Most of us like to think we’ll live forever. But the reality is, everyone’s time will eventually come. And when it does, you want to make sure your loved ones are taken care of and your wishes are respected. That’s where an estate planning attorney comes in.
Think of them as the architect of your legacy. They can help you navigate the complex world of wills, trusts, healthcare directives, and probate, making sure your stuff ends up in the right hands and your wishes are met. But their role goes far beyond just paperwork. Let’s dive into the different services offered by estate planning attorneys, the benefits to hiring one, and how to find a good one.
Services offered by estate planning attorneys
Estate planning attorneys generally offer several different services (but not all, so make sure you ask). Here are the typical services estate planning attorneys offer:
Wills and trusts
Wills and trusts are tools you can use to devise your assets to beneficiaries after you pass away. Trusts are typically more diverse and dynamic, whereas wills are simple and straightforward. They are both documents that an estate planning attorney can draft to meet your specific goals and needs. They can answer questions and help you choose which tool would be best for you.
Power of attorney
This is a tool that people use to appoint a personal representative to take care of their legal and financial affairs. Powers of attorney are effectively agents of a person and can sign documents, execute important business documents, and handle other matters on behalf of another person. This is typically used in estate planning for people who may become incapacitated and unable to make these decisions on their own. Estate planning attorneys can help advise you and draft the appropriate documents for appointing a power of attorney.
Healthcare directives
This includes appointing a medical power of attorney (someone who makes medical decisions on your behalf) and listing out specific medical preferences you have, such as whether you want to be on life support or pain management medications. Estate planning attorneys can help you draft up these documents to make sure your medical decisions are taken care of if you become incapacitated.
Probate
Estate planning attorneys can also help your beneficiaries, executors, and trustees manage the probate process once you pass away and ensure your will gets through probate court successfully.
Estate administration
This can include helping beneficiaries navigate the probate process, or it can also involve acting as trustee or executor of your trust and estate. This would mean making sure the terms of your will and trust are followed according to your wishes and assets are distributed properly.
Tax planning
There are lots of taxes involved in passing your assets along to your loved ones. Estate planning attorneys are often very familiar with the taxes involved and how to minimize your tax consequences as much as possible.
Benefits of hiring an estate planning attorney
Why hire an estate planning attorney, you ask? Great question. Many states don’t formally require that you hire one in order to create a valid will or other select estate planning tools, but there may still be benefits in hiring one.
Provide you with tailored legal advice
You can tell your Estate planning attorney your story, your financial portfolio, your goals, your budget, and your beneficiary structure and they can provide you with an ideal estate plan for your situation. Whether it’s a combination of a pour-over will and a trust, with a power of attorney and healthcare directive or maybe it’s just a simple will–whatever the case may be you will have custom suggestions to suit your life.
Give you peace of mind that your loved ones are taken care of
There’s nothing more uncertain than death and at least knowing your loved ones are taken care of is priceless peace of mind. Knowing you have an attorney who understands your goals, wishes, and needs and can even potentially help your beneficiaries through the probate process is reassuring.
Answer any questions
What type of estate plan is best for me? What are the best practices in devising assets amongst certain beneficiary structures? What do most people with my size estate do in this situation? How does probate work for my children once I pass? These questions and many more can be answered by your estate planning attorney.
Help you select and identify beneficiaries
If you’re having difficulty determining how to devise assets, whether it’s between blended family structures, charitable organizations, or something in between, they can provide you with best practices and advice on what most people do in your situation based on their experience.
Help minimize taxes on your estate
There are certain tricks and workarounds that you can do to help minimize the amount of taxes your beneficiaries will pay on their inheritance from you. Things like including charitable donations in your plan, creating certain types of trusts, or other methods that can help minimize money lost to taxes.
How to find the right attorney for you
Let’s talk about how you go about finding the right attorney for you. There are several things to look for when considering an estate planning attorney. Here are some things to look out for:
Attorney Expertise
Not all lawyers understand the ins and outs of estate planning law. Some attorneys solely specialize in revocable trusts. Others’ experience may span throughout all of estate planning law. It really depends on the lawyer, so make sure you look for someone with the knowledge you require.
Your Budget
Another key aspect to consider is the cost of the attorney. Not everyone charges the same. If you have a tight budget you may not want to hire the attorney who charges the most in your state. You may want to look for solo practitioners who charge less or people willing to work on a flat rate pricing structure.
Communication Style
Everyone has different preferences for attorney communication style. Would you prefer they are straight to the point? Or do you appreciate a bit of hand holding? Whatever your style is, make sure you choose an attorney who aligns with this.
The bottom line of the role of an estate planning attorney
Estate planning attorneys can offer you a plethora of services from drafting your will to helping your beneficiaries after you’ve already passed. They are trusted professionals who have been down this road with many clients before you and are able to guide you through the sometimes uncomfortable process of estate planning. The result? Feeling unparalleled peace of mind that your wishes will be met and your loved ones will be taken care of! What could be better than that?
Nicole Sheehey is the Head of Legal Content at HelloPrenup, and an Illinois licensed attorney. She has a wealth of knowledge and experience when it comes to prenuptial agreements. Nicole has Juris Doctor from John Marshall Law School. She has a deep understanding of the legal and financial implications of prenuptial agreements, and enjoys writing and collaborating with other attorneys on the nuances of the law. Nicole is passionate about helping couples locate the information they need when it comes to prenuptial agreements. You can reach Nicole here: Nicole@Helloprenup.com
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