questions to ask lawyer when making life estates

Here are several questions you should ask yourself: When meeting with a potential estate planning lawyer, how comfortable do you feel? Does your advisor communicate well and clearly?

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What questions should I ask when meeting with an estate planning lawyer?

 · 5 Questions to Ask an Attorney About Life and Estate Planning 1. Do you generally recommend or discuss Wills, Separate Revocable Living Trusts, or a Joint Revocable Living Trust for... 2. What courses or instruction have you received in estate planning? _______ Nothing or little (0). If the attorney ...

What questions should I Ask my Lawyer when making a will?

Do not hesitate to ask questions about which estate planning elements an attorney may recommend for your specific circumstances. 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.

Do you need an estate plan quickly?

The bottom line. These questions are designed to help you get comfortable with your choice of estate planning attorney and balance price, experience, scope of services, and other important considerations. You’ll be working with your attorney to plan for very personal matters, so trust your instincts on whether they are the right fit for you.

How do I choose the best estate planning attorney?

 · 5 Questions You Should Ask a Lawyer When Making Your Will 1. Is Estate Planning Your Field Of Specialisation? You should work with a seasoned lawyer specialising in wills and... 2. What Should Be Included In The Will? Once you sit down, talk through what you want to be done after your death,... 4. ...

What are good estate planning questions?

Five of the Most Common Estate Planning Questions AnsweredWhat is the difference between a will and a trust? Wills and trusts have some similarities. ... What is Power of Attorney? ... Do I need to create a medical directive? ... When should I make updates to my estate plan? ... I'm worried my family will contest my will.

What are good questions to ask lawyers?

Questions to Ask Your Lawyer During a Consultation1) What kind of experience do you have with similar cases?2) What would be your strategy for my case?3) Are there any alternatives to going to court?4) What are my possible outcomes?5) Who will actually handle my case?6) What is my role in my case?More items...•

What is the estate planning process?

Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

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 you should know before you talk to a lawyer?

10 Things You Should Know Before Contacting a LawyerHave Your Documents Ready. ... Research the Elements of Your Case. ... Don't Call if You Just Have a Question. ... You May Not Speak to a Lawyer Right Away. ... Do Not Ask the Legal Support Staff for Advice. ... Don't Provide Too Much Information. ... Answer the Lawyer's Specific Questions.More items...•

How do I talk to my lawyer for the first time?

How to Talk to a LawyerBe patient. When you talk to your lawyer, she hears your story for the first time. ... Be prepared. You will need to describe what has happened and what you are hoping your lawyer can do for you. ... Be honest. ... Be specific. ... Be concise. ... Ask questions.

What are the six basic steps to the estate planning process?

The 6 Steps to a Successful Estate PlanStep 1: Define your Estate Planning Goals. What do you want to happen? ... Step 2: Gather and Organize your Financial Data. Gather your documents. ... Step 3: Analyze & Discuss. ... Step 4: Develop your Estate Strategies. ... Step 5: Implement your Estate Plan. ... Step 6: Track & Monitor your Progress.

What are the four important estate planning factors?

The Estate Planning Must-HavesWill/trust.Durable power of attorney.Beneficiary designations.Letter of intent.Healthcare power of attorney.Guardianship designations.

What is the first step in estate planning?

Step 1: Sign a will You need one to ensure that your chosen heirs will get the assets that you want to leave to them. In your will, you name an executor who will have the power and responsibility to pay your debts and distribute the remainder of your estate according to your wishes.

How much does an estate have to be worth to go to probate?

Every state has laws that spell out how much an estate would need to be worth to require the full probate process—anywhere from $10,000 to $275,000.

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 a beneficiary override an executor?

Can beneficiaries override an executor? No, beneficiaries cannot override an executor unless the executor breaches fails to follow the will and breaches their fiduciary duty.

What happens when you make an estate plan?

When you make an estate plan, your attorney will account for your circumstances at that time and try to anticipate any expected changes. But life happens, minds change, new accounts or assets may come into the frame, or new laws may be implemented that affect your estate.

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.

1. Is Estate Planning Your Field Of Specialisation?

You should work with a seasoned lawyer specialising in wills and estate planning. An estate lawyer can give you that added peace of mind that your will can be successfully accepted in probate courts when you’re no longer around.

2. What Should Be Included In The Will?

Once you sit down, talk through what you want to be done after your death, provide your lawyer with the right documents, and ask what else should be included in the will. This will help you figure out which provisions should and shouldn’t be part of your will.

