8 Tips to find the right estate attorney
Many people would rather not contemplate estate planning, especially those with a considerably small estate, because it seems like it will take a lot of effort and money from finding an estate attorney to planning a will.
On the other hand, you cannot leave anything to chance. Your estate plan involves everything you own that goes to your loved one after your death.
Many difficult decisions, right?
The right attorney will take care of all the estate planning aspects like drafting a will and wishes, health care proxy, power of attorney, or creating a trust as per your need. An estate planner can help you prevent crucial missteps and assist you in adjusting your plans and assets as your circumstances, and laws change.
So how do you find the right estate-planning attorney who can get you through the entire process and make everything simpler? Here is a list of tips to help you find the right one.
8 Tips to finding the right estate planning attorney
The decision certainly shouldn’t be made based on advertising alone. Look for an estate-planning attorney with experience, fees that match your budget, and organizational associations.
Look for a Specialist
You would need to ascertain between the lawyers who say they do estate planning and lawyers who do. Start with “Do they practice exclusively in this area of the law?”
Specialization is the primary attribute of any lawyer, and clients should approach them with questions regarding their specialization and experience. Not all attorneys specialize in estate planning. Hence, you will want to find one whose primary focus is estate and trust law.
Some of the reliable sources to find the accredited estate-planning attorney are;
· National Association of Estate Planners & Councils’ website
· American Academy of Estate Planning Attorneys
Once you have found a few possibilities, do not hesitate to ask the estate planner for references. Speak to those clients to get a feel of what it will be like to work with this pro and the quality of the planner’s work.
The specialists are more likely to be aware and updated about the current law and changes in the practice area.
Get a Referral from an Attorney or Advisor
Asking an attorney with any specialization is the best way to find the right estate-planning attorney because an attorney would be familiar with or have worked with an estate attorney at some point in time. If you know an attorney, you should consider making them the first point of reference for finding the estate-planning attorney.
· As an option, you should start by asking someone who already knows you, such as your financial adviser or accountant. Many financial advisors view estate planning as an essential part of their client’s overall financial goals; hence, these advisors have one or more estate lawyers in their circle.
· Your local or state bar association is another source to look for reputable referrals. You can ask the local probate court and consult other attorneys as well.
Once you find your matches, you should start looking for their experiences, cost, and availability.
Beware of Internet Directories
When you start searching for attorneys on the web, such as in Google.com, cheap internet directories advertising different lawyers often occupy the primary search results.
Once you land inside these directories, you will start being solicited from the first Go. Hence, you need to be aware of these sites.
Most of these directories are just like Yellow Pages that don’t provide customer feedback, ratings, and third-party verifications. This means they are simply an advertising site.
Do not fall for the trap laid out by these sites. Always look for verified sources to find the right lawyers.
As about the Attorney’s experience
Any attorneys can call themself an estate planner, even if they have zero qualifications or experience in estate planning. It is your job to find the right estate planner with appropriate qualifications and experiences.
Look for an estate-planning attorney with at least 7 to 10 years of estate planning, probate, and trust law experience. Ensure that the attorney has experience with high net worth clients. This is more essential for clients with vast and diverse estate. (If your estate involves international holdings or a non-citizen family member, seek out someone with experience in those areas, too.)
An estate planner with handy knowledge of finance and estate taxes is a must. You should find someone who has learned about finance and law because assets management and law are integral parts of estate planning.
An experienced financial planner devotes their practice to estate planning; hence, they make you feel comfortable sharing intimate details of your life and concerns without hesitation. They are also well versed in their specialization and stay up-to-date with the laws of your state.
Ask What and How, the Estate Planner Charges
Be prepared to pay to have your simple estate plans created. Remember that you’d be paying for the attorney’s expertise and knowledge of estate laws as well.
The total fees can vary quite a bit, depending on the plan each client decides to implement.
· An attorney may charge either a flat fee or an hourly rate. Negotiate for a flat fee over the hourly rate. As a rule of thumb, these lawyers typically have hourly fees of $250 to $550.
· The typical fee range from $2,100 to $5,000 for a simple estate and complex estate, respectively.
· For a married couple, typical fees range from $3,200 to $9,000.
The typical fee includes funding the client’s residence, brokerage accounts, another real estate, changing beneficiaries’ life insurance policies, and changing beneficiaries on retirement accounts.
Ask About Support Staff and Succession Planning
When selecting your estate attorney, you should inquire about the lawyer’s support staff. An estate-planning attorney often has a highly skilled team to ensure the quick turnaround of documents and timely communication with you.
Is this the reason why many clients prefer hiring a larger firm to a single-person firm, knowing that no matter what happens to their particular lawyer, someone will be there to take over, if necessary?
Look for the Counselor in a Lawyer
Beware of an estate-planning attorney who only hands you a checklist and is done with it.
Your estate plan should be crafted for your unique circumstances; hence good in-person consolation is necessary from the attorney. You need an attorney who will listen and who can explain the law clearly. You want someone who can help you figure out who should be your trustee, who should make health decisions, how to untangle the complex relationships of children from prior marriages, and more.
Attorneys used to be called “counselors at law,” and the counseling aspect is still important.
Does the Attorney Carry Malpractice Insurance?
When clients feel their case has been handled wrongly or unprofessionally, they could file a professional negligence lawsuit. An attorney who has taken a legal malpractice insurance policy indicates the sign of accountability.
Let’s say this is the insurance that lawyers take hope never to use it.
Anyone can make a mistake, including experienced lawyers, but you should not be the one to bear the brunt.
Attorneys that are incorporated (often signified by the letters P.C. or A.P.C. after their firm name) must maintain malpractice insurance in the state of California as mandated by the California State Bar Association. Many states do not require lawyers to carry malpractice insurance, but it’s always good to check if your estate-planning attorney has one.
For more information please check this infographic.
If you want things to go exactly as you intended, it is essential to find the help of an experienced estate planning attorney. Take the time to find and hire a professional and respected attorney in your area. Get in touch with Mark Gray Law PLC, the best estate-planning attorney in Ankeny.
