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?
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That’s why we’ve done the legwork for you in our new guide, “7 Questions to Ask Before Choosing an Estate Planning Attorney.”. Download, print, and take it to each consultation you schedule. We’ve even included space to write notes, plus our own answers to the questions. Like we said, one less box to check!
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1. Do they focus exclusively on estate planning? At Phelps LaClair, estate planning is all we do. We don’t just dabble in estate planning while practicing other areas of law. 2. How long have they been in business and how many estate plans have they set up? Phelps LaClair is a well-established Arizona law firm of more than 40 years, and all of those years have been devoted …
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 Question 5: I heard that the estate tax will be repealed.More items...•Jan 25, 2020
Questions to Ask Your Lawyer During a Consultation1) What kind of experience do you have with similar cases?2) What would be your strategy for my case?3) Are there any alternatives to going to court?4) What are my possible outcomes?5) Who will actually handle my case?6) What is my role in my case?More items...•Jan 29, 2017
It is especially important that older Americans begin this important part of planning. Five documents typically make up the estate planning lineup: Financial Power of Attorney, Medical Power of Attorney, Living Will, Will, and Living Trust.Dec 26, 2018
When deciding the assets you want to leave for your beneficiaries, consider their age, financial status, and gift or estate tax. An accurate evaluation of the person's financial situation is the foundation of a well-rounded estate plan. Collect documents related to your investments and every asset that you own.
If you are interviewing virtually, all of these tips apply.Do your research. Lawyers are known for being good researchers. ... Be presentable and dress your best. ... Come prepared to ask questions. ... Be personable and show enthusiasm. ... Be genuine. ... Promptly send a thank-you note.Oct 28, 2020
Below are ten questions to ask your potential lawyer.How long have you practiced law? ... What type of cases do you generally handle? ... Who is your typical client? ... How many cases have you represented that were similar to mine?More items...•Apr 13, 2018
This online program includes the tools to build your four "must-have" documents:Will.Revocable Trust.Financial Power of Attorney.Durable Power of Attorney for Healthcare.
A 10 point Will preparation checklistStep 1: Get down to basics. ... Step 2: Get a ballpark of your assets. ... Step 3: Get a general sense of your debts. ... Step 4: Choose a guardian. ... Step 5: Choose an executor. ... Step 6: Make a list of specific gifts. ... Step 7: Make a list of beneficiaries.More items...•Oct 13, 2020
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.
The Will and the Way: 5 Key Elements of a Good Estate PlanWill. A will is probably the first document you'll think of when preparing your estate plan. ... Trusts. Trusts are legal arrangements that hold assets on behalf of a beneficiary or beneficiaries. ... Power of Attorney. ... Health Care Directives. ... Beneficiary Designations.Sep 30, 2015
The Estate Planning Process: 6 Steps to TakeCREATE AN INVENTORY OF WHAT YOU OWN AND WHAT YOU OWE. ... DEVELOP A CONTINGENCY PLAN. ... PROVIDE FOR CHILDREN AND DEPENDENTS. ... PROTECT YOUR ASSETS. ... DOCUMENT YOUR WISHES. ... APPOINT FIDUCIARIES.Mar 2, 2020
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.
When you meet with a lawyer for an initial consultation, you get to hear them talk and see how they handle questions. As a possible client, they are going to roll out the red carpet for you.
If you purchased a house but the home inspector and selling agent lied, you'll need to take them to court.
The future of your real estate transaction depends on the questions you ask. A real estate attorney who answers confidently can make your life easier. The right real estate legal professional can answer your questions, review documents, and argue cases for you in court. Don't wait any longer. Get the right attorney who will fight ...
Getting passed off to another lawyer doesn't feel personal or helpful . Real estate cases can be humiliating. People who are guarded about their personal dealings and transactions don't want lots of strangers knowing their business.
An experienced attorney should be able to tell you which nuances of your case may cause delays and how to plan for them. Knowing this information in advance can help you obtain any necessary paperwork in advance, saving time. 6.
Some attorneys know immigration very well, others are proficient with criminal law, yet others primarily focus on real estate closings. When hiring a probate attorney, ask them (or look at their website) about other areas of law they practice.
Revocable living trusts are often used as a way to avoid probate. You establish a revocable trust while you are living to manage your assets. Your lawyer drafts the document for you and then you retitle most of your assets in the name of the trust. You can use the income, or principal if needed, from the trust during your lifetime to meet your needs. If you later change your mind, the trust can easily be amended to accommodate changes. You typically appoint yourself as trustee, but you can appoint a trusted friend, professional advisor or bank trust department as your trustee.
durable power of attorney is considered a staple of any solid estate plan. This document allows you to name someone else to make financial decisions for you, such as paying bills or selling your car, should you become incapacitated and unable to make them yourself. It ends upon your death.
Among the most important skills of an estate or financial planner is the ability to know the client, to understand who the client is, where that client stands in relation to the objectives (stated or unstated, realized or subconscious) he/she may have, and what things have to be done to move the client closer to the realization of these goals.
The processes of engagement, data gathering, understanding, and assessment are actually parallel processes.
The good news indeed is that, like technical estate planning knowledge, nearly every estate planner can learn and continuously improve their interviewing skills. If psychologists, psychiatrists and social workers can organize, study, teach and learn interviewing skills tailored to their respective helping professions, ...
1. Decide whether you need an attorney. If you own very little real estate or personal property, you may be able to use a document kit and plan your estate on your own. However, if you own real estate, have retirement or investment accounts, or own your own business, you should seek professional legal assistance.
Planning your estate involves deciding what will happen to your personal property and real estate after you die. The law provides a default scheme for disposing of property, but relying on that involves a lengthy court process and potentially hefty tax consequences for your heirs. The alternative is to plan things out ahead ...
1. Have a preliminary phone consultation. Many attorneys will hold a brief interview with you over the phone. Since these take up less time and require less effort than in-person consultations, you can talk to more attorneys this way and use the phone interviews to narrow your list of possible contenders.
Many factors will affect the cost of your estate plans, including the experience of the attorney, the type and amount of assets you have, and the complexity of any tax planning. Each attorney should be able to explain clearly how costs are assessed and how rates are computed.