what to ask a lawyer about estate planning

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?
• Do you agree with their general values? How does their bedside manner make you feel?
• Do you have a good rapport?
• Can you envision speaking with this individual about very personal matters?

Full Answer

What should you look for in an estate planning attorney?

Your lawyer can also:

• Prepare power of attorney papers
• Write healthcare decision proxies
• Draft Medicaid trusts for nursing home expenses
• Minimize estate taxes for your spouse and other beneficiaries
• Protect the assets of your beneficiaries from others or sometimes from themselves

What makes a good estate planning lawyer?

• Is a Good Listener
• Exercises Discretion
• Has Experience to Match Your Needs
• Maintains a Good Reputation

What are the best questions to ask a lawyer?

Don’t hesitate to ask your attorney questions such as:

• What is the timeline of this process?
• What sort of paperwork must I have prepared for closing?
• What do I need to arrange with my bank/ mortgage lender?
• What available funds must I have in my bank account?

Is an attorney absolutely required for estate planning?

There’s no time like the present for lawyers to practice what they preach. Reviewing and updating your own estate planning documents to reflect your current personal and family situation gives you the peace of mind that you and your loved ones are protected. Further, impending federal tax law changes may merit strategic adjustments.

What are good estate planning questions?

Common questions about estate planningWhat makes up my estate? ... Who needs estate planning? ... What makes up a well-designed estate plan? ... If I have a living trust, do I still need a will? ... What is probate? ... Is probate a concern only for those with large estates? ... What is a trust? ... What Is a Revocable Living Trust?More items...

What is the most important decision in estate planning?

A will or trust is an essential component of any estate plan. Both ensure your property is divvied up according to your wishes but the major difference and benefit of a trust is that the assets avoid probate which saves time, court fees and potentially reduces estate taxes.

How do I talk about estate planning?

How to talk to your parents about estate planningKnow the documents. ... Be mindful of family dynamics. ... Pick a time to talk (though there's usually no better time than the present). ... Look into professional help. ... Follow up.

What are the disadvantages of a trust?

What are the Disadvantages of a Trust?Costs. When a decedent passes with only a will in place, the decedent's estate is subject to probate. ... Record Keeping. It is essential to maintain detailed records of property transferred into and out of a trust. ... No Protection from Creditors.

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.

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.

How do you ask for inheritance?

Tips for Asking About Your InheritanceMake sure everyone involved is present. ... Ask what their plans are and what you need to know. ... Avoid specific numbers for money. ... Be compassionate.

How do you approach an inheritance?

Below are some tips to make these inheritance talks as smooth and productive as possible.Have the Discussion Early and Often. Don't put this conversation off. ... Be Upfront, Open and Inclusive. ... Compile Notes and Instructions. ... Approach the Conversation With Empathy.

Should I tell kids about inheritance?

Those who inherit even a modest amount are likely to be just as irresponsible; stories of inheritances being squandered on an expensive sports car, lavish vacations, and fast living are all too common. Experts agree that it is important to talk to your children about money and wealth, at least in generalities.

What are the 3 types of trust?

To help you get started on understanding the options available, here's an overview the three primary classes of trusts.Revocable Trusts.Irrevocable Trusts.Testamentary Trusts.More items...•

What is better a will or a trust?

For example, a Trust can be used to avoid probate and reduce Estate Taxes, whereas a Will cannot. On the flipside, a Will can help you to provide financial security for your loved ones and enable you to pay less Inheritance Tax.

Does a will override a trust?

Does a Will Supersede a Trust? Once the grantor funds the trust, it cannot be vacated by anyone. This includes the grantor. This means that a will cannot supersede a trust after the grantor dies.

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.

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.