Estate Planning Lawyer – What Do They Do, How Much They Cost & More
Estate planning lawyer services are one of the most preferred services by elderly people. As people age, they want to secure their estate plan so in case anything may happen to them, they make sure that their families are taken care of.
However, preparing this plan requires much effort and this is why most people look for an estate planning lawyer. If you would like to learn more about these lawyers, what they do or how much they are going to cost you, then this guide is for you.
Below, you will have a chance to learn everything about an estate planning attorney and getting services. We recommend not missing your chance to check them.
What Is an Estate Planning Lawyer?
An estate planning lawyer is a professional, who helps people in their estate planning processes. They put the wishes of their clients into writing. In case of any incapacity or death of their clients, their estate will be shared among their desired people.
These professionals know what documents should be used in what conditions. In addition to this, they provide legal guidance and consultancy by providing alternatives to their clients. Thus, they make sure that their client’s goals are correctly realized.
Besides they are experts in federal and state laws regarding the estate. In this way, they can also inform their clients about the valuation, taxation, or dispersion.
What Do These Lawyers Do?
Most people rely on an estate planning lawyer for the creation and implementation of legal documents such as trusts and wills. In addition to this, they establish a durable power of attorney while designating beneficiaries.
Moreover, they can meet with the people who are involved with the estate of their clients, including relatives and close friends. They also arrange and organize the transfer of the estate to designated people.
These professionals can also offer solutions and alternatives to reduce the fees and taxes imposed on the estate. They can also handle charitable contributions, life insurance policies as well as retirement plans. Additionally, they can establish restrictions on the estate to make sure that the wishes of their clients are realized properly.
What Certifications Should You Look for in Your Lawyer?
An estate planning lawyer should have certain certifications proving his or her knowledge in certain fields of estate planning. In this regard, the first certification you should ask for is the Accredited Estate Planner certification.
In addition to this, you can ask your estate planning attorney, whether he or she has Chartered Trust and Estate Planner certification. This certificate proves that your lawyer is knowledgeable about accounting, taxes, finance, and financial services.
The third and most important certification is the Certified Trust and Financial Advisor certificate. Your lawyer needs at least three years of experience in certain programs such as wealth management training to get this one.
How Much Does an Estate Planning Lawyer Cost?
The cost of an estate planning lawyer varies depending on many factors. In general, there are two pricing methods, hourly and flat rate.
In hourly pricing, the costs may vary depending on the state you are living, the experience of your lawyer as well as the size of the law firm you are receiving services from.
On the other hand, the same factors are also determinants of a flat rate. However, you will be paying just once at the beginning of the service and this cost will cover all estate planning services. Both methods are accepted in the United States, and they will usually cost you the same.
What Else Do You Need to Know About Estate Planning?
Your estate planning lawyer will inform you in the slightest detail depending on your preferences and goals. The first and most important thing here is creating a comprehensive investment strategy and financial plan.
In this way, you can maximize the legacy you are going to leave to your desired people. In this regard, getting these services will be really beneficial for you. If you have certain health conditions, which may prevent you to make your own decision in the future, you can also consider a living will.
Depending on your preferences, your lawyer can help you to prepare the legal documents so that you can secure your relatives or close friends.
How to Find an Estate Planning Lawyer?
The good thing about the estate planning lawyer service is you can easily find it. Most law firms already offer these services with their experienced lawyers. However, you need to find services, which you feel comfortable with.
In this regard, the experience of your estate planning attorney matters a lot. If you have any friends who received such services before, then their referral may be a good idea to give it a try.
Moreover, you can always search for an estate planning lawyer near me on the internet. This will let you access the list of professionals with their locations in your area.
