5 Essential Questions You Must Ask Your Succession Lawyer

Did you know that 33% of U.S. adults have created estate planning documents, according to LegalZoom.com? Making a detailed succession plan is an important part of long-term planning because it guarantees that your possessions and legacy will be handed down in the way that you want them to be. 

The legal complexities of succession planning for a will, trust, or company require the advice of an experienced succession lawyer. You should ask several key questions during your first consultation to ensure your plan is complete and effective. 

Here are five questions everyone should ask their succession lawyer. These questions will clarify your options, protect your assets, and give you peace of mind that your legacy is secure.

What Is Your Experience?

When hiring a succession lawyer, learn how much experience they have. You need a succession law expert who has previously handled cases similar to yours. Look into their past work and caseload. This lets you know how knowledgeable they are and if they can handle your case.

Inquire about previous successes, particularly in situations similar to your current one. 

Find out if they are an expert in estates, trusts, or taxes when it comes to succession law. A specialist lawyer can offer new ideas and ways of doing things.

Conduct research to determine how well they understand local rules and laws. The laws in each state are different, so your lawyer should know the ones in your state.

How Do You Charge Fees?

Knowing how a succession lawyer charges fees is as important as their experience. You should clarify their fees upfront to avoid surprises. Check if they charge hourly or if they charge flat fees for services. Knowing your lawyer’s payment method helps you plan your budget accordingly.

If they charge hourly, inquire about increments. Are they billing 15-minute increments or longer? Ask about retainer fees before they start working on your case. This upfront payment can vary greatly, so know what you’re getting into.

Discuss any additional costs, such as court fees, filing fees, or document preparation costs. Keep in mind that these costs can quickly add up, so you must understand how to manage them.

Request a case cost estimate. An experienced lawyer should be able to estimate based on similar cases. 

What Are My Options?

It is advisable to explore your options when working with a succession lawyer. 

First, decide on a will or trust. A will specifies asset distribution but goes through probate. A trust provides more privacy since it can bypass probate.

Consider the trust type that suits your needs. Revocable trusts let you control your assets during your lifetime. 

The other type of trust is irrevocable trust. Irrevocable trusts protect your assets from creditors and reduce estate taxes. 

You should also think about including family in the succession plan. Open discussions within the family can lead to disagreements but it can also prevent them.

Plan for business succession if you own one. Buy-sell agreements or naming a successor can help ease the transition.

A probate litigation attorney reminds us that administration of an estate or litigation is not a do-it-yourself project. You need to have a legal lawyer to guide you throughout estate planning.

What Documents Do I Need?

To create an effective succession plan, you are required to gather various documents.

Begin with a will or trust to outline asset distribution wishes. If you have business interests, include operating agreements, partnership agreements, and corporate documents.

Get bank statements, investment accounts, and real estate deeds. These documents can clearly establish assets and liabilities. Another document that can help you in creating a viable succession plan is an insurance policy.

Health care directives and powers of attorney allow designated individuals to make decisions for you if you become incapacitated.

Don’t forget to include personal letters or notes stating your wishes or intentions. These documents offer context for decisions. 

How Will You Communicate?

Estate planning requires excellent communication with your succession lawyer. Knowing how your lawyer communicates and how often is important.

Know your lawyer’s preferred style of communication. Communication may come in varying forms, including emails, phone calls, or in-person meetings. 

Ask them how long they respond to questions. Good lawyers give clear response times to make you feel supported.

Talk about meeting frequency too. Checking in regularly helps you track progress and address issues. 

Inquire about urgent matters. You can avoid stress by knowing how to reach your lawyer in emergencies. Communicating builds trust and aligns succession goals.

Conclusion

Choosing the right lawyer can lead to effective succession planning. Do not hesitate to ask questions to a succession lawyer to determine their experience, fee structure, and communication methods. These questions will help you decide if the succession lawyer is the right legal professional for your case.