If you are considering contacting a lawyer to help with your estate planning, it is crucial to understand what an estate planning attorney can do and their responsibilities. An estate planning attorney can be helpful in many different ways, from drafting documents outlining your wishes to helping you choose an executor or healthcare power of attorney.
Accredited estate planner designation
Accredited estate planners offer various services to clients—from drafting wills to planning for retirement and tax treatment of assets. Many AEPs also provide additional services such as insurance and accounting.
An organization called the National Association of Estate Planners & Councils (NAEPC) offers certification and ongoing training to certified professionals in the industry. Their website is an excellent resource for locating accredited estate planners in your area. You can search for them by state or zip code, and they can be found by name or type of service offered.
To become an AEP, applicants must meet specific educational requirements. For instance, a candidate must hold a degree in law, economics, business, or finance from an approved university. They also need a license if they want to practice law or accountancy.
Drafting documents to outline your wishes
An official document that specifies who receives what and when is a final testament. It is a great way to save your family some time and money in the event of your untimely demise. You can also set up a trust which is a legally binding three-party agreement to administer your estate.
An estate planning lawyer Hernando County fl, will likely have some recommendations for you. Your medical history and preferred methods of asset distribution will be questioned. They can then create a remarkable strategy for you.
An estate plan can help your family avert financial catastrophe if you die in an accident. Also, having a plan in place will ensure you leave a good legacy to the right people.
Helping with healthcare directives and a power of attorney
You should talk with an attorney if you are still deciding whether to make an advance health care directive or how to best go about it. Several legal documents can help you to express your wishes. It would be best if you also spoke to your family members and other important people.
For instance, a living will be used to spell out your medical care preferences. Similarly, an advance health care directive can name a person or agency to speak for you should you become unable to do so.
A power of attorney is another document that can be used to make decisions for someone else. This document names an individual to make financial, legal, and other important decisions for you.
Taking the financial stress out of end-of-life planning
End-of-life planning can be a daunting task. However, it should be approached with the utmost caution. Creating a plan can reduce the stress on you and your loved ones. It can be done by allowing you to consider various options before making a final decision. By putting some thought into your end-of-life plan, you can help ensure that your loved ones are not left with a financial mess to clean up. The process also allows you to learn about your health and well-being genuinely. Suppose you’re interested in learning more about the top. Financial option for you and your loved ones, visit eFinancial today. You can receive personalized guidance to help you select the right plan for you and your family.
Fees
There are various ways to pay for the services of an estate planning lawyer. It includes flat fees, hourly rates, and retainers. Before starting the process, you should discuss your needs and the costs of hiring an attorney.
Some attorneys offer free consultations. However, not all attorneys offer these services. So make sure you check with several lawyers before making a decision.
Hourly rates vary by the attorney, region, and state. Those in metropolitan areas charge higher rates than those in less populated areas. Also, experienced attorneys typically charge more.
In addition to determining the amount of work you will need, you should also ask about the cost of a retainer. A retainer is a prepaid amount, which can be a portion of the total cost of your estate plan. It is usual for an attorney to ask for a down payment before beginning to handle your estate.
