Is Hiring an Estate Lawyer Worth It?

As people get older, they begin giving more serious consideration to their estate and their personal affairs. Many at least consider the idea of hiring an estate lawyer to help them navigate this process.

But is hiring an estate lawyer always worth it? And how can you find the best estate lawyer for your needs?

What an Estate Lawyer Does

Estate lawyers can help you with a wide range of tasks associated with estate planning. These include:

•       Last will and testament. Your last will and testament allows you to define exactly how you want your affairs to be handled after you die. You might dictate wishes for how you want your remains to be handled and how you want your assets to be distributed, for example. You may also be able to designate a specific guardian for your children.
•       Living wills. A living will is a similar document that applies if your health declines to the point where you can no longer communicate your wishes effectively. Keep in mind that the official name for this document varies by state.
•       Trusts. Trusts are independent entities designed to protect and help manage certain assets. There are many inherent advantages of trusts, and many different types of trusts to consider, so your strategy here largely depends on your assets and what you want to do with them.
•       Beneficiary establishment. An estate lawyer can also help you establish beneficiaries for key accounts and assets. Once named, beneficiaries will have the right to certain assets and accounts, outside of probate, when the time comes.
•       Financial and medical power of attorney. Estate lawyers also help with both financial and medical power of attorney. Essentially, power of attorney gives someone else the right to make decisions on your behalf. Power of attorney is considered to be durable if this power continues while you're incapacitated.

Why Everyone Needs Estate Planning

It's tempting to think that estate planning, and estate planning lawyers, are only for super wealthy individuals. But realistically, most people can benefit from estate planning.

These are some of the perks:

•       Ensure your wishes are followed. Most people primarily pursue estate planning because they have specific wishes for what happens after their death or incapacitation. You may have expressed these wishes to the people around you, but a casual verbal mention of a wish isn't the same as a legally binding document. Estate lawyers make sure the law is on your side when it comes to your final desires.
•       Leave a legacy. Many people wish to leave some kind of legacy, such as leaving the business in the hands of a named family member or donating a portion of their assets to charity upon their death. This is your opportunity to make the official plans.
•       Avoid probate. Probate court is stressful, time consuming, and expensive. If there are disputes within the family, things become even more problematic. Thorough estate planning is one of the best ways to avoid probate court altogether.
•       Minimize conflicts. In line with this, estate planning is a great way to minimize or completely prevent internal family conflicts. If your wishes are explicitly stated and legally sound, disputing family members won't have a basis to create conflict.
•       Protect your family members. In some situations, estate planning also allows you to protect your family members. For example, you can make sure your children are protected by an appropriate guardian of your choosing.

That said, some people benefit from estate planning more than others.

Consider:

•       Net worth. The bigger your net worth is, the more there will be at stake. Higher net worth individuals should consider estate planning to be a practical necessity.
•       Assets. Certain types of assets and accounts are more complicated than others, demanding more professional estate planning. For example, you can easily name a beneficiary on a brokerage account or retirement account, but managing business entities and trusts is much harder.
•       Children. If you have children, and you want to protect them, estate planning becomes even more important.

Estate Lawyer Fees

Estate lawyer fees vary. Some lawyers charge by the hour, while others charge a flat rate based on the services you desire and/or your total net worth. Still, these fees are usually commensurate with the work that needs to be done. Estate planning work is generally not something you can do on your own successfully without professional guidance.

Is an Estate Lawyer Worth It?

So is hiring an estate lawyer worth it? The short answer is yes. Most people benefit from estate planning, though some people benefit from it far more than others. No matter what, if you want an estate plan in place, you should at least consider having an initial consultation with a lawyer so you can better understand the road ahead of you.