When you sit down with your estate planning lawyer, it’s important to come prepared with questions. This will help you understand the process and ensure your assets are distributed according to your wishes. Here’s what you should inquire about.
Ask about their experience and specialization within estate planning. You want to ensure they have the expertise to handle your specific needs, especially if your situation involves complex financials or family dynamics. Question the lawyer about the state laws that might affect your estate plan, including taxes and probate rules. Each state can vary, and it’s crucial that your plan complies with the laws where you reside.
Find out what documents are essential for your situation. Typically, this includes a will, durable power of attorney, and an advance healthcare directive, but your case may require additional documentation. Query about the potential for estate taxes and how to minimize them. Even if your estate isn’t large enough to be concerned about federal estate taxes, your state may have its own taxes to consider. Discuss how often you should review and update your estate plan. Life changes such as marriage, divorce, the birth of a child, or the death of a beneficiary can necessitate revisions to your documents.
Ask about the lawyer’s fee structure. Understanding how you will be charged, whether it’s a flat fee or hourly rate, helps avoid any surprises and ensures transparency. With this essential information, you’ll be able to move forward with confidence!
