long Have You Been Practicing?

Finding the most experienced attorney possible should be your main priority. Experienced estate planning attorneys have faced most of the challenges that can arise from estate planning, so they know what issues to look out for when drafting your documents.

Do You Execute the Plan?

Some estate planning attorneys draw up documents while others also execute the estate plan and trusts. It will be more efficient and affordable to work with a lawyer that draws up the documents and executes the plan to ensure all of the assets are correctly transferred into the trust.

Do You Conduct Reviews?

Some estate planning attorneys will conduct regular reviews of your affairs. This can be beneficial because it will allow them to note where you should make any changes based on your current situation. Many people who experience a life change may not remember to update their estate plans, but they must.

What Will My Estate Plan Include?

Your estate plan may have multiple wills and trusts. Your estate planning attorney should be knowledgeable about wills, trusts, insurance, and taxes so you can understand the nuances of estate planning. Your lawyer should also be able to help you determine which tool is best for you.

How Do You Determine Your Fees?

Lawyers typically charge flat fees or charge by the hour, but some do both. No matter how an attorney charges, it’s important you know how their fees are determined so you can make the right financial choice.

How Long Does the Process Take?

In many cases, there is no rush to draft your estate plan. However, you should plan to address certain aspects of your plan with other professionals, including accountants and money managers. A lawyer’s expertise may overlap with your accountant, but they are not investment advisors.

What should an experienced attorney know?

An experienced attorney should be able to tell you which nuances of your case may cause delays and how to plan for them. Knowing this information in advance can help you obtain any necessary paperwork in advance, saving time. 6.

Do probate attorneys know immigration?

Some attorneys know immigration very well, others are proficient with criminal law, yet others primarily focus on real estate closings. When hiring a probate attorney, ask them (or look at their website) about other areas of law they practice.

How Long Have You Been Practicing Law?

Regardless of the task at hand, finding an experienced lawyer usually makes the process run more smoothly. A seasoned estate planning lawyer will have experience handling all different types of challenges and understand how to help you craft a plan that meets your specific needs.

How Much Of Your Focus Is In Estate Planning?

Make sure to ask how much of a lawyer’s focus is in estate planning, whether they keep up with the latest changes in estate and tax law, what types of estates have they handled, and whether they help with probate and estate administration.

Can You Help Me Create A Comprehensive Estate Plan?

Estate planning involves so much more than simply drafting a will. Powers of attorney are critical documents that can protect your interests while you are still alive, and trusts and life insurance are often important tools for optimizing your heirs’ inheritance.

Will You Conduct Periodic Reviews?

An annual or semi-annual review of your estate plan is a must. Find out if a lawyer will do these reviews with you and ask for a rough estimate of how much the fee for review will be. It is also important to remember to update your estate plan after important life events such as marriage, divorce or the birth of a child.

Will Anyone Else In Your Office Be Able To Assist Me Or Answer Questions?

Although most attorneys strive to make themselves available to their clients, emergencies happen. Knowing who to talk to if your lawyer is not available when an urgent matter arises can help you avoid stress and make things easier for everyone involved.

Can You Help Me With Other Issues?

If you are a business owner, having an attorney who understands business succession planning or collaborates with succession planning lawyers can help to ensure all your bases are covered in the event of your incapacitation or death.

What Are Your Fees?

Depending on the complexity of your estate, an attorney may charge a flat fee instead of an hourly rate. Some do both, charging a flat fee for basics like powers of attorney and an hourly rate for more extensive tasks such as establishing a trust.

What does it mean when a lawyer shows knowhow in preparing and executing the necessary tasks of managing the client

If the lawyer shows knowhow in preparing and executing the necessary tasks of managing the client’s assets in case something unfortunate happens, then this fact ensures that you will be dealing with an estate specialist. Thus, hearing a positive response from a potential lawyer would be a good start to consider their services.

Is it a good time to start estate planning?

There’s probably no good time to begin estate planning, but it’s better to be prepared early for any eventuality. Estate planning would require being extra keen on details to ensure that your assets are managed properly. It’s also a legal assurance to protect your loved ones, as you would be certain that your beneficiaries will receive their inheritance according to your liking.

Can a lawyer be a probate attorney?

Sometimes, a lawyer who does estate planning may not necessarily be the one to act as a probate attorney that helps in executing the trust or will. Thus, choose a lawyer who can draw up all estate-planning documents and execute the trusts at the same time to ensure that your assets will be transferred into the trust correctly. Also, it’s one way to ensure that all estate planning strategies are in your best interest.

How long does it take to get a probate?

The probate process can vary in length of time, but generally, completion can take a few months to a year (or more). The main determining factors on this duration includes the number and type of assets and the state’s legal requirements.

What is the role of a probate attorney?

The role of a probate attorney includes, but is not limited to, settling disputes, the sale of the estate property, and distributing the assets of the deceased among the beneficiaries. So, you’ve made the decision to hire a probate attorney, but have you considered the necessary questions to ask?

What is probate process?

The term probate refers to various steps such as the verification process, the court where the issue is handled, and the distribution of the deceased’s assets.

What documents are needed to be filed in probate court?

If a will exists, then the original will and death certificate also need to be filed in court.

Is probate a straight forward process?

In most cases, the probate process is fairly straight forward. Especially if you have the help of a professional. But sometimes there can be a few issues that occur. One example is if family members challenge the validity of the will. These unforeseen instances are where a probate attorney can be especially helpful.