Estate planning lawyers guide you through the process of deciding how to split your assets and advise you on the documentation required to ensure that your intentions are carried out. They can also assist you in the creation of paperwork that will protect you if you become ill. In this article, you’ll find a step-by-step guide in choosing an estate planning lawyer. You’ll also find the list of some of the top-rated estate planning lawyers in Chicago and Brooklyn.
What Is the Role of an Estate Planning Lawyer?
An estate planning lawyer is a lawyer who specializes in estate planning. These lawyers are certified in the same areas as those who specialize in mergers and acquisitions or personal injury claims. They must pass the bar exam in the state where they practice, regardless of specialty.
The distinction can be observed in the specialty that estate planning lawyers get through years of experience working on a variety of estate planning issues. The tasks of an estate planning lawyer can be many, but they always revolve around one goal: assisting clients in planning for the end of life and the financial legacy they will leave.
This assistance could take a variety of forms. Most notably, estate planning lawyers can help you prepare a last will and testament and establish a trust. Your estate planning lawyer can also assist you in lowering any estate or inheritance taxes. They can also assist your will’s executor in transferring assets to your beneficiaries after you die. If necessary, they can also aid with probate.
Furthermore, an estate planning attorney can help you arrange for end-of-life scenarios in which you are unable to make your own decisions. Typically, this will require appointing power of attorney, making a living will, or any other sort of advance directive. A knowledgeable estate planning lawyer can serve as a legal guide through all aspects of preparing for the end of life.
In addition to informing you about the probate process, an estate planning attorney can assist you with the following responsibilities:
- Creating a Will
- Selecting your beneficiaries
- Making a durable power of attorney for medical care and a durable power of attorney for property
- Whenever possible, find measures to decrease or avoid estate tax.
- Identifying ways to circumvent the probate court process
- Putting in place any trusts you may need to protect your assets, both for your own benefit during your lifetime and for the benefit of your beneficiaries after your death.
Read Also: Wills and Trust Lawyer: Why Do You Need One?
How Much Does an Estate Planning Lawyer Cost?
Estate planning lawyers frequently charge a flat fee to assist you in creating legally binding documents such as wills and durable powers of attorney, but they can also be hired on an hourly basis to assist you in maintaining your estate, acting on your behalf to handle disputes when necessary, and ensuring that your will is carried out as planned when necessary.
An estate planning lawyer can also assist someone with power of attorney over the estate of a recently deceased person in navigating the probate court process. A qualified estate planning attorney may be able to assist you in avoiding probate court entirely, although this is primarily reliant on the type of assets in the deceased’s estate and how they can be properly transferred.
If a beneficiary (or even an individual who has not been designated as a beneficiary) announces that he or she intends to contest the will and sue the estate of a deceased family member or loved one from which you stand to benefit, it may be in your best interest to consult an estate planning attorney as soon as possible. Such disputes have the potential to quickly deplete the estate’s assets and leave all beneficiaries feeling a little drained.
Finding an Estate Planning Lawyer: A Step-by-Step Guide
It may be tough to locate an attorney to help you with your estate planning. However, if you have a well-thought-out plan, the method may be simpler than you think. So, with estate planning, getting organized and having a system is half the battle, as is selecting an attorney. In actuality, more than half of Americans aged 55 to 64 do not have a will in place today.
These three stages will help you streamline your search for an attorney who is a good fit for you.
#1. Search for applicants
Begin by deciding what you want to accomplish with your estate plan. This information can help you determine the type of attorney you’ll need.
To draft a will, powers of attorney, and basic trusts, most people require the aid of a generalist. Certain cases, however, need the services of attorneys with specific specialties. For example, you may be concerned about maximizing benefits programs such as Medicaid or coping with long-term care, in which case you may require the assistance of an elder law specialist. If you have financial interests in another country, you may require the services of an international estate planning attorney. Similarly, if your case requires legal work in more than one jurisdiction or state, look for attorneys who are licensed in all of those places.
Once you’ve decided on the type of attorney you need, you may begin developing a list of potential candidates. Begin by seeking suggestions from trustworthy friends and family members. One of the best tactics is always word of mouth. If they’ve had a bad experience, they’ll tell you. Consult with the financial professionals of your coworkers, such as financial consultants, accountants, insurance agents, and bankers. They may be able to refer you to attorneys they know and trust.
#2. Set up interviews with your prospects.
Once you’ve narrowed your list to a few candidates, confirm their state bar registration status and contact them about an interview. An attorney interview may or may not be charged. Bring all of the material you’ll need to your first visit (in person or through video conference), including your Fidelity Estate Planner’s estate planning summary and any supporting documentation. Make a list of questions to ask prospective attorneys, including the following:
- How long have you done this?
- Where did you go to school?
- How will you communicate with me?
- What are the best ways for me to contact you?
- Will you be my main point of contact, or will someone else, such as a paralegal, take over?
- Will you keep me updated on the status of my strategy, or should I expect to take the lead?
- How will you bill, and how much will you charge (hourly vs. fixed)?
- Is there anything else not included in that price?
Remember that this is your chance to select an attorney who is a good fit for you. Trust your instincts and look for a lawyer who makes you feel at ease. “Don’t be afraid to compare prices,” Haley recommends. “You must establish a strong rapport. If the attorney you’re interviewing makes you feel uneasy during your initial contact, you may never be able to establish the type of open communication that is the foundation of a solid working relationship.”
#3. Understand each lawyer’s fees.
One of the most significant variables to consider when hiring an estate planning attorney is cost. Keep your budget in mind and hunt for a lawyer whose fees are within your means.
