Today we’ll discuss what to look for when choosing your Estate Planning Attorney (Lawyer). This is continuing with the “Retirement Warning: Don’t Go it Alone!” article where I discussed the importance of building a Retirement Team to help with retirement and retirement planning. I will go over the core credentials and expertise to look for in an Estate Planning Attorney and give you a few questions you need to ask when choosing the right retirement team member.
Choosing the right Estate Planning Attorney for retirement planning is critical. Not all Estate Attorneys are created equal. Finding a competent, trustworthy, and communicative lawyer who understands your specific needs and with whom you feel comfortable can take time and effort. Poor communication or lack of understanding can lead to frustration and potentially poor outcomes.
This attorney helps ensure your assets are distributed according to your wishes and that your healthcare and financial decisions are handled if you become incapacitated.
The Estate Planning Attorney (Lawyer)
- Specialization in Estate Planning (Elder Law): Look for an Attorney whose primary practice area is estate planning, will, trusts and potentially elder law. This field has specific and frequently changing laws.
- Licensed in Your State: Ensure they are licensed to practice law in the state where you reside and where your primary assets are located. Estate laws vary significantly by state.
- Understanding of Complex Estates (if applicable): If you have a complex financial situation, multiple properties, a business or high net worth, ensure they have experience with such intricacies.
- Knowledge of Tax Implications: A good estate planning attorney understands how estate, gift and inheritance taxes may apply to your retirement plan and can advise on strategies to minimize them.
- Familiarity with Non-Traditional Family Structures: If your family structure is complex (blended families, unmarried partners), ensure they have experience drafting plans that address these unique needs.
- Clear Fee Structure: Estate Planning Attorneys typically charge hourly or flat fee for specific documents (wills, trusts, power of attorney). Get a clear understanding of their fees in writing before proceeding.
- Communication Style and Patience: Estate Planning can be emotionally sensitive and involve complex legal concepts. Choose an attorney who is patient, empathic and can explain legal terms clearly in plain language.
- Collaborative Approach: Do they work well with your other advisors to ensure a cohesive and optimized plan? This is crucial for comprehensive retirement planning.
- Process for Review and Updates: How often do they recommend reviewing your estate plan and what is their process for making updates due to life changes or changes in law?
- Reputation and Peer Reviews: Check their standing with your state bar association. Look for peer reviews or ask other trusted advisors for recommendations.
- Client Centered Approach: They should prioritize your wishes and goals, rather than pushing pre-packaged solutions. They should be transparent about the pros and cons of different strategies.
- Comfort Level and Confidentiality: You’ll be sharing highly personal information. Choose an attorney with whom you feel comfortable and confident in their discretion.
Questions to Ask Potential Estate Planning Attorneys:
- “What percentage of your practice is dedicated to estate planning?”
- “Are you licensed to practice law in this (your) state?”
- “How do you structure you fees for estate planning services?”
- “What is your philosophy on probate avoidance vs probate efficiency?”
- “How do you ensure my estate plan integrates with my overall financial and tax strategies?”
- “How often do you recommend reviewing and updating my estate plan, and what’s the process?”
- “Can you provide references from other clients?”
- “What specific documents do you recommend for my situation?”
I have drawn from my own experience when planning for retirement and Gemini AI to help with this article. I was fortunate early on to realize I needed a team to help me in the retirement planning process and have continued with my team in retirement. Hopefully, the information I’m providing is giving you a good start to retirement planning and a wonderful retirement.
In the next post I will discuss the core credentials and expertise needed in an Healthcare Advisor/Insurance Specialist. I will also include some questions to ask when choosing this retirement team member
Thank you for taking the time to read this article.
If you would like, please leave a comment below or you can email me at www.feedback@wewaonthenet.com.
I’m also starting a YouTube channel, www.youtube.com/@wewaonthenet where I will be discussing various retirement topics and topics I come across that I think may be of interest. Check it out!
Recent Comments