November 7, 2018
A Guide to Finding an Estate Planning Attorney Who Is Right for You
Please read important disclosures HERE.
November 7, 2018
Please read important disclosures HERE.
When looking for an estate planning attorney, many individuals feel more comfortable with getting a personal referral than by embarking on an internet search. Asking for a referral from friends and other professionals can be a helpful start to finding an experienced attorney. However, a referral to a competent attorney may not be enough to cultivate a successful working relationship.
So, how do you go about finding an estate planning attorney that is right for you?
1. First, identify the type of estate planning attorney needed. Narrowing the field can help determine appropriate candidates. Many people can use the services of a general estate planning attorney to draft wills, powers of attorney, and basic trusts. But some situations call for attorneys with certain specializations. For example, clients who are interested in sophisticated wealth transfer techniques or charitable giving or who have assets in more than one state or in a foreign country will want an attorney who is a specialist in those types of issues. Alternatively, clients who are concerned about maximizing benefits for beneficiaries with special needs or who are interested in programs like Medicaid or addressing long-term care may want a specialist in elder law.
2. Once the search has been narrowed to a few candidates, it is a good idea to interview each of them on the telephone or in person. Ask about any fees for a “meet and greet” before your meeting. Some attorneys may charge for an initial conference while others may offer an introductory phone conference or office meeting at no charge.
3. An attorney’s educational credentials should be available online so there is generally no need to spend too much time on this matter. Most attorneys will be leery of answering specific questions without a formal engagement letter in place, so it’s a good idea that at the introductory meeting you ask procedural questions rather than asking for specific legal advice. Instead, you may wish to address the following topics:
4. After the interview, assess how the meeting went. Even without being given specific legal advice, you may be surprised at how much you have learned about the attorney and whether you believe you have found a good fit. For example:
If you were not comfortable with a basic interaction, you may never develop the type of open conversation that is important to have with your estate planning attorney.
5. If you felt comfortable with the answers to your questions and liked the attorney’s approach and style and thought you would be comfortable sharing family matters, trust your gut and move forward. While there are benefits to staying with the same attorney for years, if the relationship does not work out in the future, you can always change advisors. Even if you pick the attorney that you think is right for you, sometimes things happen that are out of your control. The attorney may retire (even if not planned), move away, or pass away. While you may need to find a new attorney, that new attorney can interpret and administer a well-drafted estate plan.
6. Finally, minimize surprises about fees. Attorneys generally prepare fee engagement letters outlining the scope of services and billing practices. If your attorney does not provide such a letter for you to review and sign, ask him or her to put the fee agreement in writing. Be sure to understand the matters addressed therein and if you have questions, get your answers before beginning the process.
If you would like to discuss referrals for estate planning attorneys or the issues to address before meeting with your estate planning attorney, please contact one of your B|O|S service team professionals. We can provide you with additional resource material, including vocabulary lists and summaries of many estate planning techniques, to help you become better informed.
This memorandum provides a general overview of a particular estate planning topic and is not intended to be an exhaustive summary of every practical element of that topic. Many important elements of each subject are not discussed herein. This memorandum is for informational purposes only and is not intended to be used as a general guide to estate planning or as a source of any specific recommendations, and makes no implied or express recommendations concerning the manner in which any individual’s account should or would be handled, as appropriate estate planning strategies depend upon the individual’s specific objectives and circumstances. It is the responsibility of any person or persons in possession of this material to inform himself or herself of and to seek appropriate advice regarding any investment, financial planning, or estate planning decisions, legal requirements, and taxation regulations which might be relevant to the topic of this article or the subscription, purchase, holding, exchange, redemption or disposal of any investments.
Estate planning law changes frequently and the information presented within may no longer be current. Please do not rely on the information provided herein without first consulting an attorney.
This memorandum does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. Moreover, this memorandum neither constitutes an offer to enter into an investment agreement with the recipient nor an invitation to respond by making an offer to enter into an investment agreement.
Opinions expressed are current opinions as of November 2018 and are subject to change. No part of this material may, without the prior written consent of Bingham, Osborn & Scarborough, LLC, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.