10
Aug

What Exactly is Estate Planning Attorney

An estate planning attorney plays a vital role in an individual’s final wishes. Not only does he create a legal document stating how the estate will be distributed, but he also makes sure that all of the insurance policies are updated and paid in full. Estate planning attorneys also deal with other professionals, such as accountants, to ensure that everything is in order. While these professionals are vital to an individual’s final wishes, it is important to know what exactly they can and cannot do. Click this link now estate planning attorneys near me

One important role that an estate planning attorney plays is helping individuals establish a will and a health care proxy. Without these documents, assets will be distributed according to Massachusetts’ intestacy statutes. Without these measures, people lose control of their property and children’s guardians, or the law will determine who receives them. In addition, an estate planning attorney can advise on pre-nuptial agreements and marital property agreements.
An estate planning attorney will be able to counsel a client regarding his wishes and create a plan that will best suit his or her needs. For example, if a client wants to leave everything to his or her children, an estate planning attorney will work to make sure that his or her wishes are followed. By determining who should inherit his or her assets and how they should be distributed, an estate planning attorney will help the family decide exactly what they want.
An estate planning attorney will also have to be very aware of confidentiality and ethical standards. While the role of an estate planning attorney is to draft the Will, the lawyer must also be able to understand family dynamics and philosophies, as well as how the client will respond to any questions that may arise. The attorney must be able to make the client comfortable with answering these questions and facilitate an honest and open conversation about private matters. Without full transparency, the estate planning attorney may end up creating a document that falls short of the client’s expectations.
Many attorneys charge an hourly rate for their services, and mid-sized firms tend to charge between $375 and $1,000 per hour. Larger law firms will ask for a retainer for the work they perform. A retainer will cover the amount for a certain number of hours, and a retainer may be refundable afterward. In some cases, attorneys may ask for additional retainer funds if they find that it is necessary to make changes to the estate plan.
In addition to estate tax planning, an estate lawyer will also discuss with clients the various types of living trusts and special trusts that can be used to distribute a person’s assets after their death. These trusts are important for individuals with children from a previous marriage, as they give them control over their inheritance. These trusts are not part of the probate estate, so it’s important to consider them when creating your estate plan.