An Estate Planning Attorney is a legal professional who can help you create an effective plan for handling your affairs in the event of your death. This includes creating a will and powers of attorney, setting up a trust and other advanced directives. It also includes ensuring that your wishes regarding end-of-life medical care are carried out.
Getting an estate plan in place can be a complicated process, but it’s not as difficult as you might think. A well-planned plan will ensure that your loved ones are cared for and that your assets are transferred to those you want.
The first step in locating an estate planning attorney is to determine your needs. Most people have basic estate planning needs, such as drafting a will and a power of attorney. However, some individuals or families may need specialized legal work, such as business succession plans or international estate planning.
If you have these special needs, it’s important to find an attorney who specializes in the area of law that is relevant to your situation. An experienced estate planning attorney should be current with the latest estate and tax law changes to help you prepare an effective plan that meets your objectives.
You can find an estate planning attorney by asking friends and family for referrals. You can also look online for estate planning attorneys in your city and state. Many financial institutions, such as Fidelity, also have a list of Fidelity-vetted attorneys who can meet your specific needs.
Once you have a list of potential attorneys, it’s time to interview them. During the initial meeting, you’ll need to ask each of them a series of questions designed to evaluate their practice and whether they can handle your case.
In addition to questions about the attorney’s experience and qualifications, you’ll also want to determine what kind of fees they charge. Some charge an hourly rate, while others offer a flat fee for the entire process. The amount of the flat fee depends on the complexity and location of your case, as well as the level of experience of the estate planning attorney.
The cost of a will and power of attorney alone can range from about $100 to several hundreds, depending on the complexity of your situation. A more comprehensive plan, such as one involving a trust, can cost between $1,100 and $2,600 for an individual.
Your estate plan should be reviewed on an ongoing basis as life events happen, such as the birth of a child or the death of a spouse or significant other. Updating your estate plan after such events can prevent gaps and oversights in your documents that could be harmful to beneficiaries.
Make sure your attorney has the appropriate expertise in the areas of estate law, tax law and trust administration. Otherwise, your documents might not be valid, and you may be subject to unwanted tax penalties or other consequences.
You can also make sure your attorney stays up-to-date on the latest estate planning developments by looking for a member of an estate planning organization, such as WealthCounsel, which provides education and networking opportunities to its members.
