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Everyone can benefit from having an initial consultation with an estate planning lawyer. But to make the most of that meeting, you need to be an active participant. Here are questions you can ask that will guide you through learning about the benefits of different estate planning strategies and selecting the law firm that meets your needs.
It’s okay if you don’t know exactly the type of estate plan you want to create when you sit down with the estate planning lawyer for the first time. Part of the lawyer’s job is to advise you about the estate planning tools available, and which will best suit your needs, assets, and goals. Be prepared to ask your lawyer:
An estate plan isn’t just a Will or trust. There are several other documents that may be needed, depending on your situation. Your estate planning lawyer should be able to explain the various estate planning documents included, and what each one does for you or your loved ones.
Depending on the complexity of your estate plan, and your ability to provide documents and respond to their questions, it may take weeks or months to fully draft your estate plan. Your attorney may need to investigate issues related to your assets, creditors, or family, to make sure you are receiving the best advice. However, even at the initial consultation, our estate planning lawyer should be able to discuss the length of the process, and what you can do to make the timing fit your priorities.
Most law firms charge for estate planning services one of two ways: hourly or as a flat fee. How you are charged may depend on the complexity of your case, and the degree to which the law firm will customize the plan to suit your needs. Understanding your billing options and expectations is important before you start working with any attorney, including an estate planning lawyer.
A well-written estate plan isn’t always enough. If your estate plan includes a revocable trust you will need to “fund” that trust by transferring ownership of your assets to the trust entity. Similarly, if you have insurance policies or assets that are held by an investment company, financial advisor, or some banks, you will need to execute beneficiary designations to ensure that those assets are distributed according to your wishes. Ask your estate planning lawyer if they offer trust funding services and assist with executing beneficiary designations as part of the estate planning process.
From time to time, changes to your family tree, financial portfolio, and assets may mean you need to adjust your estate plan. Ask your estate planning lawyer how the firm handles updates to your estate plan, and whether there will be separate charges for “codicils” and periodic reviews.
You also need to know that this estate planning lawyer or law firm is the right one for you. Understanding the lawyer’s history can help you make a more informed choice in selecting the right law firm to represent you.
Generally, you want an estate planning lawyer who dives deep into this area of the law. Ask your lawyer how much experience they have in estate planning, whether they have taken any specific training in the area, and what proportion of their work is dedicated to estate planning. This will give you a sense of whether they have the knowledge and experience to handle your affairs.
Estate administration is the process that puts your estate planning documents to effect, distributing your assets after you pass away. Working with an estate planning lawyer who also offers estate administration services can provide consistency for your loved ones, and ensure they are working with someone who knows your priorities, and the intended distribution of your estate.
Probate litigation is the term for contested legal actions related to the execution of a person’s Will, trust, or estate (as well as certain other issues). Working with a firm that handles both estate planning and probate litigation means your estate planning lawyer will have a better understanding of what can cause probate litigation, and how to avoid it.
Tax law is a separate field of practice which requires advanced education beyond the standard license to practice law. Because of this, many lawyers are not qualified to address your estate tax questions. If you have a larger estate, knowing how these taxes will affect your assets may be crucial to making the best estate planning decisions. At Harrison Estate Law, our estate planning team includes an attorney with an advanced degree in taxation, which allows us to provide that much needed tax-planning advice to our clients.
It is important to thoroughly discuss your situation with your estate planning lawyer during the initial consultation. By the time you leave, you should feel comfortable that the lawyer has seen a case like yours before, and understands the issues your case presents. Whether it is providing for a special needs child, addressing inheritance in a blended family, or preparing for the care of a beloved pet, your lawyer’s experience should align with your priorities, to best be able to guide you to the strongest estate plan.
At Harrison Estate Law, we want to help you make honoring your wishes easy for your family and loved ones. We want you to feel comfortable selecting our law firm to prepare your estate plan. Our estate planning lawyers will be happy to meet with you to review the estate planning strategies available, and help you make choices that honor your priorities and address your needs. If you don’t live close to Gainesville, we are happy to set up a phone or Zoom call. We also offer extended evening and weekend appointments by request to suit your schedule. Please contact us online or via email or call 352-559-9828 to schedule a free consultation.
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