Estate planning is essential for every one and it is even more important for participants to make sure that their assets are properly managed and inherited by their children.
Before making an estate plan, participants can ask their attorney several questions to see whether they are suitable for them.
- Do you specialize in estate planning?
Participants should only continue to build their estate plan when their attorney say yes. Otherwise, their attorney may not be familiar with the lasted changes to legal statutes and they may be unable to carry out their estate plan effectively.
- How long have you been practicing?
Participants should find themselves an experienced attorney whose documents have gone into effective before. Consequently, these attorneys will know how to deal with the challenges from courts or IRS.
- Will you be the one who execute the plan?
Some attorneys only draw up preparing documents while some attorneys also execute the trusts. It is better for participants to use only one attorney because they will be very familiar with the case of participants and they can make sure that participants’ assets are transferred correctly.
- Do you conduct reviews periodically?
It is important for attorney to make periodic reviews since there may be life, financial or legislative changes, which requires attorney to make adjustments to the current documents. With a small fee, attorney would be willing to conduct semi-annual or annual reviews.
- How do you charge?
Some attorneys charge a fixed rate while some of them charge by hour, depending on which type of service participants ask for. If participants don’t want to surprise themselves, they should always ask about fee before conducting a estate planning.