Estate planning attorneys put in place the documents that decide what happens to your property, your minor children and your medical care: wills, revocable and irrevocable trusts, powers of attorney, health care directives, beneficiary designations and business succession plans.
The point of the work is largely to keep your family out of court later. A will still goes through probate; a properly funded trust usually does not. Powers of attorney and health care directives matter while you are alive, and are the documents families most often wish they had.
Before you hire
- Ask what a complete plan costs as a package. Many estate planning attorneys quote flat fees for a will-based or trust-based plan, and hourly only for unusual work.
- Ask specifically about funding a trust. A trust that was drafted but never had assets transferred into it does nothing.
- Federal estate tax affects very large estates only, but several states impose their own estate or inheritance tax at much lower thresholds. Check whether yours is one of them.
- Review the plan after a marriage, divorce, birth, death, business sale or move to another state.
See also probate and elder law for what happens after death and for long-term-care planning.