You know you need an estate plan but where do you start? Getting started with estate planning can seem overwhelming for a number of reasons: there are a number of planning options available, you may have heard from a friend or family member that you need a trust or that you only need a will and there’s no clear starting point. This week’s blog post discusses getting started and things to consider when hiring an estate planning attorney.
Getting Started
There are lots of DIY estate planning options available, Leal Zoom, Mama Bear, and Will & Trusts just to name a few. So with so many potentially cheaper options why would you want to consider using an estate planning attorney to create your estate plan? There are a lot of complexities and nuances that go into estate planning and need a trusted guide to help you determine what’s best for you and your family.. You can answer the questions from these DIY platforms but without knowing the impact of each question you may end up with a result you don’t want. The worst part about DIY platforms is that they can leave you with a false sense of security because you think you’ve taken care of your estate planning but upon your death your family finds that you’ve left them a mess. At that point there is no way to make changes and your family will need to spend the time and money to work with an attorney which may cost more in the end. A good estate planning attorney is going to serve you as a guide, they are going to talk with you about your goals and values and then help create a personalized plan that aligns with those goals and values and leave your family with a plan instead of a mess.
5 Things To Ask When Hiring An Estate Planning Attorney
Okay, so you’ve decided to skip the DIY options and work with an estate planning attorney but there are a lot of attorneys out there. How do you know what to consider when hiring an estate planning attorney? Here are some questions you can ask as you look for an estate planning attorney.
What is the focus of your practice?
Estate planning has a lot of complexities and nuances so you want to find an attorney that focuses exclusively on estate planning (this could include the related fields of probate, trust administration and elder law). There are a number of attorneys that dabble in a little of this and a little of that and often only have a basic understanding of estate planning but haven’t taken the time to understand the nuances. In that case you’re possibly spending more to end up with a result similar to a DIY plan. Attorneys who focus exclusively on estate planning and related areas spend time on continuing education to best serve their clients. They understand how a plan will work and the best ways to help you achieve your goals.
What is your process?
Does the attorney or firm have a process for estate planning clients? Having an established process ensures that your plan will continue to move forward in a timely manner and you will know what to expect next. Without a process estate planning can drag out for an extended period of time or an important detail can get lost in the shuffle.
How do you charge?
Does the attorney charge an hourly rate or is the work done on a flat fee basis? As someone who has worked on the client side of the attorney client relationship, I know first hand that hourly billing can be frustrating. You never fully know what the total cost will be and it sometimes feels like you’re being charged for lots of little things. Alternatively, work done on a flat fee basis means you will know the total cost upon signing your engagement agreement. Make sure you understand everything that is included in the flat fee. Is communication unlimited or does the flat fee include only a certain number of phone calls or emails? Does the flat fee have any additional add-ons? What documents are included with the flat fee? Getting clear these items will allow you to compare the difference in pricing. If you’re curious about the cost of an estate plan, check out this article for more information on what an estate plan should cost.
How will you help ensure my plan stays up to date?
As your life changes your estate plan may need updating to ensure it matches your needs and goals. Once you’ve completed your estate plan it’s not often on the top of your mind to review and update. Does the attorney have a process in place to help you make sure your plan stays up to date? Do they proactively check in with you or do they rely on you to know when to come back for updates?
How will you ensure my plan works?
In last week’s article we discussed how if your estate plan includes a trust it is essential to make sure your trust is funded so that your plan works as intended. All too often we speak with clients who have a trust but it is not funded. They may have received instructions on how to fund their trust but either had questions and no one to turn to or their attorney didn’t follow up to make sure the funding was completed.
The second issue we often see is in a crisis situation no one knows where to find all the important documents or who is authorized to make decisions. Does the estate planning attorney you’re speaking with have a process to help notify your fiduciaries of their role and provide copies of your important documents to them if needed?
What To Ask Yourself After Meeting With A Potential Estate Planning Attorney
Trust your instincts after you’ve met with a potential estate planning attorney. You can also consider some of the following questions:
- How comfortable did you feel when meeting with the attorney?
- Did they communicate clearly?
- Were they organized and prepared for the meeting?
- Do you agree with their general values?
- Did you have a good rapport?
- Can you imagine speaking with this attorney about very personal matters?
Hiring an estate planning attorney is a personal matter as you’ll be discussing your finances, values and goals with this individual so that they can help create a personalized plan for you.
If you’re interested in hearing how we would answer the questions above and can help you create a customized estate plan, schedule a free 15 minute call here.