Estate planning can be a challenging process. In its entirety, it compels individuals to contemplate the financial matters that can occur while they are living and after they die. It is essential to ensure that assets get managed prudently. Also, it is necessary to make sure that the next generation family members should get the inheritances, without any incident.
An estate planning lawyer can help create a simple will for simple situations, such as naming the beneficiary for the 401(k). However, when you join hands with an expert lawyer, they can help you look through complicated situations that comprise several heirs and trusts. To know more about it, you can check out a law firm that helps with establishing estate plans.
Questions to ask your estate planning lawyer
The following set of questions will enable you to know about estate planning and decide if a lawyer is correct for you or not.
Do you focus primarily on estate planning?
You should go ahead with the lawyer if he or she answers a direct yes to the question. An estate specialist needs to stay updated with all the changes to the legal statutes. They should also have the strategic knowledge to word your documents as efficiently as possible.
For how long are you practicing?
It is essential that you should opt-in for an experienced lawyer. These attorneys will have witnessed immense challenges from the court or IRS. They will know how to overcome any hurdle and ensure you proceed correctly in your estate planning.
Are you in charge of executing the plan?
There are a few lawyers that draws-up the estate planning documents. On the other hand, others implement the associated trust. It is better to get a lawyer who belongs to the latter category. They will be able to make sure that the right assets get transferred to the trust.
Do you carry out periodic reviews?
If you pay a small fee, there are estate planning lawyers that will annually or semi-annually review the affairs. It might be essential, as your plan’s changes might be crucial if you witness any life changes or modifications in your finances. The new legislative amendments might also change certain aspects of estate planning.
Several estate planning lawyers charge flat fees instead of billing every hour. Others do both, where they end up charging a fixed rate for services like creating a trust. Also, they charge on an hourly basis for specialized tasks like research. However, it’s smart to ask about the compensation type beforehand so that you stay prepared.
What are the other issues that you address?
With the increase in life expectancy, the chances of long-term mental and physical health issues also increase. The estate planning lawyers must assist the clients fiscally to prepare for dementia or disability chances by drawing up the powers of attorney, living wills, and healthcare directives.
These are some of the probable questions that you can ask your estate planning attorney. The answers will help you decide better!