It’s a common misconception that only the affluent and rich need estate planning. Most people have a few basic assets – house, car, savings, investments, and life insurance. After you are gone, you would want the right people to get access to these assets. That’s exactly why you need estate planning. If you are wondering whether you need to hire an estate planning lawyer, you should know that the state and federal laws governing wills and trusts are often hard to understand. One wrong signature or a wrong sentence can have a detrimental impact on your efforts. Here are some things worth knowing and asking when meeting top rated estate planning lawyers.
Know the role of estate planning attorneys
It’s clear that estate planning attorneys have expertise and experience in handling power of attorneys, trusts, and wills, but what can you expect from a lawyer? An estate planning attorney will –
- Ensure that all the documents are drafted in sync with state and federal laws.
- Advise you further on how to deal with your assets
- Assist on selecting beneficiaries as per your expectations
- Customize the estate plan, trusts and wills as needed.
- Managing arranged administration of assets
- Review how estates that have tenants
- Guide on minimizing taxes and estate planning costs
Ask the right questions
While all estate planning attorneys need to have necessary qualifications, things may not be the same when it comes to experience and expertise. Ask these below-mentioned questions when you meet a lawyer-
- Will you handle my case personally? Many estate planning attorneys often allow their juniors or associates to deal with cases where the client may not need extensive assistance. Find a lawyer who is personally available.
- For how long have you been an estate planning attorney? Experience is key when it comes to finding an attorney for estates and wills, and you need someone who has handled cases in Texas and can offer references.
- Will you execute the plan? When it comes to estate planning, some lawyers just help with the documents and paperwork, while others are also involved in executing trusts. It depends on your requirements, but this is an important question.
Even if it seems that hiring an estate planning attorney is an expensive exercise, consider the same. You need to be sure that your assets are protected from the IRS and the beneficiaries get what they deserve when you are not around.