How Do I Work With An Estate Planning Lawyer?

Embarking on an estate plan can be daunting. But it doesn’t need to be if you have a trusted attorney in your corner.

Hopefully, your estate planning lawyer has worked on estate plans comparable to the one you are proposing to build. That’s why it’s crucial from the beginning of the process to ask the lawyer who focuses on estate planning if they have relevant experience.

Here are four additional questions you should ask before working with an attorney who focuses on Wills, trusts, and other estate planning issues.

#1. What type of taxes will my estate have to pay?

What are the laws governing your residence? What is changing with regard to the tax codes of your jurisdiction?

A certain amount of estate taxes are inevitable. They’re also a moving target. States are constantly changing their laws regarding estates, which determine much of the tax burden you or your descendants will have to deal with.

If there are ways to avoid certain estate taxes, your lawyer will know how to advise you. If these taxes are unavoidable but can be decreased, your attorney will also know those strategies. Fortunately, Ohio no longer has a state estate tax.

#2. Which documents must I have, and what’s the cost?

Each estate plan is different and has its own set of documents. Before drafting and enacting your estate plan, determine precisely what documents your estate planning attorney proposes to create. As the lawyer’s work continues, keeping tabs on those specific documents will prevent “mission creep,” which is when an attorney adds more documents, resulting in more work and billable hours beyond your initial expectations.

#3. How should I prepare for the first meeting?

Before you start spending money and having the law firm bill for their time, it’s best to put in some effort of your own. Obtain a complete list of the necessary paperwork and then gather and organize your documentation. During this time, build a planning document, get your account numbers together, and assemble a comprehensive list of assets and beneficiaries.

Enter into your first meeting with your Cincinnati estate lawyer feeling prepared. Know your situation. Know what your estate will consist of and who your beneficiaries will be.

#4. What complications may arise due to the nature of my estate?

Your estate planning can get more complicated if any of your assets are tied up with other owners and stakeholders. Examples include a house that you co-own with a former spouse, a family business, or part ownership of a company.

Support from a Cincinnati Legal Professional

It’s your estate attorney’s job to tell you what documents you need, find ways to alleviate your tax burden, and foresee any potential complications. An experienced attorney with Donnellon, Donnellon & Miller will work hard to guide you through estate planning and save you as much time and money as possible. Contact our office today to schedule an appointment and get answers to your questions.