By Arnab Dey
Finding an estate planning attorney is certainly becoming tough work when you do not know what types of estate planning you need to apply.
There are some things you should consider when looking for one, including the cost of hiring, the types of specializations you may need, and the requirements for a valid will.
Costs
The costs of hiring an estate planning attorney vary depending on the situation. Some attorneys charge a flat fee, while others charge hourly rates. It is a good idea to shop around for a number of estimates before making a final decision.
Most attorneys will offer an initial consultation. These appointments are typically 30 minutes to an hour long. At this meeting, you will discuss your legal needs, personal matters, and financial information.
After you meet with the attorney, you will sign a fee agreement. This document will outline the work that the attorney will do, and what the costs will be. You should make sure to include any extra costs.
Many attorneys also request a retainer upfront. Retainers can range from as little as $500 to as much as $2,000 or more.
Generally, the more complex the estate, the more expensive it will be to plan. For example, you may need to hire a specialist to handle a complicated estate. Or, you may have multiple children and need to set up a trust for each child.
Requirements of a valid will
To ensure your will is valid, it must meet certain legal requirements. If it does not, it may not be legally binding, which can lead to complications.
Wills are written documents that are signed and witnessed. They are used to dispose of the property in the event of death. These documents must be prepared according to the rules of the state in which they are signed.
For a will to be valid, the writer must be of sound mind when the document is drafted. The testator also must understand the nature of the estate and the disposition that is to be made.
Before drawing a will, the person should make a list of all of his or her assets. They should also list who should receive these assets in the “extrinsic letter” or “memorandum” portion of the will. This is important because there is a chance that there will be a conflict between family members.
A will must be signed by the testator, a witness, and someone with legal authority to sign for the testator. Depending on the state, some states require the signature to be notarized.
Powers of attorney
If you want to protect your loved ones, one of the best things you can do is get a power of attorney. A Power of Attorney is allowing you to appoint any trusted person for handling any of your financial and legal affairs if are you unable to do so. You can choose someone close to you, such as a child or spouse.
The most important thing to remember when getting a power of attorney is to make sure you get it right. There are a variety of types of powers of attorney, and you need to find the one that is right for you.
Depending on the type of power of attorney you get, you may have some specific responsibilities. For example, you might have to sign checks for your spouse or children. However, you don’t need to give your spouse or child full control over your financial matters.
To get a Power of Attorney, you can create a document with an experienced New York estate planning lawyer. You can also get a statutory form to meet state requirements.
Specializations of an estate planning attorney
Estate planning attorneys specialize in a variety of areas. Some focus on the taxation of estates while others work on drafting living trusts and wills. They also help clients plan for the future. A lawyer’s expertise can help to protect the legacy of a family while providing peace of mind for those involved.
You can become an estate planning attorney by earning a Juris Doctor degree from an accredited law school and passing the bar exam. The Bar Association in your state should have a listing of certified attorneys who specialize in that area.
An accredited estate planner needs five years of experience in the field. He or she must complete two graduate-level courses through the American College of Financial Services. There is a mandatory 30-hour continuing education requirement every 24 months. In addition, attorneys must pass a written test and be confirmed by their peers.
Those who practice estate planning need to understand the laws of both the federal and state governments. This can make the job challenging. However, it can be very rewarding.
Read Also:
What's your reaction?
