An estate plan is a set of legal documents that presents your wishes for the distribution of your property, guardianship of minor children, and healthcare decisions. The process can be complex, but a qualified estate planning attorney can help you make decisions with confidence. Listed below are the major steps in the estate planning process. estate planning attorney
When choosing an estate planning attorney, consider the following factors: – Does the attorney practice in your state? You should choose an estate planning attorney who practices law in your state, or at least in the same jurisdiction as you live. Ensure that the estate planning attorney you hire is familiar with the laws of your state, and that he or she is easy to reach by car. Additionally, a lawyer’s fee should not exceed the total cost of completing your estate plan.
An estate planning attorney can help you develop an estate plan, inventory your property, name guardians for minor children, and name beneficiaries on retirement accounts. An estate planning attorney can also decrease the amount of property you will have to leave in probate court, and develop appropriate revocable and irrevocable trusts. An estate planning attorney can help you avoid taxes and other costs by recommending strategies to minimize expenses and maximize your estate. A good estate planning attorney will be familiar with all relevant laws and regulations, and will be able to guide you throughout the process.
Lastly, you should determine whether to hire a flat fee or hourly rate for your estate planning attorney. The hourly rate is typically $375 per hour. However, larger firms charge upwards of $1,000 per hour. When choosing an estate planning attorney, ask for a quote. Often, estate planning attorneys charge a flat fee for initial consultations. However, if you need more than a single consultation, you may have to pay an additional retainer.
Aside from reducing your tax burden, creating a will is also a vital step in ensuring your wishes will be followed after your death. An estate planning attorney can help you set priorities and put the necessary documents in place. While you may not have a large estate, a will controls how your assets are distributed, who gets what, and how your executor will handle it. With this information, an estate planning attorney can help you plan your estate with confidence.
When choosing an estate planning attorney, make sure you consult with one who is familiar with taxes in the state. Depending on your goals, estate planning can be complex. A qualified estate planning attorney can help you determine the right amount of estate tax to pay. A lawyer who understands the complexities of estate tax law will help you avoid unnecessary burdens and penalties. They also know what works best for you and your family. A good estate planning attorney will provide you with a free consultation to help you choose the right one.