Going about estate planning is a step towards successful financial planning. But most people don’t put a lot of thought into it.
In essence, estate planning is about identifying which of your assets go to who when you pass away. As you can see, it won’t take much planning if you only have a few heirs. But it gets complicated when you have a lot of assets to divide.
Finding an estate planning lawyer is the first step in this long process. But don’t just hire any lawyer. You need the best one since you’re giving them the responsibility of handling a complicated task.
How do you go about finding one? This article outlines all the important questions you should ask before hiring an estate planning lawyer.
- What Should I Include in My Estate Plan?
The first thing you need to know is what your estate plan should cover. Most estate plans are simple, but yours don’t necessarily have to be. Estate planning lawyers create each plan depending on the needs of the client.
A generic estate plan often includes the following:
- The final testament
- A durable power of attorney
- A living will
- A healthcare power of attorney
But, this may not be enough to take care of your loved ones once you pass away. Because of this, the lawyer you’re hiring should have the knowledge and expertise necessary to:
- identify your unique needs
- identify the needs of your family and loved ones
- create an estate plan specifically to address each of these needs
If you have family members who are disabled or have special needs, make sure to include a supplemental needs trust. If you have small children, you might need to include a guardianship clause in your estate plan. Also, consider adding a minor’s trust to secure money for your kids until they reach adulthood.
You also need to include other types of trust if you own a variety of assets. This includes businesses, real estate, or other valuable items.
- Can These Estate Planning Lawyers Still Help Me Once I Move Out-of-State?
There’s no way to know if you’re moving out of state after you have a lawyer create your estate plan. If you do, will the plan still take effect in another state?
Most states will still recognize the document. Despite that, you still need to find an estate planning lawyer licensed in the state you moved into. That also means that your previous lawyer in a different state can’t draft and sign wills for you anymore.
So if you moved to Fresno, California, look for estate planning lawyers in Fresno. Since each state has different laws to follow, they can check and review your previous plan. By doing so, they can apply estate planning laws in California to your plan.
For example, California estate planning law does not accept “oral wills”. If you have a clause regarding this in your previous plan, a lawyer in Fresno can revisit and revise it for you. Otherwise, your plan may not be valid once you pass away.
Not only that but estate planning lawyers can guide you through probate court. They can help you avoid the process altogether. If you have properties outside of the state you live in, they will have to go through an ancillary probate procedure. This can be difficult, expensive, and time-consuming to administer in certain states.
With California estate planning lawyers, you can avoid going through this process. They can advise you about what to include in your plan should you have assets outside Fresno.
- Do These Estate Planning Lawyers Also Have Experience in Family Law Matters?
Most lawyers don’t specialize only in one practice area. Some are also divorce lawyers, business lawyers, or criminal lawyers. If you want to hire an estate planning lawyer, you would want them to have experience in family law.
Family lawyers need to ensure that their clients know about issues regarding wills and estate planning. In the context of family law, the death of a spouse raises several concerns.
For instance, a family law agreement may have clauses that bind the estate of the deceased spouse after passing away. The agreement often requires the estate to continue providing support payments even after the payer’s spouse passes away. If the estate planning lawyer practices family law, then they can help you in these situations.
To give you an idea, family law lawyers include:
- Divorce Lawyers. They help you negotiate issues like asset distribution during divorce.
- Paternity Lawyers. If a child’s paternity is in doubt, they help the parent in proving or disproving paternity.
- Child Custody Lawyers. A child custody attorney can also help you resolve child support problems.
- Domestic Violence Victims’ Lawyers. The lawyer could assist the victim in obtaining an Order of Protection.
- How Much Do These Estate Planning Lawyers Charge for Their Services?
Nobody likes surprises, especially when it comes to paying the bill. So next, ask estate planning lawyers how much they charge for their services. They should be able to quote you reasonable flat fee rates. Ideally, they’d consult with you before that to find out your specific needs.
This is to make sure they know what paperwork will benefit them. After that, they can estimate your flat fee cost for the services they can provide. Preparing for the attorney’s billing protocol helps you avoid unpleasant billing surprises.
An estate planning lawyer who charges a flat rate is a better choice for limited services. Hiring a lawyer who guides you through the discovery process is also ideal. They should also help you choose a plan that fits your budget and meets your goals.
- Do These Estate Planning Lawyers Handle Probate?
The next question you should ask is whether they handle probate as well as estate planning. These are two distinct areas of the law that, while related, are not the same. A good estate plan will protect you while you’re alive. At the same time, prepare yourself to pass your property, money, and possessions on to your family. The distribution takes place throughout the probate process.
Consider another estate planning lawyer if they don’t handle probate. They must understand how probate works while building a plan for you. That’s because you’ll want to avoid probate. And having proper handling of your estate planning documents can help you with it.
- Do They Have Plans in Place to Protect the Kids From Nursing Homes, Divorce, or Creditors?
Many estate plans provide your heir immediate access to your assets after your death. If your children are sick or get divorced, their inheritance may end up with their creditors or a nursing institution. You put a lot of effort into leaving your possessions, but these factors cause them to be lost.
Including creditor, divorce, and nursing facility protection for your heirs is one option. Some estate planning lawyers assist their clients in choosing the levels of protection and control for these things.
Trust language allows you to designate a trustee who can use trust funds for any other purpose you approve of. The age at which your children are eligible to receive any lump sum distributions will also be specified by your trust.
Your lawyer will also ask you to name people to act as the legal guardian of your kids and their belongings. Include a backup guardian as well, just in case your initial option turns out to be uncooperative, incapable, or unavailable.
Choose Your Attorney Carefully
Finding the best estate planning lawyer may seem like a hard process. Count on testimonials and personal recommendations to help you choose the best lawyer.
A lawyer that listens to you and addresses your problems is the most important. Speaking with someone you’re comfortable with will ensure that your estate plan reflects your wishes. It also addresses the potential problems you or your loved ones may face in the future. Your gut instincts are often the best judges of character.
