What to consider when selecting an Estate Planning Attorney
Selecting an estate planning attorney is an important task since the person will be helping you determine what will happen to your assets after you die. It is important to find a practicing attorney who specializes in estate planning. Estate planning is more than drafting a will. It also involves powers of attorney, guardian nominations, trusts, financial and tax planning. I like to think of estate planning as Family Legacy Planning, as the attorney is really helping you ensure that your assets get to your loved one in a timely and cost efficient manner.
Referrals
When looking for any kind of professional provider, many people simply ask friends, family or colleagues. It is recommended to ask your CPA, banker, financial advisor or insurance agent as these professionals frequently work closely with estate planning attorneys in assisting their clients. This is a good way to get a few names. If you ask several people for a referral and the name of one attorney seems to keep coming up, this is often a sign that the attorney has a good reputation.
The Internet carries a great deal of information about attorneys in your area.
Credentials
All attorneys must have a law degree and be licensed in the state in which they practice. Some estate planning attorneys have additional Masters of Law degrees in estate planning or taxation which require an additional year or so of study. You could also ask each attorney if they have published articles or have a website so you can find out about his/her qualifications and experience before you actually meet.
Experience
You need to find out how long the attorney has been practicing in the areas of probate, trusts and estate planning law. If your estate is fairly simple, perhaps 2-3 years of estate planning is sufficient. However, if you have a large estate or a complicated situation, your attorney should have at least 6-10 years of experience in estate planning, probate and trust law.
Initial consultations
Does the attorney offer free (or low cost) initial consultations? It is important to know that so you will not be surprised at your first meeting.
Fees
Some attorneys charge by the hour for estate planning work, but flat fees are becoming more common. If an attorney charges by the hour, make sure that you know what the hourly rate is and receive an estimate of the total fees. With flat fees, the attorney should tell you exactly what is included in the price. It is not wise to select an attorney because they have the lowest fees. However, you should not assume that just because an attorney charges more he or she is better. Fees vary significantly depending on the type of plan or documents, the credentials of the attorney and how efficient the attorney is in doing the work.
Who will actually handle your case?
Inquire about who in the office will be working on your file. Attorneys can charge high hourly fees for their services, while a paralegal or legal assistant will bill far less for services than the attorney. If appropriate, ask to meet with the paralegal or legal assistant who will actually be working on your file. It is important to have a relationship with everyone who will be handling your information.
Working style
Is the attorney friendly and easy to talk to? Does his or her manner put you at ease or make you feel uncomfortable. It is important that you think you can trust the attorney with your case. The attorney you choose will be asking very personal questions about your relationships with family members, so you should be able to discuss these matters openly.
Retainer
Ask for a retainer agreement signed by yourself and the estate planning attorney you select. A retainer agreement (regardless of whether you pay a retainer or not) outlines the terms of the professional relationship between you and the attorney or the law firm.
When you hire an estate planning attorney, you may be establishing a relationship that will last for many years. So, take time to investigate your options and don’t be afraid to ask questions. The important thing is to make an informed decision and work together with your attorney to implement an estate plan that fits your needs and accomplishes your goals.
