how to hire an attorney for estate planning

Hiring an Estate Planning Attorney: How Does it Work?

• Step 1: About You. Time: 1 to 2 weeks. First, the attorney will want to understand your situation. You’ll schedule a time for a consultation ...
• Step 2: Document Drafting.
• Step 3: Document Signing.
• Costs. On average, a complete estate plan from an estate planning attorney costs $3,000. Of course, this can vary by city and the complexity of your ...
• Do I Need an Estate Planning Attorney?

Full Answer

Do I need a lawyer for estate planning?

Feb 24, 2022 · Here’s what else you can do to find and hire the best attorney for planning your estate. Check up on attorneys’ specialized estate planning credentials. Take advantage of an initial consultation to ask about the attorney’s estate planning expertise. Understand the lawyer’s fee structure, and the cost of document filings.

How much does an estate planning attorney cost?

Note: These days, many people skip hiring an estate planning attorney and use online DIY tools. For simpler cases, this can produce the same or better results. In certain special situations, however, you should hire an estate planning attorney. 3 Estate Planning Steps Step 1: About You. Time: 1 to 2 weeks

Should you hire an estate planning attorney for special needs?

Steps to Create an Estate Plan When Hiring An Attorney • Gather your assets. Inventory everything you own, from cars to collectibles. • Protect your family. Think about if you have adequate life insurance to leave your family in a position where they could maintain the life you currently lead. • Determine the plan that’s best for you.

What are the requirements to become an estate planner?

Aug 30, 2019 · Estate planning can include planning for events that could occur before you die as well as those that might occur after you die. When you hire an estate planning lawyer, there will be three primary steps that you will go through. On average, an estate planning attorney may charge around $3,000 for his or her services. Three steps of estate planning. During the first …

What is an estate planning lawyer?

An estate planning lawyer is a type of attorney who focuses his or her practice on helping people to prepare for the end of their lives. Estate planning can include planning for events that could occur before you die as well as those that might occur after you die.

How much does an estate planning attorney charge?

When you hire an estate planning lawyer, there will be three primary steps that you will go through. On average, an estate planning attorney may charge around $3,000 for his or her services.

What can an attorney do for you?

An attorney can help you to ensure that your children will be cared for after you have passed away. If you have a net worth of more than $11 million, it is also a good idea for you to speak to a lawyer. An attorney can work with a financial advisor to minimize the tax burden for your loved ones.

What are the different types of estate planning documents?

The primary types of estate planning documents include the following: Wills. Living wills. Durable powers of attorney. Revocable living trusts. The final step of estate planning occurs when your documents are executed according to the laws in your state.

What are the steps of estate planning?

The second step of estate planning is the drafting of your documents. After your lawyer has obtained the information that he or she needs, he or she will draft your documents.#N#The primary types of estate planning documents include the following: 1 Wills 2 Living wills 3 Durable powers of attorney 4 Revocable living trusts

Can family members find your estate documents?

If your family members can’t find your documents, they will not go into effect. After your estate planning process, you will likely be given some instructions that tell you how to add beneficiaries to your bank accounts.

What is the importance of estate planning as you age?

As you age, the importance of estate planning becomes clearer and clearer. What will you leave behind to loved ones, and how will you divide your assets in a way that ensures your legacy will be carried on the way you want?

Is Mercer Advisors a law firm?

[1] Mercer Advisors is not a law firm and does not provide legal advice to clients. All estate planning documentation preparation and other legal advice is provided through Advanced Services Law Group, Inc.

What is an estate planning attorney?

An estate planning attorney is a lawyer who specializes in handling estate planning matters. In terms of certifications, these lawyers are no different from ones who specialize in mergers and acquisitions or personal injury suits. Regardless of specialty, they still have to pass the bar exam for the state in which they practice.

What is the best way to plan an estate?

An estate planning attorney can help you determine a plan that makes the most sense for your unique situation. With the help of a qualified professional, you can go into the estate planning process with confidence. This will leave you knowing that your plan is airtight, which will only bring you ease.

What is an AEP certification?

Here are a few examples of certifications you might see: Accredited Estate Planner (AEP): The National Association of Estate Planners and Councils awards the accredited estate planner designation to licensed attorneys, CPAs, chartered life underwriters and certain other financial advisors.

Why is state specific expertise important?

State-specific expertise is particularly important when it comes to estate planning. That’s because laws and probate procedures differ by state and locale. On a less technical note, you should look for an estate planning attorney who puts you at ease.

How to plan for estate?

