I have written a few posts about how to select an estate planning attorney, but I thought it would be helpful to share the opinions of someone else on this topic. Originally published online on Investopedia in 2024, it was most recently updated on October 31, 2024, and authored by Troy Segal, reviewed by Marguerita Cheng, and fact-checked by Kirsten Rohrs Schmitt. I hope you find it interesting.
“Although many lawyers can draw up a simple will for straightforward situations, such as naming the beneficiary for your 401(k), seasoned trust-and-estate lawyers can help you navigate more complicated situations. What should you be on the lookout for? Here are some basic questions to help you choose the best attorney for your estate planning needs.
Key Takeaways
- It’s important to have a solid estate plan in place to ensure that your loved ones receive your assets without an undue delay after your death.
- There are many questions you should ask prospective estate planning attorneys before hiring one to craft your estate plan.
- Above all, make sure you hire an attorney with the required skills and experience who you feel comfortable with.
Questions for Your Potential Estate Planning Attorney
The following questions will help you learn about estate planning and determine if a prospective estate planning attorney is right for you.
1. Is Your Primary Focus on Estate Planning?
You may want to only proceed with candidates who answer “yes” to this question. An estate specialist will be current with all changes to legal statutes and have the necessary strategic know-how to carefully word your documents in the most effective way possible.
2. How Long Have You Been Practicing?
You should strive to find the most experienced attorney possible—one who has seen prepared documents take effect after a client’s death. Such attorneys will have faced challenges from courts or the Internal Revenue Service (IRS) and will know how to overcome any hurdles.
3. Do You Actually Execute the Plan?
Some lawyers merely draw up estate planning documents, while others also execute the associated trusts. It’s generally more efficient to retain a lawyer in the latter category, who can ensure that the correct assets are transferred into the trust.
4. Do You Conduct Periodic Reviews?
For a small fee, some estate planning attorneys will annually review your affairs. This can be important, as adjustments to your plan may be necessary if you experience a life change or a change in your finances. New legislative amendments also could potentially change aspects of your estate planning.
5. Can You Help Me Create a Comprehensive Estate Plan That Includes Wills, Trusts, and Life Insurance?
You may have multiple types of will, trusts, and life insurance plans, and a comprehensive estate plan can include all of these. So it’s important that your estate planning attorney is knowledgeable in these areas. You might want your estate attorney to help you understand the nuances of each estate planning tool and discern the ones that might be right for you.
6. How Do You Charge?
Many estate attorneys charge flat fees, instead of billing by the hour. Some do both, where they charge a fixed rate for standard services like establishing a trust, then charge an hourly rate for special research tasks. In any case, it’s wise to inquire about compensation models ahead of time to avoid surprises.
7. How Do You Feel About a Revocable Living Trust?
Putting assets into a revocable living trust can avoid the costly and onerous probate process (filing a will with the court). But this may not be the best move for everyone, because revocable living trusts don’t avoid inheritance, estate, or income taxes.2 Unfortunately, some lawyers recommend these structures simply so they can charge more money.
8. What Other Issues Do You Address?
As life expectancy increases, so does the probability of long-term physical and mental health issues. Estate attorneys should help clients fiscally prepare for the possibility of disability or dementia by drawing up powers of attorney, healthcare directives, and living wills.
9. How Long Will It Take You to Complete My Estate Planning Project?
While there is generally no extreme rush, bear in mind that you may wish to discuss aspects of your estate plan with other professionals, such as accountants, retirement planners, or money managers. While an estate attorney’s expertise may overlap with these fields, they may not be a general tax expert or investment advisor. Give yourself enough time to gain a broader, big-picture perspective on your estate plan and the logistical practicalities of implementing it.
10. Will You Send Estate Planning Documentation for Me to Review?
Even if you’re working with an experienced estate attorney, it’s essential to review all documents and forms to avoid any miscommunication. Be clear about what can be changed later, and what is irrevocable.
11. Will Anyone Else in Your Office Be Able to Discuss My Issues in Your Absence?
While most estate planning attorneys strive to make themselves available to their clients anytime, it’s important to know that an associate or paralegal will be available to answer questions in an emergency if your lawyer is not available.
12. Does Your Firm Typically Name Itself as Trustee/Executor?
The answer to this question should be “no,” as “yes” suggests a conflict of interest, among other issues. A spinoff question might be “Does a subsidiary of your firm do asset management?” The answer to this question should also be “no.”
Again, although I have published a few posts on this topic, I thought reviewing what another professional advises would be interesting. I hope this has been helpful to you. If it is time for you to create or update your estate plan, please know that I’d be honored to help you. As an estate planning attorney with many years of experience, I am happy to utilize that hands-on experience to ensure you have a customized plan that meets your needs while protecting your hard-earned assets and loved ones. At the end of the day, that is really what it is all about. Please call me at 513-399-7526 or visit my website at www.davidlefton.com. You can even schedule a meeting from there
Source: Investopedia 10/31/24. Authored by Troy Segal, reviewed by Marguerita Cheng and fact checked by Kirsten Rohrs Schmitt.