what questions to ask an estate attorney

It is important to ask the estate lawyer questions related to the ongoing expenses and upkeep of the property, such as:

• Is there a mortgage?
• Are there any association fees?
• How much does electricity, water, landscaping, insurance, taxes, and the general upkeep cost?

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What are the best questions to ask a lawyer?

Don’t hesitate to ask your attorney questions such as:

• What is the timeline of this process?
• What sort of paperwork must I have prepared for closing?
• What do I need to arrange with my bank/ mortgage lender?
• What available funds must I have in my bank account?

What should you look for in an estate planning attorney?

• Creating a will
• Designating your beneficiaries
• Establishing durable power of attorney and medical durable power of attorney
• Finding ways to reduce and avoid estate tax when possible
• Finding ways to avoid the probate court process

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Do I need an attorney to administer an estate?

You may also see an estate lawyer called an estate planning lawyer, an estate attorney, or an estate planning attorney. 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.

What are the qualities of a good estate planning attorney?

■ Possesses excellent communication and counseling skills, so you feel comfortable sharing your life’s intimate details and concerns. ■ A good lawyer is committed and passionate in practicing the estate planning area of law as evidenced by the number of estate planning clients handled.

What are the four important estate planning factors?

What Are the Four Important Estate Planning Factors?A Will. A will stipulates who you want to receive your assets when you pass away. ... A Trust. With a trust, you can avoid a lengthy process called probate. ... Power of Attorney. ... A Living Will. ... Getting in Touch With Legacy Law Group.

What are the disadvantages of a trust?

One of the disadvantages of a Trust are that Trusts are very difficult to understand. Historically, trusts used language that was specific to the legal field. For those that were not trust and estate lawyers, it was almost impossible to understand.

What questions should I ask when making a will?

5 Questions to Ask Before Writing Your WillHow should I express my intentions? ... Who makes sure my intentions are carried out? ... What is a trust? ... How much inheritance tax will my heirs owe? ... What if I want to leave money to charity?

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 3 types of trust?

With that said, revocable trusts, irrevocable trusts, and asset protection trusts are among some of the most common types to consider. Not only that, but these trusts offer long-term benefits that can strengthen your estate plan and successfully protect your assets.

Who owns the property in a trust?

TrusteesTrustees. The trustees are the legal owners of the assets held in a trust.

What to know before writing a will?

6 Things to Think About When Creating a WillWho Will Be Your Executor? ... What Property Do You Own? ... Who Will Be Your Beneficiaries? ... Choose a Legal Guardian for Minor Children. ... What Will Happen to Your Pets? ... Protect Your Digital Legacy. ... How to Make a Will. ... Final Considerations.

Will V trust?

A will is a legal document that spells out how you want your affairs handled and assets distributed after you die. A trust is a fiduciary arrangement whereby a grantor (also called a trustor) gives a trustee the right to hold and manage assets for the benefit of a specific purpose or person.

What questions should I ask an estate planner?

To help ease your concerns and get you on the right path, here are answers to 10 of the most common estate planning questions.Question 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.More items...•

What are the disadvantages of putting your house in trust?

The Cons. While there are many benefits to putting your home in a trust, there are also a few disadvantages. For one, establishing a trust is time-consuming and can be expensive. The person establishing the trust must file additional legal paperwork and pay corresponding legal fees.

What happens when you inherit money from a trust?

The trust itself must report income to the IRS and pay capital gains taxes on earnings. It must distribute income earned on trust assets to beneficiaries annually. If you receive assets from a simple trust, it is considered taxable income and you must report it as such and pay the appropriate taxes.

How do trusts avoid taxes?

For all practical purposes, the trust is invisible to the Internal Revenue Service (IRS). As long as the assets are sold at fair market value, there will be no reportable gain, loss or gift tax assessed on the sale. There will also be no income tax on any payments paid to the grantor from a sale.

Does a trust pay taxes?

Does a trust file its own income tax return? Yes, if the trust is a simple trust or complex trust, the trustee must file a tax return for the trust (IRS Form 1041) if the trust has any taxable income (gross income less deductions is greater than $0), or gross income of $600 or more.

Why do you need an estate attorney?

You hire an estate planning attorney because things like appraising the value of your properties, filing taxes, and transferring titles to your kin are not that simple. Depending on where you live, some federal-state rules and taxes need arranging through a plethora of documents. Estate planning attorneys can assist you in making a will, ...

What can an estate planning attorney do?

Estate planning attorneys can assist you in making a will, appointing your beneficiaries, finding a way to reduce taxes, and setting up trusts. Legalizing asset distribution will avoid conflicts between family members in the future.

When to start estate planning?

The best time to start estate planning is when you have reached several milestones in your life. These may include purchasing property, having a savings account that has grown significantly, marriage and having kids, or when you received a significant inheritance.

What do estate planners do?

People have a misconception that estate planners only help to draw up a will and make it legal. The fact is, they can do more extensive work, from planning to execution. According to lawyers at www.huberfox.com, it helps if the attorneys you choose can assist in other related cases such as: 1 probate and trust administration 2 designating a financial power of attorney 3 trust and estate litigation 4 designating a medical power of attorney 5 determining one’s legacy

How much does estate planning cost?

A safe estimate on the cost of estate planning would be around $1,000 again, depending on how complicated the situation is. Some will offer a consultation package, so you need to ask about these things before you start asking estate-related questions.

How long does it take to draw up a will?

Your lawyer will probably tell you that it depends on how extensive you want your estate plan. Drawing up a simple will can be done in a few days. If you have numerous properties and tax situations are complicated, it might take several meetings with lawyers, financial advisors, and other related professionals to finalize the will.

What to do if your lawyer is not available?

You want to make sure that if your lawyer is not available to answer a question or has an emergency, there should be someone in their office who can assist you.

How long have you been practicing estate planning law?

Experience matters, and you’ll want to find an attorney who has at least several years of experience in estate planning. Ideally, your attorney will also have experience seeing an estate plan come into effect after a client’s death. First-hand experience of how an estate is actually executed can be invaluable.

How long will it take you to complete my estate planning project?

As with any legal issue, your attorney should clearly explain the process to you. If you’re tackling your estate plan early enough, typically there is no rush. But that may not always be the case.

Will you send me my estate planning documents to review?

Your attorney should send you your estate planning documents to review before finalizing them for signing and execution. Some actions can be irrevocable (see “irrevocable trust”), and you want to make sure that all of your wishes are accurately reflected in your documents before singing them.

What happens if you retire or move on to a different firm?

It is entirely possible that your estate planning attorney may retire or move to a different law firm before you pass away. You’ll want to make sure that your attorney has a plan in place to notify clients like you of any such changes. This is even more important if you have your attorney store the original copy of your will for safekeeping.

Why is it important to review your estate plan?

So it’s important to periodically review your estate plan to ensure it is up to date. Some estate planning attorneys will offer for a small additional fee to semi-annually or annually review your estate.

Is an estate plan a one time exercise?

Putting in an estate plan is typically a one-time exercise, so you want to ensure at the outset that your plan covers the broader picture of your financial and personal life. From there, periodic reviews to make updates are typically sufficient.

Do estate planning attorneys review estates?

Some estate planning attorneys will offer for a small additional fee to semi-annually or annually review your estate. This is a great option, and you should consider using an attorney that offers this. It may seem unnecessary at first blush, but think of it as annual insurance for your estate. At the right price, this additional service is well ...