Estate planning can be difficult to think about. In general, it makes people think about money issues that will come up during their lives and after they die. So, it’s very important to make sure that assets are handled wisely and that family members will receive inheritances without any problems.
Any lawyer can write a simple will for simple tasks like naming the beneficiary of a 401(k), but trust-and-estate lawyers with a lot of experience can help with more complicated cases with multiple trusts and heirs.
As you look for the best lawyer for your needs, these topics and the questions below are good places to start.
Starting the process of estate planning can be daunting. You’re not just preparing for the future, you’re confronting your own mortality. That’s why it’s so important to find an estate planner you connect with and trust. The initial interview is your chance to get a feel for the planner and determine if they’re the right fit.
Going in prepared with thoughtful questions will help the conversation flow naturally It also shows the planner you’ve done your homework and are taking the process seriously Here are 10 key questions to ask at that first estate planner meeting
1. How long have you been an estate planner?
This establishes how much experience the planner has. Look for at least 5 years of experience. An experienced professional will have seen different situations and developed strategies to create effective plans. They’ll also be up to date on changes to estate laws.
2. What’s your planning process?
A good planner will walk you through their step-by-step process It often starts with an in-depth discussion of your assets, goals, and concerns Then they analyze your financial situation and create a customized plan. Expect regular reviews and updates as laws and your life circumstances change.
3. How do you help clients reduce taxes?
Estate taxes can take a big bite out of an inheritance. A knowledgeable planner has strategies to minimize taxes so more assets go to heirs. This could involve trusts, asset structuring, and taking advantage of exemptions.
4. Do you handle estate administration?
Some planners also help executors administer estates. This streamlines the process and ensures your plan is executed properly. If not, ask for referrals to trusted estate attorneys.
5. Do you have experience with issues I should be aware of?
Talk about your biggest estate planning concerns – like providing for a special needs child or owning a business. See if the planner has successfully dealt with similar issues. Their experience level in your areas of concern is telling.
6. Do you have a niche or specialty?
Maybe you need help navigating the probate process, maximizing charitable deductions, or structuring your business succession plan. Find someone with experience specific to your situation.
7. How often do you review plans with clients?
Laws and life circumstances change. A proactive planner will have you meet periodically to keep your plan current. Be sure to ask how they bill for reviews.
8. How do you charge for your services?
Understand the fee structure upfront. Some planners charge hourly or a flat project rate. Others take a percentage of estate assets under management. Get an estimate of total costs to create and maintain a plan.
9. Could you provide some client references?
Reputable planners will gladly provide references from happy clients. Contact them to get candid reviews of working with the planner.
10. How accessible will you be after the plan is done?
Make sure the planner will be available to periodically review your plan and address new issues that come up. You want to know you can contact them with questions without difficulty.
Here are a few other tips for picking the right estate planner:
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Check credentials. Look for accredited professionals like attorneys, CPAs, and Certified Financial Planners®.
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Find a fiduciary. A fiduciary is ethically bound to act in your best interests.
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Trust your gut. This is a very personal relationship, so make sure you feel comfortable and confident in the planner.
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Interview several. Meet with a few qualified candidates before deciding. Comparing options always helps.
With the right estate planner partnership in place, you can rest assured knowing you’ve made thorough preparations to protect your loved ones and your legacy. While thinking about the future isn’t always easy, a pro can guide you through the process with expertise and compassion. Use this interview to start finding the estate planning professional that’s the best fit for you.
What Is Your Estate Tax Experience? How Can I Best Manage Estate Taxes?
As an example, the Tax Cuts and Jobs Act of 2017 increased the exemptions for estate tax and generation-skipping tax until 2025.
Do You Actually Execute the Plan?
Some lawyers merely draw up estate-planning documents, while others also execute the associated trusts. Usually, hiring a lawyer in the second group is a better idea because they can make sure that the right assets are put into the trust.
3 Important Questions to Ask Before Hiring an Estate Planning Attorney
FAQ
What is the key to estate planning?
What is the difference between will and estate planning?
What are some examples of tasks that would be considered estate planning?
Why is estate planning important?
How do estate planners interview clients?
Estate planners must focus on the interview aspects of the estate planning process as well as the estate planning process itself. To do this, estate planners must examine the client interview from standpoints of the interviewer and interviewee. We would like to share some open-ended questions that you may want to use when interviewing clients.
Can estate planning interview skills be identified?
Can estate planning interview skills be identified, taught and learned? The good news indeed is that, like technical estate planning knowledge, nearly every estate planner can learn and continuously improve their interviewing skills.
Can a psychologist interview an estate planner?
If psychologists, psychiatrists and social workers can organize, study, teach and learn interviewing skills tailored to their respective helping professions, then estate planners can as well. Estate planners must focus on the interview aspects of the estate planning process as well as the estate planning process itself.
What questions should I ask a prospective estate planning attorney?
Once you’ve located a prospective estate planning attorney, you’ll need to ask the attorney the following list of questions in order to determine if they’re truly qualified to help you: Is Their Primary Focus on Estate Planning?
