An estate planning attorney is a lawyer who helps clients prepare legal documents to pass their assets on to their heirs after their death in order to preserve their wealth.
Proper estate planning should be done while you are still alive so that you can transfer your money and property to your heirs as you see fit after you pass away.
Estate planning attorneys help their clients plan for the future by helping them designate who will legally inherit their estate.
They provide guidance based on the client’s unique situation as to whether a will, trust, or some combination would be best for their estate plan.
After the plan is agreed upon by the attorney and the client, the attorney goes to work drafting all of the documents.
What Does An Estate Planning Attorney Do?
An estate planning attorneys is an experienced and licensed professional lawyer who has a thorough knowledge of estate and probate law. Estate Planning Attorneys use their knowledge and expertise to craft a customized estate plan based on your needs.
Part of what estate planning attorneys do is to help you find techniques to reduce or avoid estate tax. A good estate planning attorney will also help you craft a plan that will help avoid probate court or legal challenges.
Everyone’s situation is different though, so it is best to consult with an attorney about the transfer of your assets.
Estate Planning Attorney Cost
There are three different methods to charge the legal process. Fees can be charged on an hourly, flat fee, or percentage of the estate basis.
Hourly billing
Depends upon the experience of the lawyer and the size of the firm where the lawyer practices. Large organizations usually charge higher rates than the individual practitioners or small organization.
Flat fee
Rates are not charged based on time spent creating the estate plan. An experienced estate planning attorney should know the cost it will take to create your estate plan after an initial consultation.
Percentage of the Estate Assets
Value is based on the value of the estate. Sometimes this method is used when probating an estate.
