14 Questions You Should Ask a Lawyer for Estate Planning in Arizona
You're ready to start planning your estate, it might be time to speak to an attorney. Here are questions to ask a lawyer for estate planning in Arizona.
Did you know that less than a third of Americans have a will in place or any estate plan?
Many people think that estate planning and living trusts are solely for the ultra-wealthy. However, having a proper estate planning in place can help you manage the assets you have so that they’re passed on correctly. Depending on what assets you want to pass on, there are benefits to plan your estate and have estate planning documents in place in advance.
This is why it’s so important to find an experienced estate attorney for estate planning. With the right advice and guidance, you can structure your estate plan and assets perfectly for the next generation. Estate plan is not just legal documents, an estate planning attorney will create the proper strategy for you and your family during the estate planning process.
Thinking about finding a lawyer for estate planning? Read our blog for a quick look at the essential questions you should ask your attorney about estate planning in Arizona.
1. How Much Will Your Initial Meeting Cost?
The first thing you should always ask your lawyer is how much the first consultation is going to cost. Many estate planning attorneys offer different compensation models, such as flat fees or hourly rates, which you should understand before making a decision. This is because you may be planning to visit more than one lawyer before finalizing your choice. In this way, you can see if the law firm is going to charge you an upfront cost that may not be in line with your budget.
Most estate planning lawyers offer a free consultation instead of doing hourly rate. A free consultation gives you the opportunity to see if if the estate planning lawyer is the right one for you. You will also know about their services and see if they have the right plan for your family before you hire the attorney.
2. Are Your Attorney Fees Flat Rates?
The second aspect that you should clarify with your lawyer is how their legal fees are structured. Estate planning attorneys often charge per hour or per case, so it’s important to see which options are available. Flat-rate lawyers are usually the clearer option as you can budget around those fixed numbers. Many attorneys will do estate planning and a revocable living trust on a flat fee.
3. What Is Estate Planning?
If you’re unsure about the depth of estate planning, don’t be afraid to ask about it. Estate lawyers are skilled in this department and will explain everything you need to know about estate planning. This will also give you a good idea of the entire process and how long it’s going to take.
An estate planning tool such as a will or trust can help ensure that your assets are distributed according to your wishes.
For some people the correct plan may be only a will, for other a revocable living trusts may be the best option. Most people want to avoid probate, minimize taxes and make sure their minor children are taken care of they pass away. Estate plans are specific to your family, our law firm doesn’t believe in “one size fits alls” like some other firms.
Although the Arizona state doesn’t have estate taxes it is important to take that into consideration as well.
4. Why Is Estate Planning Important?
As mentioned above, millions of Americans don’t believe they have enough assets for an estate plan. However, this is not the case. An experienced lawyer will help break down the benefits of having a solid estate plan, including how to avoid probate and stay out of court. An experienced lawyer will help you navigate the complexities of your financial and legal affairs to create a comprehensive estate plan.
Probate is not only time consuming but it is also more expensive. The probate process and probate court can also create issues between family members. Establishing a relationship with a lawyer and going to the estate planning process can also minimize the stress during such a difficult time.
5. How Do You Set Up an estate plan?
At the core of any estate plan is an experienced estate planning attorney with whom you can communicate well. Your lawyer will quickly walk you through the entire estate planning process. He will talk to you about personal details and your family dynamics.
Your estate planning attorney will review your retirement accounts, your life insurance policies, a business or businesses that you may own, and any other financial or real assets you may have. The attorney will discuss with you what happens if you pass away without a Will or estate planning in Arizona. The estate planning attorney will establish a plan where your spouse and heirs will be protected for every single possible worst-case scenario.
6. Can You Help Me Draft My Estate Plan?
The best part about working with an experienced lawyer is that they can help you every step of the way. An estate planning project requires careful consideration and detailed planning to ensure all aspects are covered. Whether you want advice about how to structure your assets or how to word your actual will itself, the right lawyer can help. This is why it’s important to find an experienced lawyer that’s willing to go above and beyond for your exact needs.
7. Can I Change My Estate plan Later?
Having an estate plan is incredibly important. However, you can still make changes to your will or living trust if you ever change your mind later. Understanding the legal affairs involved in making changes to your estate plan is crucial to ensure everything is updated correctly. Ask your lawyer about this process so that you know what to do whenever you wish to make changes.
Keep your lawyer’s contact details and your documents in a safe place so that you always know you can call them when you need help. A good firm will be there for you in an emergency, that is when their expertise is so important.
8. What Is a Trust?
A trust is a separate legal entity that can hold property and other assets on behalf of a beneficiary. This is a great way to pass down ownership of assets in a simple, easy way and avoid probate. Instead of having to transfer the assets from one person’s name to another our clients usually have a succession plan inside their trust.
