questions to ask estate planning attorney when networking with

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?

Full Answer

What should you look for in an estate planning attorney?

The thought of planning your estate may seem daunting. You might wonder where to start or what you should ask your attorney. To get your estate plan off on the right foot, consider the following six questions to discuss with your estate planning attorney. Use Your Time Wisely A Get-Started Guide to Seeking Sound Advice 2 3 4 5

Why do I need to hire an estate planning attorney?

Dec 01, 2020 · Typically an attorney is the best asset you can use to help build a Will, Trust, or comprehensive Estate Plan that will keep your family out of probate court, saving them $10,000s in legal fees, countless hours in court, and ensure that your assets and property pass on smoothly to the people in your life you care about the most.

Do you really need an estate planning attorney?

20 questions your estate plan should answer. ou’ve achieved a certain level of success, and you understand ... Your estate attorney can help you decide what needs to be itemized in the will, but it’s a good idea to ... Estate planning is the way you communicate how you want to live out the remainder of your

What are good questions to ask an attorney?

Estate planning may be as simple as preparing your last will and testament or it may entail revocable living trusts and more. In coming to our firm, we see estate planning as not just mere document preparation but a process to make sure you are protected in the event of your incapacity and your wishes are followed upon your death.The truth is that not all estate …

What are the 5 components of estate planning?

A good estate plan is comprised of five key elements: Will, Trust(s), Power of Attorney, Health Care or Medical Directive and Beneficiary Designation. A will is a legally binding document that directs who will receive your property and assets after your death.Nov 8, 2017

What are the major elements of estate planning?

There are six important components to an estate plan.THE WILL. The first and well-known component of an estate plan is a will. ... TRUSTS. ... POWER OF ATTORNEY. ... HEALTH CARE DIRECTIVE. ... BENEFICIARY DESIGNATIONS. ... REGULAR REVIEW AND REVISION.

What questions to ask when setting up a trust?

Top 10 Questions to Ask While Creating a Living Trust#1 What Assets Do I Want to Protect? ... #2 How Complex Are My Estate Planning Needs? ... #3 Who Do I Want to Manage My Property? ... #4 Am I Concerned My Children Won't Manage My Assets Responsibly After I Pass? ... #5 Do I Anticipate Family Conflict After I Pass?More items...•Oct 26, 2018

What is an estate planning questionnaire?

ESTATE PLANNING QUESTIONNAIRE. This questionnaire is designed to help gather the information required to structure an estate plan that best accomplishes your goals.

What are the most important things to put in a will?

What are the Most Important Things to Put in a Will?Personal Information. This should go without saying, but your will should include basic information about you to be official. ... Last Will and Testament Verbiage. ... Property and Assets. ... Beneficiaries. ... Executor. ... Guardianship. ... Signatures.

How do I organize my estate documents?

Organize Your Informationfuneral plans (arrangements and whom to notify)insurance policies.wills, living trusts, deeds, and other important documents.pensions and retirement accounts.bank, money market, and mutual fund accounts.stocks and bonds.items in safes, safe deposit boxes, and other locked or hidden places, and.More items...

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.Oct 23, 2020

What is the difference between a revocable and irrevocable trust?

Irrevocable Trust: An Overview. A revocable trust and living trust are separate terms that describe the same thing: a trust in which the terms can be changed at any time. An irrevocable trust describes a trust that cannot be modified after it is created without the beneficiaries' consent.

Will and trust questions to ask?

10 Questions to Ask an Attorney About Living TrustsWhat Property Can Go in a Living Trust? ... Who Should Be My Trustee? ... Does a Living Trust Avoid Estate and Probate Taxes? ... What Are the Benefits of a Living Trust? ... What Are the Drawbacks of a Living Trust? ... Do I Still Need a Power of Attorney?More items...

A. When we see clients with defective Wills, Trusts, and Estate Plans, it is almost always because they purchased a fill-in-the-blank form which was not tailored to their particular needs..

This is often because the client purchased a “pre-drafted” plan online, or because they hired an attorney who did not take the time to understand the client’s needs.

