questions to ask when interviewing an estate attorney

• “What percentage of your practice is devoted to Probate, Trusts, & Estate Planning Law?”
• “How long have you personally been doing estate planning?”
• “What is your estate planning process?”
• “What will you need from us?”
• Refer to an area of concern and ask about how they’d handle it. ...
• “Will you write general, financial and/or medical powers of attorney for us?”
• “Do you provide Health Care Directives?”
• “How often do you recommend that we get together to review these documents after they’re written?”
“How will I know if a change is necessary due to a change in estate or tax law?”
“How do you charge for estate planning?” (example: flat fee for the documents, hourly charges for re-titling assets)
“What do your fees include?'
“What services are not included in that fee?”
“Does your fee include a regular review of my legal documents?”
"How do you go about communicating with my other advisors (financial planner/CPA)?"

Full Answer

What are the best questions to ask a lawyer?

what specific questions to ask to ensure a good fit for you and your family; what to look for in their background, experience and references; how to determine costs and what an estate plan should include; how long the process should take to create a comprehensive and customized estate plan; An excerpt…

What should you look for in an estate planning attorney?

Feb 27, 2013 · Below is a list of 14 questions that Mission Financial Planning has created for interviewing a prospective estate attorney: “What percentage of your practice is devoted to Probate, Trusts, & Estate Planning Law?” “How long have you personally been doing estate planning?” “What is your estate ...

How do I hire an estate attorney?

Oct 01, 2019 · 100 Questions to Ask in an Estate Planning Interview. by L. Paul Hood, Jr. and Stephan R. Leimberg

What should I ask before hiring an attorney?

Nov 06, 2017 · How To Interview An Estate Planning Attorney 1. IS ESTATE PLANNING YOUR PRIMARY FOCUS? If your estate is expansive or complicated, you’ll want an attorney whose... 2. WILL YOU SEND ME DOCUMENTATION TO STUDY AND REVIEW? If you’re like most people, you probably have little experience... 3. WILL YOU ...

What are some good questions to ask an attorney?

In Order to Move Forward With Any Lawyer, First Ask These Ten QuestionsHow Long Have You Practiced Law? ... What Types of Cases Do You Manage? ... Who's Your Typical Client? ... How Many Similar Cases Have You Taken On? ... What Kind of Special Training or Knowledge You Have Outside Your Law Degree? ... What Are Your Fees and Costs?More items...

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.

What questions should I ask about a trust?

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...

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 does an estate plan consist of?

Planning tasks include making a will, setting up trusts and/or making charitable donations to limit estate taxes, naming an executor and beneficiaries, and setting up funeral arrangements.

How do you avoid probate?

How can you avoid probate?Have a small estate. Most states set an exemption level for probate, offering at least an expedited process for what is deemed a small estate. ... Give away your assets while you're alive. ... Establish a living trust. ... Make accounts payable on death. ... Own property jointly.

What questions should I ask an estate planner?

10 Common Questions in Estate PlanningQuestion 1: How is my property transferred at death? ... Question 2: What happens if I die without a will? ... Question 3: I was listed in the will as a beneficiary of certain assets. ... Question 4: What is estate planning? ... Question 5: I heard that the estate tax will be repealed.More items...•Jan 25, 2020

What is the difference between a revocable and irrevocable trust?

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.

What is an irrevocable trust?

An irrevocable trust is simply a kind of trust that cannot be changed or canceled after the document has been signed. This sets it apart from a revocable trust, which can be altered or terminated and only becomes irrevocable when the trust maker, or grantor, dies.

What assets Cannot be placed in a trust?

Assets That Can And Cannot Go Into Revocable TrustsReal estate. ... Financial accounts. ... Retirement accounts. ... Medical savings accounts. ... Life insurance. ... Questionable assets.Jan 26, 2020

What does putting a house in trust mean?

Trust property refers to the assets placed into a trust, which are controlled by the trustee on behalf of the trustor's beneficiaries. ... Estate planning allows for trust property to pass directly to the designated beneficiaries upon the trustor's death without probate.

Is it advisable to put your house in trust?

With your property in trust, you typically continue to live in your home and pay the trustees a nominal rent, until your transfer to residential care when that time comes. Placing the property in trust may also be a way of helping your surviving beneficiaries avoid inheritance tax liabilities.Nov 18, 2020

Why is the initial interview so critical in estate planning?

There is wide agreement among estate planners that obtaining accurate, complete information is critical to fashioning a proper estate plan and keeping the estate planner shielded from malpractice.

B. Your parents and other ascendants (e.g., grandparents, etc.)

19. Are either (or both) of your parents still living? If either is living, has either one of them ever taken up a new life partner who is not your parent? If so, how do you feel about that?

C. Your spouse or life partner

23. If you have a life partner, please describe the present status of your relationship, including how long it has lasted.

D. Your siblings

33. Do you have siblings? If so, please describe your present relationship with each sibling, including a description of any events that caused disruption or severance of any relationships with them.

E. Your children

37. Do you have children? If so, please describe each child as well as the present status of your relationship with each child and the reason for your feelings in this regard, including your feelings about whether you have favored a child over the others.

F. Past experiences with estates or trusts

42. Are you, do you expect to be, or have you ever been, the beneficiary of an estate or trust? If so, what was your experience, and how has that experience impacted your own estate planning?

What to ask an estate attorney about estate planning?

If possible, ask your attorney to provide referrals of former clients to see how they rate the attorney’s professional standard, services and work ethic.

Do you need to review wills and trusts?

As such, you may need time to review documents after they’re prepared to make sure they accurately represent your interests . A good attorney will respect your wishes and do all he or she can to ensure you’re comfortable and happy with his or her work.

What is a living trust?

Living trusts make it easier to pass on assets to beneficiaries without going through probate. With a revocable living trust, you can continue to benefit from your assets while you’re alive and have them transferred to your beneficiary upon your demise.

Do estate attorneys review documents?

Some estate planning attorneys are more thorough in their job than others. In addition to drafting your legal documents, they will provide annual or semiannual reviews of your documents to see if modifications are needed to accommodate changes in estate planning laws or your personal situation.

Do attorneys charge by the hour?

Some attorneys charge a flat fee while others charge by the hour. If your attorney charges a flat fee, be sure to get a written account of what services this fee covers to avoid being hit with hidden fees and costs for “additional services” later down the line.

Is Their Primary Focus on Estate Planning?

This question may or may not be important to you from the standpoint that if all you need is a simple will, power of attorney and health care documents, then a seasoned and sophisticated attorney may not be right for you.

How Many Years of Experience Do They Have?

The more years of experience the attorney has - whether the attorney is a generalist or primarily focuses on estate planning - the more the attorney will have had the opportunity to see their essential estate planning documents in action when a client becomes disabled or dies.

Do They Have Flat Fees or Hourly Rates?

This is an important question to ask so that you won't be surprised by hidden fees and costs. These days the majority of estate planning attorneys charge a fixed fee for most, if not all, of their services. This will give you the peace of mind to know that the flat fee is all that you'll be required to pay.