Estate planning is a topic many people avoid because of its direct link to mortality; however, it is important to prepare and plan for your future heirs. Enlisting the services of a qualified estate planning attorney will save your loved ones time, money and sanity when it comes to settling your estate. But, hiring the wrong estate planning attorney may result in miscommunication regarding the division of your assets, disputes among your future heirs, and could cost you more money down the road.
Ask about experience
To choose the right estate planning attorney, it is important to ask about their experience dealing with estates and trusts of a size and complexity similar to your own situation. Select a firm that has been in business for at least three years and specializes in estate planning and elder law. Inquire about their documentation review process. Those are the procedures the attorney uses to assure that the estate planning documents created, such as a Will, Trust, or a Power of Attorney, accurately state what your intensions are for the disposition of your assets, and are free from inadvertent errors and mistakes, like missing words, paragraphs or pages, or misnamed heirs or beneficiaries. The review process reduces the likelihood of miscommunication or errors. Even if you are working with an estate planning expert, you should carefully review the documents yourself to ensure that they properly state your intentions. Also ask the firm if they include a standard review and updating program as part of their fees. With frequent changes to laws, taxes, and your lifestyle, adjustments to your estate plan may be needed on an on-going regular basis.
Ask about fees
Most estate planning attorneys who charge by the hour are not likely acting in your best interest, so it is best to hire a firm that will quote you a fixed price after discussing with you your plan for your estate assets. Some estate planning attorneys may switch from a fixed to hourly rate if the plan becomes more involved and complex as the planning process proceeds. Make sure to ask your prospective attorney about their fees before you begin the process to avoid surprises and unexpected costs later. Trust your initial instinct and choose an estate planning attorney who makes you feel comfortable.
Ask about Probate
Ask if your chosen estate planning attorney will be able to help your heirs deal with any probate process that may be required. Although probate in Georgia is generally an inexpensive process, in some states probate is expensive and time consuming and may cause conflict among surviving family members. Ideally, an estate planning attorney can guide you toward options like trusts, which can limit or eliminate the probate process for the assets placed in trust. If avoiding probate is not possible, ask your attorney if he or she will be available to guide your heirs through the process.
By asking these important questions and researching experienced estate planning attorneys before you make your selection, you should be able to select the right attorney to help with your estate planning needs. The bottom line is every situation is different, but it is important that you ask meaningful questions to gather the information necessary to help you decide the best option for your family.
