Creating an estate plan or living trust is incredibly important because you are planning how to pass your legacy on to the ones you care about the most. As a result, you need to find an attorney who is experienced in trust and estate planning matters. |
Qualities Of A Good Trust Attorney.
Experience With Wills, Trusts, and Estate Law.
When creating a trust or estate plan, you want to find an experienced trust attorney, also referred to as estate planning attorney. Why? Because there are many different types of attorneys that focus on different aspects of the law. For example, there are estate planning lawyers, tax lawyers, criminal lawyers, and do i lawyers, none of whom do the same job. You wouldn’t go to the dentist if you were having heart problems you would go to a cardiologist.
The same goes for getting a living trust made. You wouldn’t go to a lawyer for a living trust, you would seek the professional experience of a trust attorney. Trust and estate law can be very complex and it is important to have someone who is well versed and experienced in this type of law creating your estate plan. After all, you are entrusting them to build a legally binding plan that will protect your family, money and property.
Costs and Initial Consultations.
Cost is often a topic of discussion when it comes to evaluating trust attorneys. Finding the typical cost of a living trust is difficult. Why? Because everyone’s financial and asset portfolio is different. What might be a good plan for your neighbor may not be a good plan for you. As a result, it is hard for attorneys to publish one fixed price for a trust document.
However, you should look for a trust attorney that provides and initial consultation prior to drafting an estate plan. There are a couple of benefits to this. First, it allows you to ask whatever questions you have about what type of estate plan may be right for you and what the drafting process looks like. Second, it gives you the ability to gain a comfort level with the attorney you will potentially be working with. Third, it allows the trust attorney to get a thorough understanding of your goals and your unique situation so that they can provide you with an accurate quote of how much it would cost to create the best estate plan based on your goals.
Different attorneys use different types of fee structures. Some lawyers charge by the hour. The cost is then determined by how long it takes them to draft your will, trust, or comprehensive estate plan. Others charge on a flat fee basis. Some people are uncomfortable with an hourly rate because they are unsure of how much the final cost will be. An experienced trust attorney should be able to give you a flat fee quote after your initial consultation for exactly how much it will cost to create your trust or estate plan. If they are not able to give you a flat fee quote, this may be an indication that they are not experienced or focused on estate planning.
Accessibility of the Trust Attorney.
Will the trust attorney be accessible during the drafting process in case you have additional questions or changes to be made before the estate planning documents become final? Some attorneys are more accessible to their clients than others. But you should have a good feeling that the trust attorney you choose is there to answer your questions and walk you through their specific drafting process.
Legally Binding Signing Ceremony.
For your living trust or estate plan to be legally binding, it needs to be witnessed and notarized. Some trust attorneys provide witnesses and notarization as part of their service, but some do not. Make sure you ask your trust attorney if the documents will be legally binding once completed, or if you will have to find your own witnesses and notary.
At the end of the day, you should work with a trust attorney that you feel good about. Make sure you take your time to find an attorney who provides initial consultations so that you can ask them whatever questions you may have about estate planning as it relates to your unique situation. Also, ask them if they will be able to give you a flat fee quote after they get a better understanding of your situation.
Fee structures and accessibility may be important to you, so make sure you get an understanding of your attorneys process. Estate planning is an important decision and hopefully these tips help you find a great trust attorney.
About Author -Jim Turner is a USA based author of Legal issues related to estate planning, will & trust , busuness law and elder law .Jim Turner does his best writing on these topics that helps users to find the best solutions to their FAQ on estate planning , probate , living trust and more about legal family issues .
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