Tips for Planning Your Estate 1 To maximize the legacy you leave to your heirs, you’ll need a comprehensive financial plan and investing strategy. A financial advisor can help you with both. Luckily, SmartAsset’s free tool can match you with up to three advisors in your area. Get started now. 2 It’s never pleasant to think about, but there may come a time when you’re unable to make decisions for yourself. For these scenarios, a living will or another form of advance directive can help ensure your family knows your wishes.

Do estate planning attorneys need certifications?

While an estate planning attorney doesn’t need separate certifications to practice, some choose to attain further credentials. Some of these are available to professionals who aren’t lawyers, such as financial advisors or accountants.

Can an estate planning lawyer help you write a will?

This assistance can manifest itself in a number of ways. Most notably, estate planning lawyers can help you write a last will and testament and set up a trust. Your estate planning lawyer can also aid you in minimizing any estate or inheritance taxes.

Reasons to hire an estate planning attorney

When it comes to your estate plan, proper documentation is key. One misplaced word or phrase, or even a missing signature, can throw off your entire will. This need for precision along with the myriad, complicated state laws you’ll need to consider are reason enough to hire an estate planning lawyer.

What do estate planning lawyers do?

An estate planning attorney’s capabilities extend far beyond helping you write your will or set up a trust. The benefits outweigh the cost—hiring an estate lawyer can help reduce estate and inheritance taxes, saving your estate and its beneficiaries in the long run.

How much will an estate planning attorney cost?

Since estate planning attorney services are highly specialized, you’re going to get what you pay for. Types of fees and amounts may vary by state and firm, but most lawyers will charge you for an initial review meeting, typically by the hour. To anticipate this upfront cost, it’s best to request a quote prior to that first meeting.

How to find the right estate planning advisor

You’ve worked hard throughout your life to build and maintain your wealth. To ensure that wealth has a lasting impact, it’s important to work with a trusted estate planning attorney.

What is an estate lawyer?

An estate lawyer is trained in matters related to passing on your assets after you die, and planning for situations where you can no longer care for yourself. They are experts in wills, trusts, and your local probate process. Some estate lawyers may also have specialties, like planning the succession of a business.

How to leave assets to stepchild?

To leave assets to a stepchild, stepparent, or half-sibling, consider working with an estate lawyer. Most people could benefit from working with an estate planning attorney, but it may not be necessary (and you may not want to pay for it) in many situations. On the other hand, people in certain situations may need the help ...

Do you need a guardian if you have a special needs person?

You have immediate family members with special needs or who will require a guardian . If you provide care for anyone who has special needs or is incapacitated ( cannot care for themselves) then you probably need to appoint a guardian for them in your estate planning documents.

Can you pass on your estate if you aren't survived?

This only happens if you aren’t survived by a spouse or child, but a solid estate plan will protect your assets and allow you to pass on as much of your estate as possible. If this is your situation, you may want to look for an estate lawyer who specializes in elder law. You want to set up an irrevocable trust .

Hiring an Estate Planning Attorney

The following is provided for informational purposes only and is not, nor should it be construed as legal advice.

What is an Estate Planning Attorney?

An Estate Planning Attorney is a licensed attorney with particular knowledge in the areas of Wills and Trusts. An estate planning attorney knows the specific laws related to drafting and probating Wills and understands the benefits and consequences of trusts, powers of attorney, and healthcare directives.

Why you Need an Estate Planning Attorney

Ensure your documents comply with current state law. Each state is governed by its own set of estate laws. Online Will programs may claim to conform to your state’s law, but this may not always be the case.

What you Should Know About Hiring an Estate Planning Attorney

When hiring an estate planning attorney, you should look for someone who is experienced in estate planning, and communicates thoroughly with you regarding your life details and goals. Being prepared for the initial consult is sometimes the biggest hurdle.

What is the difference between probate and estate planning?

Probate is the legal process in which a court distributes a deceased person’s assets to the person’s heirs. Estate planning is the process where a living person determines how his assets will be distributed after he dies. In last week’s post, I explained when you need a probate lawyer.

Why you should use an attorney to plan your estate

You likely won’t understand all of the laws relevant to planning your estate. If you overlook an important law, your property could end up being distributed to someone you don’t want to inherit it.

You may need to work with other professionals as well

Many people, when they plan their estates, work with multiple professionals – they may, for example, use a financial planner to handle the financial side of their estate plan, and use a lawyer to handle the legal details.

How much does an estate planning attorney cost?

If your estate plan is like most estate plans, a competent attorney will be able to prepare your estate plan for a few hundred dollars. While this may be a bit expensive, the cost of a well-crafted estate plan is almost always cheaper than the cost your heirs will have to incur to fix a poorly crafted estate plan.