What You Need to Know When Hiring an Estate Planning Attorney
Brad Smith • Jan 20, 2020
"In this blog we explain what you need to know when hiring your estate planning attorney."
Planning your estate
can be a long, complex process. It often entails creating a series of legal documents and establishing certain legal entities, such as wills, trusts, power of attorney, and possibly others.
Many people don't feel comfortable navigating this process on their own, and so they choose to hire a professional to guide them. A financial advisor can help you set up a financial plan that will take care of your family, but it's also a good idea to work with an estate planning attorney, especially if your needs are complex.
What Is an Estate Planning Attorney?
An estate planning attorney is a lawyer who specializes in matters of estate planning. They're required to have the same certification as any other lawyer and must pass the bar exam for the state they practice in, regardless of their specialty.
They gain this specialization through years of experience working with clients on estate planning issues. There are also additional certifications that they may obtain, and we'll take a look at those later.
While estate planning attorneys handle a variety of things for their clients, they all center around the goal of assisting clients as they prepare for the end of their life, preparing their financial legacy. The most common things that an estate planning lawyer can help with is writing a last will and testament, or setting up a trust.
They help with other issues as well, such as inheritance taxes and estate taxes. They can also help the executor of your will transfer the assets of your estate to your beneficiaries, and can help them navigate the probate process if needed.
Finally, an estate planning attorney can also help ensure that you're adequately prepared for an end-of-life scenario in which you can't make your own decisions. This typically involves designating someone to receive power of attorney, compiling a living will, or establishing other advance directives. A good estate planning lawyer will provide legal guidance
throughout the entire process of preparing for the end of your life.
What to Look For in an Estate Planning Attorney
When you're looking for an estate-planning attorney, a good place to start is your state bar association. They can often provide a referral. If you're already working with a financial advisor, they also likely will be able to recommend an attorney that they regularly refer clients to for estate planning.
A specialization in estate planning doesn't necessarily refer to an special certifications—a lawyer won't always have additional letters after their name that distinguishes them from any other lawyer. However, lawyers generally specialize in a certain area of practice. An estate planning lawyer will simply refer to themselves as such. They may have an entire practice focused on estate planning, and they may even specialize in certain aspects of estate planning.
The basic requirement, of course, is that the lawyer you work with has passed the bar in your state. This is especially critical with it comes to estate planning, because the laws and probate procedures can differ from state to state, and even on the local level, so you'll want someone with the local expertise you need.
Equally important, but less technical, is that you should be sure that you find an estate planning attorney who makes you feel comfortable. You'll be working with them on sensitive issues, after all, and you'll have to share a lot of personal information, including your wishes for after you die. The whole process will be much easier for you if you feel at ease with your estate planning lawyer, so take the time to meet with them and ensure that they're a good fit for you.
Other Estate Planning Certifications
While there aren't specific certifications necessary for practicing estate law, some attorneys do choose to gain further accreditation that can assist them with their practice. Some of these certifications are also available to other professionals, such as accountants or financial advisors. Here are some of the additional certifications you may see.
Accredited Estate Planner
The designation of Accredited Estate Planner is awarded by the National Association of Estate Planners and Councils. It is given to licensed attorneys, as well as certified public accountants, chartered life underwriters, and other certified or chartered financial advisors. The requirements for this designation include:
- Minimum of five years of experience in estate planning.
- Completion of two graduate level courses through the American College of Financial Services.
- Completion of a minimum of 30 hours of continuing education, 15 of which are in estate planning, every 24 months.
Chartered Trust and Estate Planner
The American Academy of Financial Management grants this designation to those with a degree in law, finance, tax, accounting, or financial services. A CPA, MBA, MS, Ph.D. or JD from an accredited school or organization also qualifies someone for this designation. The other requirements include:
- Completion of at least five related and approved courses
- Completion of a certification training course
- Annual continuing education.
Certified Trust and Financial Advisor
The American Bankers Association, in conjunction with the Institute of Certified Bankers, awards the CTFA designation to those individuals who meet the following requirements:
- A minimum of three years of experience in wealth management.
- Completion of at least one approved wealth management training program.
- A letter of recommendation.
- A signed ethics statement.
- Completion of 45 hours of continuing education every three years.
The Bottom Line
Estate planning is a complex undertaking, involving many, often difficult decisions. With the help of an estate planning attorney, you'll find the often difficult process much easier to navigate. They will be able to present options that make the most sense for your particular situation. They will help you feel at ease and confident in your plan.
Tips for Estate Planning
- It's an unpleasant thought, but it's important to consider the situation in which you're unable to make decisions for yourself. In these scenarios, the best outcomes can be achieved when you have a living will or other advance directive. This will help to ensure that your loved ones, and your doctors, how how to respect your wishes for your end-of-life care.
- In order to maximize the legacy that you are able to leave to your beneficiaries, you need a comprehensive financial plan that includes smart investing strategies. A financial advisor will help you create a plan that works for you.
Please reach out to us for help with your Estate Planning. You can call us at 618.659.4499
or reach out to us directly here https://www.sivialaw.com/contact. We are looking forward to speaking with you.
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Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
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