Estate planning

The most important questions to ask a real estate planning attorney | Dunlap Bennett and Ludwig plc


Estate planning involves discussing personal topics such as family, finances, and future goals. A well-designed estate plan will preserve your heritage for generations to come. Therefore, creating an estate plan is one of the most important things you will ever do. As a result, it is essential to choose a knowledgeable and qualified estate planning attorney that you trust. You should know what questions to ask to choose the right estate planning attorney.

7 questions to ask:

The following questions will help you evaluate estate planning attorneys to determine which attorneys are right for you.

1. What is your experience in estate planning?

When interviewing potential attorneys, the first step should always be to inquire about the attorney’s experience. This inquiry includes asking how long they have been in practice and whether they specialize in estate planning. It is essential to choose an attorney who has the skills, knowledge, and experience necessary to meet your needs and goals, and one who stays abreast of changes in the law that may affect your estate plan.

While a general practice attorney may be able to draft a simple will, more complex estate plans, such as those involving multiple trusts, unique assets, heirs in different states or countries, or other complex situations, require an attorney with additional experience. .

In addition, it is a good idea to inquire about what kind of education and training the attorney has received in this field and whether he or she has any specialized knowledge or certifications.

2. What does the real estate plan include?

An estate plan includes more than just a will. Each person must have several essential documents as part of a comprehensive estate plan. These estate planning documents include a will and last will, a durable power of attorney for financing, and an advanced medical directive that includes a living will and power of attorney for health care.

A well-designed real estate plan must accommodate each client’s unique circumstances, and one may need additional documents. For example, if you have family members who are disabled or disabled, you may need to: Confidence in complementary needs. If you have young children, you may need to appoint a trustee and set up a minor trust fund to keep your children’s money until they are older.

In addition, if you own many assets, such as businesses, real estate, or intellectual property, your estate plan may also need to include other types of trusts to better preserve those assets. Furthermore, you may need to repossess assets, take out a life insurance policy, or designate beneficiaries on specific accounts.

3. How long will it take to create an estate plan?

Creating an estate plan can be long and complicated, ranging from weeks to months. The time it takes to complete the plan will vary according to the client’s wishes, personal circumstances and assets.

Individuals must understand how long it may take to create and finalize their estate plan. An experienced attorney should be able to discuss the timing around the estate planning process and provide an estimate of the total duration.

4. How are estate planning fees collected?

Compensation models for estate planning work can include flat fees, hourly rates, or both pricing methods. Attorneys typically charge a flat fee for estate planning rather than an hourly rate. However, each estate plan is different and therefore involves different amounts of work and may incur additional costs.

A good estate planning attorney will first require an initial consultation to understand and evaluate your needs and what types of estate planning documents will best suit your specific goals before they can set a fee. They may also charge additional fees depending on the complexity of your estate plan, the number of documents they will need to draft, or specific tasks that take longer than expected. Other costs may include filing fees and court costs.

Inquiring about a potential estate planning attorney’s compensation model and having a clear understanding of how they charge will help you decide if the attorney is right for you. It will also inform you of your financial obligations from the start and prevent any potential confusion in the future.

5. Does your practice include probate?

Although estate planning and a will are two different things. Estate planning involves preparing for the future with the right legal tools, and a probate is the legal process that involves handling an individual’s affairs after death. In other words, estate planning involves arranging how property, money, and assets will be distributed, while bequest is the process of distributing those things.

A will can be tedious, time consuming, and expensive if the individual did not have an estate plan at the time of their death. Many people seek to avoid probate, and it is important to find an attorney who understands how wills work and how to design your estate plan to avoid probate and minimize estate taxes.

6. Will you communicate with other advisors?

Designing a comprehensive estate plan often requires input from and coordination with various advisors. This coordination may require working with other attorneys, financial advisors, and tax professionals to obtain a complete and accurate picture of all of the client’s assets and liabilities.

To ensure that your estate plan addresses all relevant areas, individuals should ask potential attorneys about the need to communicate or work with advisors and other professionals and what that process might entail.

7. Will my estate plan be updated if my circumstances change?

Individuals looking to create an estate plan should keep in mind that it may need to be updated or revised over time. Changes in circumstances, such as real estate purchases, shifts in family dynamics, retirement, and other significant life events may require that real estate documents be amended or rewritten.

Individuals should seek out an attorney who is willing to conduct periodic reviews of their estate plan, identify the need for revisions, be available to discuss changes, and ensure that documents are accurate and current.

Where can you find an attorney for your estate planning needs

Individuals must clearly understand all aspects of their estate plan. An experienced estate planning attorney can provide valuable information about the estate planning process, including the different legal tools used and any tax consequences. They can properly draft all legal documents to maximize wealth and meet clients’ expectations.

Asking the right questions up front will help you feel confident that you have chosen a qualified professional to handle your estate plan efficiently, effectively, and accurately.

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