6 Questions To Ask Your Estate Planner
When you first decide to use an estate planner it can be a daunting task. Most people do not want to talk about death or think about their own and it is something that must be done if you want your estate to flourish after you are gone.
Here are some things to ask before you sit down with a planner:
How long have you and your firm offered estate planning?
This is a very important question because you are looking for a certified estate planner with lots of experience. Many lawyers say they offer estate planning but they may not have much experience doing it. If you have a large estate you will want someone who has had at least 10 years of experience working with estate planning. You will also want to know whether they do estate planning Ohio.
What is included in your estate planning package?
Everyone knows that a will is a part of estate planning but you will also want to know whether other documents will be created that you will need. You will want to know exactly what the estate planner will do for you and what is covered under the amount. If you have many assets like the Ohio Roth or the Ohio IRA, you will want to be sure that any income taxes that my have to be paid are a part of the planning.
How much will it cost?
Many planners will charge an hourly fee or a fee to draw up specific documents. You will want to know how the individual charges you and how much you can expect. Some planners give a free initial consultation so they can help define your needs. Ask about an itemized bill because this will give you a list of specifically what you are paying for and how it measure up to the service.
Who should I choose as my Trustee?
When you have a estate planning firm they should understand the qualifications of a person who will take care of your estate once you are gone. They should be able to help you explore the right person or institution for this process. As an example, a larger estate may need a bank rather than an individual to manage it. Make sure that your estate planner is honest with you and isn’t receiving referral fees from the bank they recommend — this can be a conflict of interest.
What should I do with my life Insurance IRA and other retirement income?
Most planners will be able to sit down with you and discuss all of your assets. Your retirement money may be subjected to inheritance estate tax but they will be the ones to help. Your assets also determine the value of your estate so this will be an important piece in your planning.
What will I do for my children or grandchildren?
Most people ask this question when they have young children who are dependent on them for care. Your planner can help you provide for your children’s financial, educational and personal needs once they understand what they will need upon your death and help if there are any special needs.
Asking questions up front will avoid surprises at the end of your planning.
