Estate planning 101

Local attorneys define agents, wills, trusts and more

By Julie Kailus for Aging at Altitude

When it comes to your estate, planning ahead makes all the difference. Considering your estate when you are younger and healthier gives you more options.

“The longer you wait to plan your estate the more your choices narrow. Choices about avoiding estate tax. Choices about qualifying for Medicaid long-term nursing care,” says Diedre Wachbrit Braverman, Esq, Braverman Law Group.

A planned approach also gives you time to pick the best people to carry out your wishes.

WHO SHOULD BE IN CHARGE?

Many people choose the wrong decision-makers to administer their will, trust or act as their agent under power of attorney. This can create costly litigation, according to Susie Germany of Germany Law Firm.

“I often hear clients say they want to choose their eldest child. But when I ask what that person does for a living, how responsible they are with their finances and whether they communicate regularly with family members, the answer is often surprising,” Germany says. “Many people feel that the tradition is to pick the eldest child, regardless of the fact they may have had bankruptcies, divorces, criminal convictions or other complications.”

Instead, if you plan ahead you’ll have the opportunity to “interview” various family members, friends and professionals. “Often people fear the cost of naming professional,” she says. “However, that can be less expensive than family members fighting it out in court, challenging the ‘favorite’ child who was named personal representative, trustee or agent.”

Types Of Wills And Trusts

Everyone’s situation is unique and estate planning requires careful individualized considerations. For a will to be administered, it goes through a court process called probate that transfers assets from a person who has died to those entitled to inherit those assets.

“A will is always a ticket to probate. The alternative to probate is a revocable living trust,” Braverman says. “You place your assets in it but keep total control. If you become incapacitated, the living trust names who will step in and help you with your finances. When you die, every asset in the living trust avoids probate.”

Trust planning typically avoids the need for probate. But there are many types of trusts, not every person needs a trust and the type of trust depends on each person’s situation. For instance, a trust can be created for pets, children or people who are receiving public benefits, like Medicaid.

People are often spooked by the cost of having their estate plan prepared by an attorney. However, the cost of this planning is far below the cost of administering an estate for someone who has no will, or whose estate is being contested, explains Germany.

Tips For Picking An Estate Planner

Having an attorney who specializes in estate planning on your side can alleviate stress. Braverman shared five ways to pick a good one: Find a specialized practice. Estate planning can be a complex area of law, so it’s essential to choose an attorney who specializes in estate planning and administration.

Check credentials. Review attorney bios, education, years of practice and any examples of teaching this type of law. Read Google reviews on the attorneys you’re considering.

Consider communication style. During an interview, look for an attorney who is easy to talk to, responsive and explains complex legal concepts understandably.

Discuss fees. You should be quoted a fixed fee at or after the end of your free initial consultation. Be sure you understand what’s included in the fee.

Trust your instincts. If something doesn’t feel right, trust your gut and keep looking until you find an attorney who you feel can handle something as important as planning your estate.

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