3. Do You Also Execute The Will?

There are some will and estate planning attorneys who merely draft wills, while others can also execute them. Ask this question early on, because it’s best to work with the latter group. It’s more convenient to hire a lawyer who can also execute wills. That way, you’re guaranteed your will shall be executed exactly as you planned.

4. Who Will Receive My Assets And How Much Will They Get?

The question of how much each of your beneficiaries are going to receive will often be guided by your local laws. It’s best to ask your lawyer about this so that you have an absolute say on the distribution of your assets.

5. Do You Conduct Periodic Reviews?

Some lawyers conduct periodic reviews, while others don’t. A periodic review is done when the lawyer does a regular check for updates regarding any changes in your life situation.

Conclusion

If you have no idea how to start drafting your will, the advice above provides you with a great starting point. The most important takeaway is for you to remember to leave this task in an expert lawyer’s hands. In doing so, you’re assured that your will is accurate, legal, and will be accepted in the probate proceedings.

Is it hard to handle an estate?

The death of a loved one is always hard, but the difficulty of handling the estate can make an already difficult situation that much worse. Dealing with the complexities of the estate, closing the financial affairs of a deceased loved one and handling the taxes due can really put a strain on your emotions.

Do you have to open a probate estate?

In most cases, the answer to this question will be yes. Many people erroneously believe that they will not need to open a probate estate, but this is rarely the case. If you fail to open a probate estate, you could be liable for taxes and other claims. Even if you do not think a probate estate is necessary, it is important to discuss your options ...

Is a power of attorney valid after death?

Unfortunately, the power of attorney you may have had in place is no longer valid following the death, and it is important to understand that distinction. A previous power of attorney does not give you the power to handle the estate after the death of your loved one.

What happens if you don't open a probate estate?

If you fail to open a probate estate, you could be liable for taxes and other claims. Even if you do not think a probate estate is necessary, it is important to discuss your options with an experienced estate attorney.

Do debts disappear when someone dies?

There is a great deal of confusion about how debts are handled when an individual dies. Some people think that these debts simply disappear when the debtor dies, but that is not always the case. While some debts are forgiven on death, others follow the deceased and become part of the estate. The good news is that the family members ...

Do you need a death certificate for a funeral?

The death certificate should become available after the funeral process has been completed, and most funeral homes will help loved ones get the documentation they need. If you do not receive a death certificate from the funeral home, you should ask the funeral director for one as soon as possible. You will need a death certificate ...

What to expect after a loved one dies?

The days and weeks following the death of a loved one can seem like a blur. The grieving process is difficult enough, but there will also be a funeral to plan, relatives to notify and financial issues to handle . Meeting with an estate attorney as soon as possible can ease your burden and make a difficult time easier to bear.

What to do when you are considering getting your financial affairs in order?

When you begin to consider getting your legal and financial affairs in order, the first thing to do is call the offices of lawyers who you will meet with to handle your planning.

Why is it a false sense of security?

You can have the best business structure and the best legal plan set up for your family , but if your assets are not titled and structured properly and if your business does not stay in compliance, it’s all a false sense of security because when push comes to shove and a crisis happens, those legal documents won’t work.

What is the role of an executor in a will?

This role can be an executor, which is someone who will have control of a will. It can also be a trustee, which is someone who is responsible for each trust. It can be a guardian or someone who will have power of attorney, which means they can make medical decisions on your behalf if you are incapable of doing so.

Why is it important to make a will?

One very important part of planning a will is considering your family members. The purpose of a will is to make sure that your estate is taken care of according to your wishes once you pass. Most people leave part of or their entire estate to their loved ones. It is essential for your attorney to know if you are married, have kids, ...

What is the purpose of a will?

The purpose of a will is to make sure that your estate is taken care of according to your wishes once you pass. Most people leave part of or their entire estate to their loved ones. It is essential for your attorney to know if you are married, have kids, have grandchildren, if your parents are alive, and any other relevant information about your ...

What is the role of a fiduciary in an estate?

A fiduciary will take on a role that will be responsible for various parts of ones estate. This role can be an executor, which is someone who will have control of a will. It can also be a trustee, which is someone who is responsible ...

What is a trustee in a trust?

It can also be a trustee, which is someone who is responsible for each trust. It can be a guardian or someone who will have power of attorney, which means they can make medical decisions on your behalf if you are incapable of doing so. These are all vital roles that need to be filled and should be chosen carefully.

What is a fiduciary?

A fiduciary will take on a role that will be responsible for various parts of ones estate. This role can be an executor, which is someone who will have control of a will. It can also be a trustee, which is someone who is responsible for each trust. It can be a guardian or someone who will have power of attorney, ...