All About Hiring an Estate Planning Attorney

As you grow older, it is important to have a secure estate plan in place so you can ensure your family will be taken care of after you are gone. Because this can include the creation of several legal documents, it is highly beneficial to hire an estate planning attorney who can manage the process for you. These lawyers specialize in various areas of estate planning, including federal and state laws involving wills, taxes, trusts and powers of attorney. You may especially need a lawyer if someone is likely to contest your will or your estate is otherwise complex. When you are ready to begin your estate planning, this is what to know about hiring an estate planning attorney.

You’ll probably also want to hire a financial advisor who can help you manage all of your assets, investments and other finances.

What Does an Estate Planning Attorney Do?

An estate planning attorney is a lawyer who specializes in matters relating to estate planning. These lawyers are no different from those specializing in mergers and acquisitions or personal injury suits. Regardless of their specialty, estate planning attorneys still have to pass the bar exam for the state in which they practice.

An estate planning lawyer’s duties can be wide-ranging, but they all center around one goal: assisting clients in end-of-life preparation for the financial legacy they leave behind.

Estate planning attorneys perform several duties. Most notably, they can help you write a last will and set up a trust. Your estate planning lawyer can also aid you in minimizing any estate taxes or inheritance taxes that may apply to your holdings. Once you pass away, they often assist the executor of your will in transferring assets to your beneficiaries. Should probate become necessary, they can help with that, as well.

Additionally, an estate planning lawyer can help you ensure you are prepared for end-of-life scenarios in which you are unable to make your own decisions. This will typically involve assigning a power of attorney, drawing up a living will or creating any other kind of advance directive.

A skilled estate planning lawyer will serve as your legal guide through all aspects of end-of-life preparation.

How Much Does an Estate Planning Attorney Cost?

Law firms have a reputation for being expensive, and for good reason. The services of an estate planning attorney are heavily specialized, which means years of schooling and experience is required. Even if your total costs end up being high, you can at least rest easy knowing your family and estate are in good hands.

When you meet with an estate planning attorney, they will typically lay out their fees immediately. Estate planning costs can take various forms and combinations, including initial meeting fees, hourly fees and fixed fees. In most cases, the more time your attorney spends on your estate, the more you pay.

Fees and rates will range from attorney to attorney and state to state. Firms often charge a starting fee for the initial consultation, which typically lasts about an hour. This time is so you can review your estate planning needs together and ask any questions you may have about the process.. If possible, request a quote before your meeting so you can prepare your notes and have time to compare rates between attorneys.

Depending on how early in life you start, there will likely be longer-term maintenance fees. For example, let’s say you and your spouse decide to work with a lawyer at age 68. If your spouse passes away at 75, you will probably need to readjust your estate planning strategy significantly. The same will also be true if you, say, gain another grandchild.

How to Find an Estate Planning Attorney

A couple review documents with their estate planning attorney.

To find an estate planning attorney, you should ask friends and family for recommendations. Their personal experiences will be the best indicator of any attorney’s quality. You can also try getting a referral from your state bar association or a county or local probate court. Your financial advisor can also recommend one, as they typically have attorneys to whom they regularly refer clients.

A lawyer who specializes in estate planning won’t necessarily have any unique certifications or titles to distinguish them. Rather, they’ll simply refer to themselves as estate planning lawyers or estate planning professionals. Their entire practice may be explicitly focused on this specialty. They may also discuss the areas within estate planning they have experience in.

Of course, you will need to work with an estate planning lawyer who has passed the bar in your state. State-specific expertise is particularly important when it comes to estate planning. That’s because laws and probate procedures differ by state and locale.

On a less technical note, you should look for an estate planning attorney who puts you at ease. After all, this person will be helping you make what can be difficult and emotional decisions. More often than not, you’ll need to disclose a great deal of personal information, including your final wishes. This entire process will be significantly easier if you feel comfortable talking to your attorney.

