Estate planning involves discussing personal topics such as family, finances, and future goals. A well-designed estate plan will preserve your legacy for generations to come. Therefore, creating an estate plan is one of the most important things you will ever do. As a result, it is essential to choose a knowledgeable and qualified estate planning lawyer you trust. You must know which questions to ask to select the right estate planning lawyer.

7 Questions To Ask:

The following questions will help you evaluate estate planning lawyers to determine which is right for you.

1. What experience do you have with estate planning?

When interviewing potential lawyers, the first step should always be an inquiry into the lawyer’s experience. This inquiry includes asking how long they have been practicing and whether they specialize in estate planning. It’s essential to choose a lawyer that has the requisite skills, knowledge, and experience to meet your needs and goals and one who keeps up to date on changes in the law that might affect your estate plan.

While a general practice lawyer may be able to draft a simple will, more sophisticated estate plans, such as those involving multiple trusts, unique assets, heirs in different states or countries, or other complex situations, require a lawyer with additional expertise.

Additionally, it’s a good idea to inquire about the type of education and training the attorney has received in the field and whether they have any specialized knowledge or certifications.

2. What does an estate plan include?

An estate plan includes more than just a will. Every person should have several essential documents as part of a comprehensive estate plan. These estate planning documents include a last will and testament, a durable power of attorney for finances, and an advanced medical directive incorporating a living will and healthcare power of attorney.

A well-designed estate plan should match each client’s unique circumstances, and one may need additional documents. For example, if you have family members who are disabled or handicapped, you may need a supplemental needs trust. If you have young children, you may need to appoint a guardian and set up a minor’s trust to preserve funds for your children until they are older.

Additionally, if you own numerous assets, such as businesses, real estate, or intellectual property, your estate plan may also need to include other types of trusts to best preserve these assets. Furthermore, you may need to retitle assets, obtain a life insurance policy, or designate beneficiaries on specific accounts.

3. How long will it take to create an estate plan?

Creating an estate plan can be lengthy and complex, ranging from weeks to months. The time it takes to complete the plan will vary depending on the client’s wishes, personal circumstances, and assets.

Individuals must understand how long it may take to create and finalize their estate plan. A seasoned attorney should be able to discuss the timing around the estate planning process and provide an estimate of the total duration.

4. How do you charge for estate planning?

Compensation models for estate planning work can include a flat fee, hourly rates, or both pricing methods. Attorneys will most commonly charge a flat fee for estate planning rather than an hourly rate. However, each estate plan is different and therefore involves different amounts of work and may entail extra costs.

A good estate planning attorney will first require an initial consultation to better understand and assess your needs and the types of estate planning documents that best suit your specific goals before they can quote a fee. They may also charge additional fees based on the complexity of your estate plan, the number of documents they will need to draft, or specific tasks that take longer than expected. Other costs may include filing fees and court costs.

Inquiring about your prospective estate planning attorney’s compensation model and clearly understanding how they charge will help you decide whether the attorney is a good fit for you. It will also inform you of your financial obligations from the start and prevent any potential confusion down the road.

5. Does your practice include probate?

Although related, probate and estate planning are two different things. Estate planning involves preparing for the future with the right legal tools, and probate is the legal process involving handling an individual’s affairs following death. In other words, estate planning involves arranging how property, money, and assets will be distributed, while probate is the process of distributing those things.

Probate can be tedious, time-consuming, and expensive if an individual does not have an estate plan at the time of their death. Many people seek to avoid probate, and it’s critical to find a lawyer who understands how probate works and how to design your estate plan to avoid probate and minimize estate taxes.

6. Will you be communicating with my other advisors?

Designing a comprehensive estate plan often requires input from and coordination with various advisors. This coordination may require working with other attorneys, financial advisors, and tax professionals to obtain a complete and accurate picture of all the client’s assets and liabilities.

To ensure that your estate plan addresses all relevant areas, individuals should ask prospective attorneys about the need to communicate or work with other advisors and professionals and what this process may entail.

7. Will my estate plan be updated if my circumstances change?

Individuals looking to create an estate plan should consider that it may need to be updated or revised over time. Changes in circumstances, such as the purchase of real estate, shifts in family dynamics, retirement, and other significant life events, may necessitate that estate documents be amended or rewritten.

Individuals should look for an attorney willing to conduct periodic reviews of their estate plan, identify the need for revisions, be available to discuss changes, and confirm that documents are accurate and current.

Where to Find a Lawyer to Address Your Estate Planning Needs

Individuals should clearly understand all aspects of their estate plan. An experienced estate planning lawyer can provide valuable insight into the estate planning process, including the various legal tools used and any tax consequences. They can properly draft all legal documents to maximize wealth and meet client expectations.

Asking the proper questions upfront will help you feel confident that you have chosen a qualified professional to handle your estate plan efficiently, effectively, and accurately.

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