A solid estate plan can help protect your assets and ensure that your family has financial support after your death. Therefore, it is never too early to appoint a New York estate planning lawyer to help secure your family’s future. Here, you’ll find information on what estate planning attorneys do and how you can find the best estate planning lawyer in New York to help create a solid plan that carries out your final wishes.
What Is an Estate Planning Lawyer?
A New York estate planning lawyer (also known as a will planning attorney or probate lawyer) is a legal professional who specializes in probate court processes, including estate planning. The lawyer’s main role is to help protect his or her clients’ wealth and ensure that all of their assets are structured in a tax-efficient way so that those who are left behind can benefit. An attorney ensures that the financial situation of your loved ones is protected after you pass away to give stability for their future. Estate planning is also the best way to avoid litigation against your estate following death.
What Does an Estate Planning Attorney Do?
Estate planning law encompasses many different factors, but New York estate planning attorneys are experts in their field. Below are just some of the tasks and procedures they can assist with:
- Offering legal advice for creating wills
- Establishing a power of attorney
- Planning for inheritance tax
- Setting up trust funds to protect money and/or property
- Advising on investments and other aspects of wealth management
- Succession planning for the future of businesses
- Helping to avoid the probate process
When to Hire a Lawyer for Estate Planning in New York
Anyone who reaches adulthood should consider hiring a lawyer for estate planning in New York. It might seem like death is far off, but accidents and tragedies do happen unexpectedly. Therefore, all adults can benefit from dedicated estate planning. However, hiring a New York estate planning attorney does become more essential the older a person gets. Older people are relying on the person for support and the more substantial assets that the person owns.
How To Find a Lawyer for Estate Planning
When you are choosing a lawyer for estate planning, it is best to work with a local firm in your area. By choosing a local attorney, you can ensure that he or she is aware of the state law and other rules and regulations that can vary depending on location. Different states have different laws; thus, the legal advice you are given needs to be specific to you.
So, you ask, how can I find an estate planning lawyer in my area? There are three main options:
- Ask friends & family—Your first step should be to ask friends, family members, or another person you trust if they can recommend a good New York estate planning lawyer.
- Ask other lawyers—If you have a general attorney for other legal issues, you can ask him or her for recommendations, as lawyers will know other lawyers in your area.
- Search online—You can also visit the National Association of Estate Planners & Councils and the American Academy of Estate Planning Attorneys online to find an experienced and licensed lawyer for estate planning in New York.
How Do I Choose an Estate Planning Lawyer in New York?
Having found several law firms, you won’t want to hire the first one you come across. You will want to find the best estate planning lawyer in New York that is a good fit for you and your budget. Here are some questions you should ask when searching for an attorney:
- How long have you been practicing law?
- How much of your practice has been dedicated to estate planning?
- Have you helped to plan estates similar to mine in the past?
- What are your preferred methods of communication?
- Can you refer me to previous clients who can tell me about their experiences?
- What do you charge, and how is this payable?
- Is there support staff present to help with the timely turnaround of legal documents?
How Much Does the Average New York Estate Planning Lawyer Cost?
You can expect a New York estate planning attorney to charge a flat fee for helping to write wills and other legal documents, as well as appointing power of attorney and carrying out other estate management tasks. However, prices can vary widely, depending on the experience of the law firm and what tasks you need help with, and the size of your estate. The creation of a standard will cost less than $1,000, whereas establishing power of attorney for complex estates can cost more than $10,000.
On the other hand, some lawyers for estate planning in New York charge by the hour. This is more likely to be the case if you require ongoing support and management of the estate and explanations of your legal rights in the case of disputes. Again, hourly rates vary between firms, and rates upwards of $300 per hour are not uncommon.
Do Estate Planning Attorneys Usually Charge for Consultations?
No, most of the best estate planning lawyers in New York do not charge a consultation fee. They recognize this as a chance for you to both get to know each other and determine if there is a good fit. It is a chance for them to sell themselves to you, so they typically don’t charge. However, don’t assume that this means all law firms won’t charge for a consultation. Some firms charge a flat fee for consultations, while others charge their usual hourly rate.