Estate Planning Attorney Certifications

While separate certifications are not required for estate planning attorneys to practice, some choose to attain further credentials or accreditations. Some of these are available to other professionals who are not lawyers, such as financial advisors or accountants who can help with estate tax planning.

Knowing what kinds of designations an attorney carries can give you a clue as to their areas of specialty. This could be crucial when choosing which estate planning professional to work with.

These are a few types of certifications that estate planning professionals may hold.

Accredited Estate Planner (AEP): The National Association of Estate Planners and Councils awards the accredited estate planner designation to licensed attorneys, CPAs, chartered life underwriters and certain other types of financial advisors. Requirements include a minimum of five years of estate planning experience and the completion of two graduate-level courses through the American College of Financial Services. Planners are also required to complete a minimum of 30 hours of continuing education every 24 months,with at least half the time concentrated on estate planning.
Chartered Trust and Estate Planner (CTEP): Granted by the Global Academy of Finance & Management (GAFM), this designation requires that you meet several requirements, including a degree in a relevant area of expertise, the completion of a GAFM-approved accredited training program or a professional license, such as CPA, MBA, PhD, or JD. You must also have at least three years of related work experience. However, these requirements are waived if you have already completed the work at a law school, online or through an MBA program or work as a trust officer. Additionally, all CTEP holders are required to complete 15 hours of continuing education per year.
Certified Trust and Financial Advisor (CTFA): The American Bankers Association, along with the Institute of Certified Bankers, awards the certified trust and financial advisor (CTFA) designation to individuals who meet specific criteria. They must meet one of three education tiers, depending on their overall experience and existing degrees or certifications.

When to Hire an Estate Planning Attorney

Not everyone needs an estate planning attorney, but there are situations where working with one can make a significant difference. If you have a large estate or a wide range of assets, an attorney can help build your estate plan in a way that reduces taxes and simplifies distribution. Larger estates often face more complicated rules and may also be subject to estate taxes, which makes professional guidance more valuable.

Property ownership in multiple states is another common reason to seek an attorney. Each state has its own probate laws, and deciphering them without legal help can quickly become overwhelming. An attorney can create trusts or other arrangements that allow your property to transfer smoothly, regardless of its location.

Family circumstances also play a role in deciding when to hire an attorney. Blended families, dependents with special needsd and estranged relatives can all complicate the process. In these cases, an attorney can draft clear legal documents that reduce the chance of disputes, like problems among siblings, while protecting the interests of vulnerable family members. Without legal support, families in these situations are more likely to face challenges in court.

An attorney is also important if you expect your will or estate plan to be contested. Disputes often arise when heirs feel left out or disagree with the distribution of assets. A lawyer can draft documents that are less likely to be successfully challenged, and they can also advise you on steps to take during your lifetime to reduce the risk of conflict after you are gone.

Finally, you may want an attorney if you need more advanced planning tools, such as irrevocable trusts or charitable foundations. These strategies can provide tax benefits and asset protection, but they also require careful drafting and knowledge of both federal and state law. Without an attorney, you may not be able to take full advantage of the opportunities available to you. DIY estate planning can easily lead to mistakes in your estate planning, potentially costing you more money while undermining your goals.

Bottom Line

An estate planning attorney can help you determine a plan that makes the most sense for your unique situation.

Planning your estate is a complex endeavor requiring many tough decisions. An estate planning attorney can help you determine the estate plan that makes the most sense for your unique situation. With the help of a qualified professional, you can go into the estate planning process with confidence. In doing so, you can ensure the security of your loved ones even after you are gone.

Tips for Planning Your Estate

To maximize the legacy you leave to your heirs, you’ll need a comprehensive financial plan and investing strategy. A financial advisor can help you with both. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
It’s never pleasant to think about, but there may come a time when you’re unable to make decisions for yourself. For these scenarios, a living will or another form of advance directive can help ensure your family knows your wishes.