Some lawyers offer free consultations, while others do not. Some offer a free consultation for a limited time, such as the first hour, before charging. Find out what each attorney’s policy is before the initial meeting.
Fee structures for developing an estate plan may also vary. Some lawyers charge a flat fee, while others bill by the hour. In most cases, fixed fees cover everything required to write the estate planning documents. Simple estate plans, which contain a will, power of attorney, and medical directives, can range between $1,000 and $2,500. More complex plans, such as those including trust papers, could cost $5,000 or more. Individual prices may vary depending on jurisdiction and state, among other factors.
Individual hourly rates normally range between $200 and $300 per hour; however, individual charges may vary depending on jurisdictions and states, as well as other factors such as the firm’s size. It should be emphasized that attorneys who bill hourly are expected to bill in increments of no less than 6 minutes, or one-tenth of an hour.
An attorney may charge additional fees for specialized duties such as web research, court filings, document copying, or courier fees. Inquire about these potential fees before making a decision.
Choose the applicant who best suits your needs, personality, and budget after interviewing them. At this point, the attorney may offer you with an engagement or retainer letter, which is a contract describing the nature of your legal relationship with them as well as the terms of the agreement you have reached. These terms detail the fees you will be responsible for, as well as how your attorney will be reimbursed for their efforts. Following that, your attorney will aid you in developing an estate plan, with which you can cooperate to guarantee that it fits all of your requirements.
Brooklyn Estate Planning Lawyers
Below is a list of some of the best estate planning lawyers in Brooklyn
#1. Katzner Law Group
Wills, Trusts, and Probates
360 Lexington Ave
Midtown East
10 years in business
Fixed pricing
#2. Grimaldi Yeung Law Group
Elder Law, Wills, Trusts and Probates
652 4th Ave
South Slope
#3. Morgan Legal Group
Wills, Trusts and Probates, Elder Law, Divorce and Family Law
Serving New York and the Surrounding Area
Speaks Spanish
24/7 Availability
#4. Law Office of Jason D. Jones, P.C.
Wills, Trusts, and Probates
Serving New York and the Surrounding Area
Free consultations
Budget-friendly
#5. Miller & Miller Law Group
Wills, Trusts, and Probates
365 Bridge St
Downtown Brooklyn
#6. The Stein law Firm
Real Estate Law, Wills, Trusts, and Probates
4436 Bedford Ave
Sheepshead Bay
20 years in business
Women-owned & operated
#7. Alicia J Ragusa, ESQ
Estate Planning Law, Business Law
244 5th Ave
Flatiron
#8. Morgan Legal Group
Wills, Trusts and Probates, Elder Law, Divorce and Family law
Serving Brooklyn and the Surrounding Area
Certified professionals
Emergency services
#9. Law Office of Paul R. Kenney
Real Estate Law, Estate Planning Law, Business Law
155 W 72nd St
Upper West Side
#10. Law Office of Inna Fershteyn and Associates
Business Law, Wills. Trusts and Probates, Medical Law
1517 Voorhies Ave
Sheepshead Bay
Estate Planning Lawyers in Chicago
These are some of the best estate planning lawyers in Chicago.
#1. Martinez Law
Real Estate Law, Business Law, Wills, Trusts, and Probates
3052 W Cermak Rd
Little Village
#2. Erwin Law
Real Estate Law, Estate Planning Law, Bankruptcy Law
4043 N Ravenswood Ave
Lakeview
#3. Alexander Kevin F
Real Estate Law, Wills, Trust, and Probates, Business Law
830 N Blvd
Free consultations
Available by appointment
#4. Law Office of Jennifer Guimond-Quigley
Estate Planning Law, Divorce and Family Law
20 N Clark St
#5. The Shimotake Law Firm
Bankruptcy Law, Wills, Trusts, and Probates, Business Law
1 S Dearborn St
10 years in business
Locally owned & operated
#6. Bell & Shah
Business Law, Estate Planning Law, Real Estate law
2015 W Fullerton Ave
Bucktown
#7. Bradford Miller Law PC
Real Estate Law
10 S LaSalle
#8. Terrie L Culver & Associates
Real Estate Law, Business Law, Wills, Trusts, and Probates
454 E Northwest Hwy
#9. Swedberg and Hodgkinson
Estate Planning Law, Personal Injury Law, Real Estate Law
4848 N Damen Ave
Ravenswood
#10. Metz + Jones
Divorce and Family Law, Real Estate Law, Wills, Trusts and Probates
In Conclusion,
Estate planning is a complex activity with several decisions to be made from start to finish. An estate planning attorney can help you determine the best plan for your particular scenario. If you deal with a trained professional, you can approach the estate planning process with confidence. This will reassure you that your plan is sound, which will only make you feel better. Also, if you live in Chicago or Brooklyn, you’ll find the list of estate planning lawyers in this article useful.
Frequently Asked Questions
What type of law does estate planning fall under?
Estate law is a branch of law that deals with a person’s physical and personal possessions. Estate law entails planning for a person’s finances and property both during and after their death. It is a body of law that encompasses the protection of both people and property. It might include both transactional and litigation law.
What is the difference between a probate attorney and an estate planning attorney?
People often engage an estate planning attorney before death to assist them in splitting their estate and assets, whereas a probate attorney can assist the estate administrator and family in overseeing the validity and administration of a will in probate court after a person has died away.
DISCLAIMER!
This article should not serve as a guide; it’s solely for informational purposes. We hereby emphasize that Broker in Insurance does NOT endorse any of the attorneys listed above. They are subjected to your choice of decision and verification. We are not sponsored by any of the law firms, and the information provided here is to the best of our knowledge.
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