A Comprehensive Guide to Choosing the Right Estate Planner

Choosing the right estate planning attorney is essential to ensure your family’s financial future and your wishes are protected. A knowledgeable and experienced attorney can help you plan your estate, minimize taxes and ensure that your assets are distributed according to your wishes.

Start your search by asking trusted family members and friends for recommendations. You can also talk with other financial professionals you work with about their experiences.

Experience

Creating an estate plan can be complicated and requires an attorney’s expertise with experience in state and federal tax law, life insurance processes and probate proceedings. You can find qualified attorneys by asking friends and family members for referrals or checking the attorney’s credentials with the Better Business Bureau or other business rating services.

Many people put off doing their estate planning but avoiding family conflict and costly legal battles after your death or if you become incapacitated is essential. A legal document will ensure your wishes are clearly stated, avoid taxes (state and federal), minimize probate, protect your loved ones from unscrupulous creditors and provide for special needs children. When you’re ready to begin looking for an estate planner, start by narrowing down your choices and interviewing candidates using a prepared set of questions. Ask each potential candidate how much they charge for their services, and choose the one that best fits your needs and budget. For example, some attorneys charge a flat fee for their services, while others bill hourly.

Fees

When deciding whether to hire an attorney or use do-it-yourself (DIY) legal tools to craft your estate plan, one of the biggest considerations is how much it will cost. Each attorney and firm establish attorney fees and can vary significantly.

Depending on the complexity of your situation, an attorney may charge either a flat fee or an hourly rate. A flat fee arrangement lets the attorney quickly assess your situation and determine your required planning tools.

The attorney will ask you to complete a detailed estate planning questionnaire before your first meeting. This gives her insight into your financial and family status and will help her determine the scope of your project.

Some attorneys also utilize junior attorneys, paralegals and other staff to conduct some of the work on your case. These people typically have lower hourly rates than the senior attorney who conducted your initial meeting, which can save you money. In addition, some attorneys will request that you pay a retainer amount upfront to begin work on your case.

Reputation

A person’s reputation is what others think of them. This can be an extremely valuable social asset if it’s accurate. For instance, if you’re an ax murderer but display extravagant philanthropy, your publicized good works will hide your reputation as an ax murderer.

The word “reputation” can be confusing, as it’s often used interchangeably with the term character. However, whereas character is a combination of morals and other traits that make up a person’s personality, reputation refers to the overall estimation in which people hold an individual.

When selecting the best estate planners in Sacramento, it’s important to consider their reputation. One way to do this is to ask for references from past clients. You can also check the attorney’s website or search for membership listings for professional groups to find out about their background and experience. In addition, be sure to interview a few attorneys before deciding. Take notes during your interviews and compare the pros and cons of each. The right estate planner will be able to work with you well into the future and should be comfortable drafting your documents in any situation.

Flexibility

It’s important to assemble a team of capable professionals. Find an estate planning attorney specializing in your needs and work with them to create a plan that reflects your goals. It would help if you also worked with a financial advisor and CPA who can help you understand the tax implications of your project.

It might seem like only those with large estates need an estate plan, but most people do. Your estate comprises everything you own – including property like your home or car, personal possessions such as jewelry, antiques and collectibles, and financial products such as stocks, bonds, life insurance policies and retirement savings accounts. It also includes any debt you might have, such as mortgages, credit cards, and loan balances.

Your estate plan dictates how you want your assets to be distributed and who you choose as executor of your estate. It also sets forth your wishes regarding end-of-life care if you become terminally ill. Creating a comprehensive estate plan can make the process more efficient for your loved ones and avoid disputes.

Communication

The most important aspect of estate planning is communicating your wishes with your family. The more your family knows, the less likely they will battle in court over your estate. A well-thought-out plan can prevent family disputes, avoid legal fees, ensure access to government benefits, minimize taxes, and meet your long-term care wishes.

Conversations with your loved ones about your finances and estate plans can be uncomfortable, even in the most open families. Your relative will want to know they can trust you with sensitive information, so be careful not to take it personally if a family member is uncomfortable discussing money or estate issues.

It is a good idea to have these discussions as early as possible. This will allow your loved ones to become familiar with financial concepts like saving for something, avoiding debt, managing cash flow and spending habits, appropriate risk-taking, and basic stock and bond investing. This will also prepare them for more detailed estate planning conversations later in life.