A. Many law offices (and nearly all of the online do-it-yourself companies) do NOT handle one of the most important aspects of drafting a Will, Trust, or Estate Plan – the signing ceremony..

I always find this odd because there are a number of extremely complicated rules, regulations, and formalities that must be followed when signing your estate documents.

A. Most attorneys bill by the hour..

Billing rates vary anywhere from $150 per hour on the low end to $800 per hour on the high end.

Written By Chris Atallah - Founder, Rochester Law Center, PLLC

Chris Atallah is a licensed Michigan Attorney and the author of “The Ultimate Guide to Wills & Trusts – Estate Planning for Michigan Families”. Over that past decade, Chris has helped 1,000s of Michigan families and businesses secure their futures in all matters of Wills, Trusts, and Estate Planning.

What is estate planning?

Estate planning is the process of anticipating and arranging for the management and disposal of your estate during your life, as well as at and after death, while minimizing gift, estate, generation skipping, and income tax. A will is part of the estate plan.

Why is estate planning important?

Estate planning can be behavior-shaping—family values can be preserved and younger generations can be motivated to pursue the right goals. This is very important for business owners, especially when some children will take over the family business, and some will not. Helps prepare family for uncertainties.

What happens if you don't have a will?

Except for the assets that will be passed by beneficiary designation or operation of law, your state’s probate laws will determine the distribution of estate assets if you do not have a will. Please keep in mind that many states have different rules related to the distribution of a deceased’s assets when no will is presented for probate.

How is property transferred at death?

Property is transferred at death in several ways: Valid will – A legal document created to express how a person desires his or her property to be distributed at death. It also names one or more persons to manage the estate through its final distribution. (Also see question 2)

Why is it important to establish a trust?

Establishing a trust is especially important if a child has a disability. Generally speaking, a trust is not a relevant tool for a family with few assets. Families who don’t own real estate property and whose net worth is less than $100,000 may not find a trust worthy.

What is a trust in a trust?

A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can help wealthy families minimize the estate tax, but don’t let this reason blind you from the many other benefits a trust can provide.

Who is responsible for filing taxes for a deceased person?

From a tax compliance perspective, it is the executor or survivors’ responsibility to file the tax return (s) for the deceased. IRS and state revenue authorities might charge significant penalties for late filing. Below is a list of the tax forms that might be required:

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.

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.

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.

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 ...

Is word of mouth reliable?

With physical newspapers becoming rarer and rarer, you cannot rely on the obituaries to get the word out, and word of mouth may not be as reliable as you would think. It is important to notify everyone you know when a loved one dies. Not only will they want to attend the memorial service, but they may have an interest in the estate as well.

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 ...

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.

Why should lawyers be asking what is estate planning software?

Lawyers should be asking what is estate planning software? Because it is a great resource and is another way in which new technology is transforming traditional jobs to make them easier. The legal profession is an age-old occupation that, many would argue, does not move with the times as fast as other industries.

Why use online estate planner?

By using online estate planner tools, you can improve your practice's workflow and overall work product quality. You can ensure that the right documents get created, so your clients have everything they need for complete protection of their estate.

What are the advantages of a living will?

The advantages of setting up a living will include: 1 Handling distribution of property 2 Avoiding probate 3 Minimizing estate taxes 4 Tax advantages 5 Designation of asset distribution

What is estate planning?

The part that takes care of all their living assets upon their death. Even for the professionals, it can be tricky and mistakes are possible. Estate planning components often overlap each other. Clients need to know what their wishes are in the event of their death to accurately execute estate planning.

What are the advantages of a revocable living trust?

The advantages of setting up a living will include: Handling distribution of property. Avoiding probate. Minimizing estate taxes. Tax advantages. Designation of asset distribution.

Can estate planning software be used for lawyers?

It’s important to remember that estate planning software is designed for planners. These are the lawyers who revel in saving themselves time. It can streamline the case and make it more efficient but it can’t do the entire case for you.

Is it time consuming to draft an estate plan?

Drafting all of the documents for a complete estate plan is time-consuming. But what if you forget one or two? Having the right software can ensure that all of the necessary documents get created.