What Events Prompt Someone To Set Up An Estate Plan?
Typically, folks will only set up a proper estate plan when something like an illness or a death occurs close to them. Events like these can make people realize that life is not going to last forever. It is not permanent. Major life changing events like losing a family member, getting a divorce, having a child, or buying a house can really bring everything into perspective. They inspire people to think about what kind of legacy they want to leave, and if something were to happen, what would become of the people and things they care about.
What Are The Common Estate Planning Mistakes That People Make?
The biggest mistake, when it comes to an estate plan, is not having one. Many people do not realize that if they do not talk with a lawyer and put together an estate plan, the state of Georgia will do it for them. They have already decided how, if something should happen to you, your assets will be divided. They have the process in place for you; it even lists who is going to run your estate after your death. However, it is unlikely that Georgia’s laws align with your wishes. By far, the biggest mistake is not planning at all. The second is not working with a professional. I know that there are many services that provide documents, and many of them are very cheap. It is quite compelling to use one, but you must get the chance to actually flush out all the big issues if you talk with an experienced attorney who practices Estate Planning. It’s important to talk with someone who knows what to do as far as handling disputes between family members, paying applicable taxes, and making sure that all of the things you want accomplished after your death, are carried out according to your wishes.
Why Is An Initial Interview With The Estate Planning Attorney Critical In Nature?
Of all the meetings we have on estate planning matters, the initial interview is by far the most important. It is a chance for us to learn about our clients, and learn what their values are, and what we need to accomplish. In an ideal meeting we will talk with the client, learn about all the things they want to do, and help them develop a plan.
What Are Some Questions That The Attorney Asks The Client In An Initial Consultation?
We ask our clients to tell us about themselves, and we learn about their families, their backgrounds, what kind of causes they support. We are going to look over our client’s list of assets, and see how the assets are titled. Generally, we will look at the big picture of their lives, and ask many questions. We need to sort of flesh out what they want to have done, what their important values are, and what major considerations we need to keep in mind when putting together their estate plan.
Are There Any Specific Documents Someone Should Bring To The Initial Consultation?
As a rule, we like people to bring anything related to their assets. If they have tax statements, bank accounts, deeds of the property, anything that accounts for divorces, contracts like prenuptial agreements, or anything else they may assign that affects their estate, we would encourage them bring in. It’s best to bring in as much as possible, as opposed to not enough. If there is any doubt in our client’s mind, we will discuss it, and answer questions about whether or not a certain agreement, or a certain account affects the estate plan.
How Long Does It Generally Take To Set Up A Proper Estate Plan?
Work is generally done within two weeks once we have talked with the client, and have put together a proposal on how to proceed. At that point, clients will get drafted documents, and they will have another chance to review, and discuss changes if need be. As a general rule, I will have everything completely ready within one month from the first time they walk through my door.
Is Setting Up An Estate Plan Expensive And When Does One Provide the Payment?
“Expensive” is an interesting word when talking about setting up an estate plan. Before even talking about how much the estate planning itself costs, we explain to our clients how much it might cost in the end if plans are not in place. I have handled many probate cases and will disputes. I know that those are very expensive cases to handle. Therefore, without going into estate planning cost, I can assure them it is a lot less than any contested situation. Having said that, the average estate plan can run anywhere between $700 up to $2,000, depending on the complexity, what documents are needed, and how much advice we offer on that matter. There are situations where it is less than $700 or more than $2,000, but that is the range we look at as a general ballpark. Payment is generally due at the initial signup, definitely before the drafts are submitted to the client.
Begin your journey towards peace of mind with skilled estate planning lawyers. Contact Scriber Law Group today at 404-939-7562 to schedule a consultation.
