An estate plan lets you prepare for what will occur after you die or when you cannot take care of yourself and your estate. If you must begin your estate plan, you can come up with a will, a trust, or both with the help of an estate planning attorney McKinney. The lawyer will help you make a solid plan to handle these situations. Also, they can provide legal advice on wills, trusts, your local probate process, and estate taxes.
What an Estate Planning Lawyer Does
Generally, an estate planning attorney can help you create a plan for what happens to your assets when you pass away and plan who will manage your assets if you become unable to do so or take care of yourself. They can help you pick beneficiaries and determine how your assets are distributed after your death, set up and manage a trust, reduce your estate’s size, reduce your estate tax bill, write a living will that outlines end-of-life decisions, appoint guardians for minor children, plan for unexpected situations such as the death for your beneficiary, and hand assets you do not name or bequeath.
How Much the Lawyer Charges?
The cost of hiring an estate planning lawyer in McKinney varies depending on your location, the services you get, how complex your situation is, and the fee structure of the lawyer. A lot of estate lawyers provide a free consultation during which you can discuss the basics of what you want and how much you are willing to pay.
Typically, they charge more in a city compared to more rural areas, so you may need to pay around $200 per hour in a small town and perhaps more than $300 per hour in a major city. Also, different legal services have different costs. For instance, getting a will may cost you $200 while setting up a trust may cost at least $1, 000.
Finding an Estate Lawyer
Although finding a good estate attorney can be daunting, you can ease up the process by taking certain steps. First, you must have a list of possible lawyers. You can get recommendations from your family members or friends, local probate courts, financial advisors, or local or state bar associations.
Once you have a list of McKinney attorneys, you should start meeting each one of them. Keep in mind that estate planning is a personal process. You will share personal information about your finances and plans when you die with your attorney. You can make things a lot easier if you find an attorney you can build a strong professional relationship with.