Establishing a good estate plan is vital for protecting your property and assets. Having one in place ensures your wealth isn’t lost and that your loved ones left behind still have financial stability. This is where estate planning attorneys near you can help. They can help you prepare all legal documents and offer advice on tax-efficient options to secure your assets and your family’s future.
Keep reading to learn more about what these legal professionals can do to help and how you can find the best estate planning lawyers near you.
An estate planning lawyer is a legal professional with in-depth knowledge of state and federal laws that impact the division and taxation of your assets following death. Their primary role is to help you maintain control of your wealth and pass it on to the beneficiaries you want in the most tax-efficient way possible. Not only does this protect your assets, but it also ensures any dependents are looked after following your death. It is also the best way to avoid fund-draining court lawsuits that arise from contested wills or other probate-related legal issues.
Estate planning is a large area of the law, encompassing many different aspects. Therefore, you might find many estate planning lawyers near you specializing in one particular area. However, the best estate planning lawyers near you will be able to offer legal advice on all aspects of your estate. Below are some of the common tasks these legal experts can help with:
There are some situations where finding a lawyer for estate planning near you is crucial. This includes anyone that has a substantial number of assets or anyone who has many friends/family depending on them for their livelihood. Similarly, the older you get, the more important it is to have considered what you want to happen with your estate when you die.
However, having an estate plan is helpful for adults of any age. Unpredictable death happens all the time. In case the worst happens, it is always a good idea to have an estate plan in place.
Not all local law firms are on par, and you want to appoint the best estate planning lawyer near you possible. This will ensure your personal assets and other property are looked after in the best possible way. Below are some factors to consider:
People always ask, “How much is a lawyer in my area?” But the price of estate planning attorneys near you varies dramatically between firms. Top-rated lawyers with plenty of estate planning experience charge more than newer firms. The size of your estate also holds sway, and the bigger the estate, the larger the fee.
Nevertheless, most charge a flat fee for the work, which can be discussed at your initial meeting. This could be as little as $1,000 for drafting a simple will or up to $10,000 for appointing power of attorney in more complex cases. Some firms will charge by the hour, though, which is more common for ongoing estate planning as opposed to one-off tasks like writing a will. Make sure you ask about costs when first speaking to the firm to avoid nasty surprises further down the line.
Most of the best estate planning lawyers near you will not charge a consultation fee. This is because consultations are a two-way street – your lawyer is trying to determine whether or not they want to take your case, just as you are trying to establish whether or not to work with them. However, all firms have their policies in place. Some will charge a flat fee for consultations regardless of the length, whereas others will charge per hour.
The purpose of estate planning is to secure and protect your assets in the event of premature death. It lets you decide with whom your entire estate will be divided and ensures your last wishes are carried out after you have gone.
Anyone who has a significant number of assets or a lot of dependents should prioritize estate planning and contact an attorney as soon as possible. However, even if these don’t apply, you should consider hiring an estate planning attorney near you. An unexpected death can happen to anyone, and it is best to have asset protection in place.
Several unfavorable outcomes are possible without any estate planning. The estate might be heavily taxed, so your beneficiaries don’t receive much in the form of assets. Wealth can also be lost to people you have never met before, especially if/when your spouse finds another partner.