Factors to Consider When Choosing an Estate Planning Attorney
How do you find the best estate planning attorney in your area? Selecting an attorney to be your legal representative is a vital task. Estate planning is advisable in most circumstances. In case you all assets and you want to transfer to beneficiaries at a specific time using the least amount of money, hiring an estate planning lawyer will be the best option. Your decision shouldn’t be entirely dependent on the basis of advertising only. There are certain considerations that you need to make which will lead you to the right estate planning lawyer. Have a look at the tips that will help you to select the best estate planning attorney.
Find out if the attorney specializes in estate planning. Most attorneys will claim to do estate planning. But, the primary question to ask is whether they fully specialize in this area of law. Similar to the way that doctors specialize in specific areas, it is the same case for attorneys. Some attorneys are generalists while others narrow down their scope to a particular area of the law. What’s more, such lawyers can recognize areas that might bring about issues along the way if proper planning.
Find out if the estate planning lawyer has any malpractice insurance. Another factor to take into account when looking for an estate planning lawyer is whether they have malpractice insurance. You are looking to get compensation for loss or safeguarded against legal liabilities in case of any mistakes made by the estate planning lawyer. If a law firm has malpractice insurance, it is a good indicator that they are ready to assume responsibility for their actions. Not every law firm has practice insurance so the best thing for you to do is to confirm they have.
Consider the cost of services for hiring the estate attorney. The truth is that you are going to pay a large amount of money in terms of legal fees for a lawyer to create, maintain, and keep your estate plan up-to-date due to specialty and complexity. Nevertheless, this is far much better than hiring an individual that lacks experience in this field. Law firms charge differently for their services. For instance, some have flat fee services, others charge bundled services whereas others charged a separate fee for various services. Find a law firm that is transparent about their charges and be attentive to the services you required.
Get to know what their stand on the probate process is. Even though estate planning assists you in managing your assets before you die, probate involves the activities that take place when you were unable to sort out your properties before you died. The probate process is expensive since it can take many years before it’s settled. Your beneficiaries will be liable for the legal fees compared to the situation where there was a solid plan initially. If the estate attorney advises you to write a will or take the probate route, consider exploring other options.