Estate planning is important if you want your assets, children, pets, and final arrangements to be exactly how you want them. You can make sure all of your t’s are crossed, and your i’s are dotted by hiring an estate planning attorney who can assist you with all your needs. Whether they help you come up with a legal workaround for avoiding taxes, or they simply draft your will, an estate planning attorney will help give you peace of mind. But, you may be wondering what the entire scope of their job is and what they actually do. So, let’s explore the world of estate planning attorneys.
What is an estate planning attorney?
An estate planning attorney is a lawyer who is licensed to practice law in their state and specializes in estate planning, which may include drafting, advising, and contesting wills, trusts, power of attorneys, advance healthcare directives, guardianship, etc. There is no certificate or special license for estate planning specifically, you just need to be a licensed attorney. Estate planning attorneys are knowledgeable in the law, have drafting skills, are able to handle matters in court, and may also be aware of tax consequences.
What does an estate planning attorney do?
An estate planning attorney can do a wide variety of things. Here are some of the services an estate planning attorney may provide:
- Draft estate planning documents such as wills or trusts
- Explain the law to you so you understand your options
- Understand and navigate the probate process
- Assist with trust management
- Ongoing assistance with overall estate management
- Help someone contest a will, trust, or other estate planning document in court
As you can see, estate planning attorneys provide a wide array of services and are experts in the law. You can consult with an estate planning attorney, sometimes free of charge, to determine if they can offer you what you need.
Is estate planning necessary?
It can be! It depends on your situation. However, creating an estate plan is in no way a legal requirement. Each state legislature lays out default laws to dictate what happens in certain scenarios when someone doesn’t have an estate plan. However, there are risks to this, as it may cause disputes between family members, result in unintended beneficiaries, and may have negative tax consequences.
Is an estate planning attorney legally required?
Generally, in most states, it is not a legal requirement to hire a lawyer to have a valid estate plan. However, not hiring one can have disastrous results in some cases. For example, attempting to execute an irrevocable trust at the kitchen table without the knowledge and skill of an attorney can cause major headaches for you and your family down the road. Plus, hiring an attorney can give you peace of mind, offer you a wealth of knowledge, and ensure your needs are met.
How to prep for a meeting with an estate planning attorney
If you’ve already booked with an estate planning attorney and wondering how you can best prepare for your first meeting, here are some tips to help you get the most out of your investment.
Gather your financial and legal information
Walk into the meeting armed with a full understanding of your estate. This may mean pulling out financial statements from bank accounts, gathering your tax returns from previous years, business documents, etc. Your estate planning attorney needs to understand what type of estate they are working with in order to provide you with the best options and info.
Here are some documents you should consider gathering beforehand:
- Bank, investment, and retirement account statements
- Life insurance policies
- Real estate deeds
- Mortgage statements
- Other loan statements, such as credit card or student loans
- Prenuptial agreements/postnuptial agreements
- Divorce decrees from previous marriages
- Business ownership documents
Prepare a list of questions
Make sure you sit down and really think through your goals and the future after you’re gone. Come up with a list of any questions you may have so you are prepared for the meeting. Here is a list of some ideas for questions you may want to ask:
- How does the probate process work?
- What will be the process for my beneficiaries to receive my assets?
- What are the tax consequences of each of my options?
- Are there other legal workarounds outside of estate planning to avoid certain fees and/or taxes?
- What is the estate planning process like, how much does it cost, and how long does it take?
Talk to your family and loved ones
If you want to address guardianship of a minor child in your estate planning, you may want to discuss this with the people who you want to take guardianship of said child before going into the meeting to ensure they are aware and accepting. Same goes for asset beneficiaries. It’s not a requirement, but it can help you and your attorney understand if there are any other issues you may have based on the responses from your family/loved ones.
The bottom line on what estate planning attorneys do
So, as you can see from above, estate planning attorneys advise, draft, contest, and hold the knowledge necessary to ensure your wishes are met in a legal way. Whether you need a trust, guardianship document, will, advance healthcare directive, or power of attorney, an estate planning lawyer is sure to be your go-to person. They can also offer you workarounds, contest a document for you as a beneficiary, and help you manage your trust in an ongoing way.
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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