When deciding on an estate lawyer, ask these questions

Planning your estate may be daunting, especially if you have no idea where to begin. To get your estate plan off on the right foot, consider consulting an estate planning attorney to help you get started. Doing so could save you and your loved ones a considerable amount of time and money when settling your estate. To do this, you must ask certain questions before hiring an attorney to determine if he or she is a good fit for you. Below are a list of questions to ask potential candidates.

1. Is your primary focus on Estate Planning?

Lawyers often have various practice areas with a focus on a specific area. If you have a complicated financial or family situation, you will need to work with a lawyer whose primary focus is estate planning. Similarly, if you have a taxable estate, you should work with a lawyer whose focus is on estate tax reduction. 

On the other hand, if you want to draft a simple will, healthcare document, or any other basic document, you do not need a sophisticated estate planning lawyer. In this situation, working with an attorney whose practice is broad (but encompasses estate planning) will be fine. 

2. How many years of experience do you have?

Although you may find many diligent attorneys with relatively little experience, keep in mind that the more years of experience the attorney has, the more they will have had the opportunity to see estate planning documents in motion when clients die or become disabled.

Furthermore, attorneys with more prior experience with clients will be able to easily tailor documents to your needs because they have done several times before.

3. Do you charge flat fees or hourly rates?

Most estate planning attorneys charge flat fees for a majority of their services. However, you must ask this question before starting to work with your lawyer so that you are not surprised by hidden costs. If your lawyer charges a flat fee, you might also want to ask what the flat fee covers and when additional fees are incurred.

4. Should I have a living will or a medical power of attorney?

This question is important to ask if you currently have medical problems or see yourself prone to certain health issues in the future. A living will specifies whether or not you want life-sustaining medical treatments in the event you are terminally ill or in a persistent vegetative state. Broader than this is a medical power of attorney. This is a document that gives someone else the right to make medical decisions for you if you are unable to make those decisions for yourself.

5. Do I need a durable power of attorney?

A solid estate plan usually contains a durable power of attorney, which allows someone else to make financial decisions for you in the event you are unable to do so. While you are alive, they are allowed to pay bills or sell certain assets for you. If you are unsure of whether or not you need this for your estate plan, make sure to ask your attorney before making a decision.

6. Should I consider a trust?

Trusts are a great way to protect your assets from probate and put your family or loved ones in a secure position after your passing. If you are unsure whether or not you should set up a trust, you should talk to your lawyer about any concerns or questions. Also, make sure to ask your lawyer which trust he or she recommends for your situation. There are so many different trusts, which means that it may be difficult for you to choose the right one without the help of an attorney. 

6. Do you provide assistance with funding assets?

Attorneys may be skilled at setting up the perfect estate plan, but they often fail to help you out in the execution process. Working with an attorney who is able to oversee the funding process is key because there is a high chance you will not be able to complete the necessary funding alone. This is an important issue because even a well-drafted trust will be useless if it fails to contain any assets.

7. Do you have a formal updating and maintenance program?

Some estate planning attorneys think of their work as a one-time transaction, where they complete the work requested in a set timeframe. They end the relationship with the client after the period has ended. But others will keep in contact with their clients (usually for a nominal fee) to notify them of new estate planning techniques or changes in laws. This will let you know of any changes you need to make to your estate plan and will ensure that your estate plan is up to date.

The last question you need to ask is not one for the attorney but for yourself:

Can you see yourself working with this attorney?

Feeling comfortable around the attorney is more important than you realize because you will need to share all the intimate details of your life with this person. You definitely want an attorney who you can work with and trust throughout the process.

Finding the right attorney is hard, but feel free to make use of the concierge service here at peacefully if you require any assistance or have any further questions. We assist with referrals to trusted professionals, offer case-specific advice, recommendations, and coordination for you. For more about our concierge service or to schedule a free consultation, click here.

— Lucy Jung