An estate planning attorney is someone who’s best to be consulted when you’re thinking of the ways to get your property and estate planning in the best way to reduce the hassle in the future. These people are highly experienced in handling estate laws, planning them in the best way for you, and continuing legal education.
Who is an Estate Planning Attorney?
A real estate planning attorney is a well-experienced lawyer in the field of estate laws. They are well-versed with state and federal laws. They learn and understand your whole background to develop methods to avoid or mitigate estate taxes.
An attorney also has the duty of securing your assets and properties by the use of their knowledge of estate laws so that the estate can be protected against beneficiaries’ creditors. So, in case, there are people who might be willing or are trying to get over the control of your property then the estate planning attorneys can find out ways to avoid it so that your estate can only pass up to the people that you wish and that are deserving of it.
They prepare a power of attorney and health care directives for people who can take care of your affairs in case you are not able to, such as in case of being ill or such. In these cases, you need someone to make the right decisions for you, so this kind of person is assigned by your estate planning attorneys.
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What Does an Estate Planning Attorney Do?
Their main job is to help you set up a will and also to set up a trust. So, they help you prepare for the end of your life where you might not be able to transfer your estate to those whom you want it to be transferred. It’s best to have all these things sorted out early in life so that you and your loved ones don’t have to worry about it in the future or after you pass away.
After your death, the legal issues of your estate should not bother them and they should be able to easily take over what you left for them. For this, initial planning is necessary and an estate planning attorney is the one who can guide you through it.
A health care directive can assign you an agent who takes into consideration your health care wishes and conducts it in the manner you want it to be conducted.
- The estate planning attorney can help you reduce the property or inheritance tax.
- They can help you find the right guardians and heirs for your estate and affairs. A guardian is appointed for your children in case you pass away to take care of your kids as long as they grow up and can manage their inheritance on their own.
- An estate planning attorney would help you with telling you the way you might set up your will and such so that your estate can stand up in court in case there is an issue tomorrow.
- In the case, if a deceased person, the estate planning attorney can help you with the power of attorney and guide you through it by the process of the probate court and might even be able to avoid the probate court if they are well specialized in the work. But the will and the estate of the deceased person also affect the legal issues that might come with it.
- When the deceased person has issues and property matters left unsolved and there might be people who are trying to file a case against their will or trying to take away the estate from the actual beneficiaries then the estate planning attorney is the first person who has to be consulted in such a situation. As such suits can have a really bad effect on the estate and the financial conditions of the people depending on it.
- In case you pass away, an estate planning attorney can very well help your legal heirs to transfer the asset to the beneficiaries. Even if the probate comes in, they can deal with that issue as well.
Some of the things that an estate planning attorney will help you with are:
- Creating a will
- Designating the beneficiaries
- Establishing the power of attorney and health care directives.
- Helping you in reducing and avoiding estate tax.
- Setting up trusts that you need to for your own and the benefits of your beneficiaries.
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How to Find an Estate Planning Attorney?
If you are searching for an estate planning attorney then check in with your friends and other contacts and also in the professional circle.
When looking for an estate planning attorney be sure to have an eye for such an experienced attorney and specialized in estate planning.
A real estate financial advisor or an accountant would be the best to ask about it.
The cost and the methods of finding estate planning attorneys may differ from place to place and from one firm to another. They have their method of setting up the meeting and the way they charge.
What to Look for In an Estate Planning Attorney?
An Estate Planning Attorney surely has some qualities and qualifications different from the usual law practitioner as they have to have an insight into the ways of the estate laws and must have experience in handling such matters only then can they be a useful advisory for your estate matters.
The estate planning attorneys don’t have a separate certificate for their title to have checked but they are known as Estate Planning Attorneys and that’s how they introduced themselves and that’s the only way to distinguish them.
Keep in view that the estate planning attorney you choose must be well knowing the laws of the place you live in, that they know well about the laws and the ways and have experience with other people and are specialized in the field.
The person must be devoted and interested in the job and work with goodwill.
You should be able to freely communicate with them and trust them with your issues. This is because it’s best to let them know everything about your background and all about your property and estate matter.
Although an estate planning attorney might not need a separate certificate to practice the work yet some people do get specialized in specific fields. These can help you to know the fields in which your estate planning attorney is specialized so you can know which one would be better with the work that you are intending. Along with an estate planning attorney, a real estate legal advisor would be ideal as they can help you make your financial decisions better and it’s even better if the estate planning attorney themselves have some certifications in the financial field if you’re looking for a financial advisor along with an estate planning attorney.
Some of the certifications that you might see in an estate planning attorney are:
2. Chartered Trust and Estate Planner (CTEP)
3. Certified Trust and Financial Advisor (CTFA)
How Much Does an Estate Planning Attorney Cost?
So, if you plan to get an estate planning attorney then be ready to spend a good amount of money on maintaining and updating all your affairs with utmost efficiency and care. As the person would be experienced and specialized in this field thus all that would come for your use when you are also ready to pay for it.
Sometimes an estate planning attorney can also charge you on an hourly basis but that can be negotiated with them if you are willing to go the other way where you’ll pay them for the whole consulting process as most of the estate planning attorneys are aware of the time limit that might take for all your issues to be sorted.
You might have the estate planning attorney plan for initial documentation and consultation to prepare for everything in advance. For this, they would charge you a fee for the documentation.
Also, if you have a legal problem or issue that comes up then you might even have to spend more money on it than the fees and maintenance of the attorney. Thus it’s always advisable to pay on planning initially instead of having to spend on the legal issues later.
Now, it’s always important to know and plan about your hard-earned money and estate early in life so that all that you have earned doesn’t go to waste after your death. Thus it’s always better to have an estate planning attorney so you can be sure that your beneficiaries can live happily ever after you might be incapacitated or face death. They can be sure that no unwanted people will try to take over what you have earned against your will.
Frequently Asked Questions
How to choose the right estate planning attorney?
Ensure that they are experienced. Check for their reviews online on trusted websites. Take recommendations from people who have taken up attorney services already.
What are the benefits of a real estate planning attorney?
Through an attorney, you can make a clear decision on what happens to your money and properly through a will. Overall, hiring a good attorney will give you peace of mind in the event of untimely circumstances.
When to consider hiring a real estate planning attorney?
There is no set time as such. Do not procrastinate on this task, especially if you have property, assets, and children. The sooner you do it, the better.
Should I change my estate plan?
You need to update the trust or will whenever a significant life event happens for you. These could include but are not limited to going through a divorce, purchasing a property, giving birth to children etc.
What are the consequences of not having a real estate attorney?
Unfortunately, if you pass away, then the decision of what happens to your asset will not lie in your hands or as per your will, if you have not hired an estate planning attorney for creating a trust / will. It could create conflicts among your family members and the assets might even end up falling into the wrong hands.