Thinking of getting an estate planning lawyer? Finding the right estate planning lawyer can be a daunting task, but with the right information, you can find one that meets your needs. You may have to use more than one resource before you find a lawyer you want to work with.
If you’ve got a financial advisor, they can be a profitable source of information as an estate plan lawyer is often part of a financial planning team. You can also turn to an accountant as most can recommend at least one estate planning attorney.
You should go for an estate planning lawyer that you can trust enough to carry out all types of financial decisions such as paying bills or making deposits, he or she has to be detail-oriented and able to handle the paperwork. Below are some of the roles and responsibilities they must play.
1. Draft Estate Plan Documents That Meet The Client’s Needs
Part of their responsibilities is their ability to have a thorough grasp of state and federal tax laws, trusts, wills, property, and real estate.
They would work with the client and their accountant in the filing of proper tax returns and updating their client’s organizational documents in conjunction with their other advisors on other needed changes. Including finding possible ways to reduce and avoid estate tax when possible.
2. Proactively Anticipates And Resolves Issues
Ability to anticipate and resolve issues quickly before it gets out of hand is one of the functions of an estate planning lawyer. They should be able to maintain sufficient contact directly with the client to ensure they are satisfied with the progress on the matter.
Planning in case of emergencies for the well-being of the client’s family is part of the lawyer’s responsibility. The legal experts at atlantaestatelawcenter.com consider it protecting the client’s children and being compassionate. Proactively anticipating includes the examination and analysis of property records and titling of all assets that will be included in the estate plan.
3. Always Communicate With Clients
Communicating in person, via email, and telephone, if there’s a need to commence an engagement, is another responsibility of an estate lawyer. They need to keep the issues at hand moving forward on a timely basis and to make certain that all efforts are in tune with the client’s needs.
They must always communicate with the financial advisors, insurance agents, company accountants, and other members of the client’s team when authorized to do so. This may be necessary to complete important tasks while you concentrate on collaborating with financial managers, insurance specialists, and other stakeholders.
4. Advising The Client
They should instruct a client on where to keep the original estate planning documents and copies and how often the client should review, even update or revise their estate plan. Work with the client and their accountant on the filing of proper tax returns and updating business entity organizational documents and with their other advisors on other needed changes.
Estate planning lawyers also advise about retirement plans, life insurance policies, and charitable contributions. If a case goes to the probate court, an estate planning lawyer would be involved in litigating the case.
5. An Estate Planning Lawyer Must Be Up-To-Date
Financial knowledge, such as how to manage a balance sheet, will allow lawyers to better assist their clients with prudent estate planning. An estate planning lawyer must stay up-to-date with the ever-changing tax laws that could affect the value of clients’ estates and advise the client on pre and post-nuptial agreements or marital property agreements or marital settlement agreements as a result of divorce.
Estate planning lawyers assist clients with all details involved in planning an estate from giving advice to making sure wishes are carried up after death. These attorneys draft trusts and wills along with the power of attorney documents. They work to ensure life savings and assets are safe from creditors and that estate taxes are avoided or minimized.
Lawyers in this field of practice also help to pass property to loved ones according to a person’s wishes. When carrying out these duties, they also make certain all aspects of the estate plan meet state guidelines.
Make sure you do background research on the lawyer you want to go for, this will be an added advantage, you don’t want to go for a novice lawyer or someone that won’t be able to defend himself or herself not to talk of defending you.
An estate lawyer must make sure he or she is ready to be available for each of his duties because they know better and will be able to deal with issues regarding the estate better than the regular person.