Planning out your estate may not be something that you are looking forward to. However, it's an important task in order to ensure that your assets are dealt with properly after your death. Planning out your estate can prevent future conflict between your loved ones and ensure that certain assets make their way to the people you intend them to go to. In order to plan out your estate, you may want to hire an attorney. Here are three things that you should be aware of when hiring an estate planning attorney.
What to Discuss
There are a variety of ways to find an attorney who will suit your needs. Recommendations from friends and family can help as well as doing online research on potential attorneys. When you do find an attorney that you are interested in hiring, it's important to know what to discuss. Of course, it's important to discuss your assets as well as who your intended beneficiaries are. Other things to discuss include making a living will, tax planning, who will have medical power of attorney, and who will have the financial power of attorney. It's also important to discuss who you want to be the executor of your will.
Another thing that you will want to know when it comes to hiring an estate planning attorney is how much it will cost. The total cost will depend on various factors including the extent of your assets and the complexity of your estate. Some estate planning attorneys will charge a flat fee while others will charge an hourly rate. The average hourly rate for an estate planning attorney is between $245 and $310. Flat fees can range from a couple thousand dollars to upwards of ten thousand dollars for complex estates.
You May Need Multiple Meetings
Another thing to consider when planning your estate is that there's a good chance that things will change within a few years. It's important to have your estate planned out ahead of time in case of your unexpected demise. However, this also means that you will likely need to make adjustments every few years. A good rule of thumb is to plan on meeting with your estate planning attorney every two to three years.
When it comes to planning out your estate, there are a few things to know when hiring an attorney. First, it's important to know what to discuss. You need to be able to account for your assets and to determine who your beneficiaries. The cost of an attorney can vary with some charging a flat rate and others charging by the hour. Over time you will likely need to meet with your attorney periodically in order to update your plan and make changes.
For more information, contact a company like Abom & Kutulakis LLP.