Questions to Ask an Estate Planning Attorney

Did you know you can sell all or a portion of a life insurance policy, even term insurance? 

(3 Minute Read)

Though it may be a difficult idea to discuss, estate planning is vitally important for the financial wellbeing of you and your loved ones. 55% of Americans die without having a will or estate plan, which can cause major problems for family and loved ones. By choosing an attorney experienced in estate planning, you’ll be able to rest a little easier knowing that they’re handling more nuanced areas of estate law, such as multiple trusts or competing heirs. True, you can choose any attorney to draw up a legally binding will, however the peace of mind that comes with a competent and well-versed estate attorney can be a huge benefit, especially if your estate is complicated or large.

In that spirit, choosing an estate planning attorney shouldn’t be a hasty decision. Seniors looking to hire an estate planning attorney may have questions about whether they have found the right ones for their needs. Here are five helpful questions to ask when evaluating the services of an estate planning lawyer.


Is Estate Law Your Primary Focus? 


Though attorneys often wear different hats, choosing an estate planning attorney with a primary focus in the practice may mean a better and more comprehensive understanding of the laws. These specialized law experts should have experience, not only in drawing up necessary and appropriate paperwork, but arguing in court if any aspect of an estate is brought into litigation, either from family members or the IRS. Essentially, this question allows them to provide reassurance that they’re not only up to the job but will be there for you after death to make certain your estate wishes are carried out.


What Is Your Scope of Legal Work for Me?


Again, choosing an estate planning attorney who can both draft and execute your will and related documents are preferable, as it means less ambiguity or uncertainty that your final wishes be honored. But it’s also about the work they’re doing for you now. Nearly 72% of Americans don’t have an up-to-date will. These estate planning needs may change over the years, due to life events or fluctuations in finances. Ask the attorney if they conduct periodic reviews to keep the documentation accurate and up to date.


How Can You Create an Estate Plan Right for Me?


No two estates are the same, just as no two clients are the same. Estate planning attorneys should be highly sensitive to this idea and understand that these are sensitive and important issues. After they’ve reviewed all relevant information about wills, trusts, assets, and life insurance plans, ask them to identify any possible issues they foresee, as well as what plans they suggest to offset those obstacles. If you’re concerned about dementia or mental disability, these plans should include items such as power of attorney, living wills, and healthcare directives. They may not be able to lay out an entire plan for you on the spot, but it still will help to ensure that no problem is too small.


How Can I Be Sure I’m Getting the Most from My Estate?


Securing your finances for the future, both while living and after your death, is no easy task. While they are not accountants or financial planners, they can help advise on how to best enrich the nest egg you leave for your family. One example is by converting an unused life insurance policy, seniors can receive a lump payout that will let you see the benefit of the life insurance policy immediately. Estate attorneys will also explain whether the benefits of the policy are better for your loved ones as a payout from the insurance company after death, or now in order to better secure your finances.

Planning your estate and securing your finances take time and know-how, the kind that’s best provided by an estate law attorney. Asking the right questions can help you be sure that you’re getting the best possible representation, and that your finances will be in good standing for you and your family.

Did you know you can sell all or a portion of a life insurance policy, even term insurance? Selling an unwanted life insurance policy is no different than selling your car, home or any other valuable asset that will create immediate cash. Contact us today to learn more.

Leo LaGrotte
Life Settlement Advisors

Get in touch with Life Settlement Advisors today to take the first step toward converting your policy into cash.
Life Settlement Advisors
Leo LaGrotte
At Life Settlement Advisors, we strive to be a voice of confidence and assurance for our clients. Our goal is to educate you about the life settlement process so you can make an educated decision about whether it is right for you.

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