There are a few different kinds of trusts that you can set up for your assets. This is why you should ask your estate planning attorneys to explain the various options you have and the benefits of each. This way, you can make the best decision for your individual circumstances.
You can read more about trust here.
9. Can a Trust Help Avoid Taxes?
When you set up a trust, it’s important to understand that you’re creating a new entity. This means that the trust may or may not be taxed differently from your own. An estate planning attorney with a background in tax should be able to explain and help.
A trust is a valuable estate planning tool that can help manage and protect your assets.
Having property in a trust also helps save on transfer taxes if you have a substantial estate. Definitely talk to an attorney if you have $13 million or more in assets. Legal services and law can be tricky to interpret.
10. What Are the Benefits of a Living Trust?
When it comes to a living trust, there are tons of benefits that you should know about. A living trust can help keep assets in the family, it can avoid probate and keep you out of court. It can protect your assets for your heirs and potential predators in the future as well. It can make our the difference in your heirs life if properly done and funded.
A living trust is an essential part of any estate planning project, offering numerous benefits for asset protection and distribution.
A living trust not only need to be created right, it also need to be properly funded for it to work. All your accounts need to be put in trust, as well as all the real assets that are owned by you.
11. What Qualifications and Experience Do You Have in Estate Planning?
When searching for an estate planning attorney, it’s essential to consider their qualifications and experience in the field. A qualified estate planning attorney should have a strong educational background, including a law degree from an accredited institution. They should also have experience in handling various aspects of estate planning, including wills, trusts, probate, and estate taxes.
Look for an attorney who is certified by a reputable organization, such as the American Bar Association (ABA) or the National Association of Estate Planners & Councils (NAEPC). These certifications demonstrate that the attorney has met certain standards of education, experience, and ethics.
Additionally, consider an attorney’s experience in handling complex estate planning cases, such as those involving multiple trusts, unique assets, or heirs in different states or countries. A seasoned attorney will have the knowledge and expertise to navigate these complex situations and provide personalized guidance.
12. How Will You Communicate with Me and My Advisors?
Effective communication is crucial in the estate planning process. Your estate planning attorney should be able to communicate clearly and concisely with you and your advisors, including financial planners, accountants, and other professionals.
Look for an attorney who is responsive to your needs and concerns, and who is willing to take the time to explain complex legal concepts in a way that is easy to understand. They should also be able to communicate effectively with your advisors to ensure that all aspects of your estate plan are coordinated and aligned with your overall financial goals.
Consider an attorney who uses a collaborative approach, working closely with you and your advisors to create a comprehensive estate plan that meets your unique needs and goals.
13. Do You Handle Probate and Estate Administration?
While estate planning is focused on preparing for the future, probate and estate administration involve handling the legal and financial affairs of a deceased person’s estate. A qualified estate planning attorney should have experience in handling probate and estate administration, including navigating the complex legal process and ensuring that the deceased person’s wishes are carried out.
Look for an attorney who has experience in handling probate cases, including those involving contested wills, complex assets, or multiple heirs. They should also be able to provide guidance on estate administration, including managing the estate’s assets, paying debts and taxes, and distributing assets to beneficiaries.
Consider an attorney who is knowledgeable about the probate process and can provide personalized guidance on how to minimize estate taxes and ensure that the estate is administered efficiently and effectively.
14. Can You Create a Customized Estate Plan for My Unique Situation?
Every individual’s situation is unique, and a qualified estate planning attorney should be able to create a customized estate plan that meets your specific needs and goals. Look for an attorney who takes the time to understand your personal and financial circumstances, including your assets, debts, and family dynamics.
Consider an attorney who uses a comprehensive approach, taking into account all aspects of your estate, including your will, trusts, probate, and estate taxes. They should be able to provide personalized guidance on how to minimize estate taxes, avoid probate, and ensure that your wishes are carried out.
A good estate planning attorney should be able to create a customized estate plan that addresses your unique situation, including any complex or unusual circumstances. They should be able to provide creative solutions and personalized guidance to ensure that your estate plan is tailored to your specific needs and goals.
An Experienced Estate Planning Attorney for Estate Planning
When it comes to finding an experienced estate planning attorney in Arizona, it’s important to understand the fees and costs before you get started. Every estate plan is unique to your personal circumstances, including the assets that you want to pass on. In this way, getting the right advice is essential.
If you have any questions or need some advice regarding your specific circumstances, don’t hesitate to reach out to our office. Our experienced lawyers at Citadel Law Firm offer world-class service at affordable rates in Arizona. Contact us today for more information.
You can schedule a free estate planning consultation by clicking here or by calling (480) 565-8020, we will be pleased to help.