If you want to pass on your assets to your loved ones and make sure that they are distributed as you wish, you need the help of an Estate Planning Attorney. A good one will take the time to listen to your concerns and provide you with a plan that ensures your wishes are carried out.
An estate plan will give you the peace of mind that your assets will go to the people and organizations you care about, without any court battles or big tax bills. A good attorney will create a comprehensive plan that is tailored to your needs and goals, and will keep you informed about how your estate plan will work as the laws of your state change over time.
A good estate plan will also allow you to control your finances and make decisions about your health and well-being, if you become incapacitated or die. A good attorney will prepare an Advanced Healthcare Directive (AHCD) and a durable power of attorney, as well as other legal documents that protect your privacy and ensure your wishes are met.
The best place to find a good estate attorney is through referrals from friends and family, but you should also look at legal ads online or in the local paper. Many lawyers have websites that offer their services, but you should check with your state and local bar associations to ensure that they are licensed and able to practice law in your area. You may also check out https://www.chicagoprobateattorneys.net/estate-planning/ to find the best estate lawyers for you.
Some attorneys charge a flat fee for their work, while others may ask for a retainer upfront before they begin working on your matter. If you do not have a lot of money to spend, it is best to hire an estate lawyer who has a reasonable retainer.
An attorney who charges a flat fee will typically explain how much each service costs, and you can decide if the fee is within your budget. Some attorneys will also offer a discount for multiple services, so it is important to shop around and compare prices.
Another good way to find a good attorney is to ask for a recommendation from your employer or financial advisor. You should also check with your state and local bar associations to find an attorney who has a good reputation for working with individuals in your situation.
You should also look for an attorney who specializes in your specific circumstances, whose fees you can afford and who will be available to work with you throughout the process. If you are a senior citizen, you will likely need an estate plan that takes into account your unique medical and financial needs.
A good estate plan will include a will, living trust, powers of attorney and a beneficiary designation for life insurance and retirement accounts. An estate plan can also include a healthcare power of attorney and a health care resuscitation order, as well as a guardianship designation.
An estate plan will also protect you and your family from the burdens of probate. Probate can be a long, costly and confusing process. Your assets could go into the hands of strangers, who could use your information for personal gain or to challenge your will. It can take up to a year for your assets to be transferred to your beneficiaries, and it can also cost you unnecessary fees.