Estate Planning Attorneys at O'Flaherty Law

Not All Estate Planning Attorneys Are The Same

Planning your estate is one of the most important legal steps you will ever take. The proper care and distribution of your property is an issue that you should not have to worry about. Consulting with an experienced estate planning attorney can relieve many worries and concerns about the future of your family and what will happen financially when you are no longer here. If you choose to do nothing and leave things to chance, it could have a disastrous effect on the people you leave behind. Having the right estate planning attorney in your corner is vital to making sure your plan is properly created and can withstand any challenges that may be made against it. If you have a family, close friends or even a personal cause or charity that you would like to leave money or property then having an estate plan in place is essential. At O’Flaherty Law our estate planning lawyers have years of experience that can assist you with reaching your goals.

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Our Estate Planning Lawyers are Here to Guide You Through  the Estate Planning Process!

When you decide to hire O'Flaherty Law for any of your legal needs, you can rest assured that an entire team will be working diligently to help you achieve your goals. You can expect open-door communication from your legal team and regular status updates on where your matter stands. Furthermore, your O’Flaherty Law attorney will be available to address any questions or concerns you have throughout the process. While your O’Flaherty law attorney will be available to you throughout, you can also rest assured that once you are our client, you can come back to us any time after we have closed your matter to ask questions or have something else handled. O’Flaherty Law will not only create your estate plan and help you implement it but can also assist you in updating or changing it over time, as necessary.

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What to Expect  from  Your Estate Planning Attorney

You will have an initial consultation with your O’Flaherty Law Estate Planning Attorney, where you will discuss your needs and goals. Your O’Flaherty Law Estate Planning Attorney will ask you questions to zero in on what legal services you will require and your best options.

After fees are discussed, and a written agreement is complete between you and OFL, your matter will move into the information gathering stage. To properly plan your estate, you will need to provide copies of all relevant paperwork addressing any finances and real estate that you want your plan to handle. It is important to be as thorough as possible when providing information to your estate planning attorney to develop the most comprehensive plan that will be unlikely to be challenged.

Once all relevant information is gathered, you should be prepared to name your beneficiaries if you haven’t already. Then your estate attorney will work with you on a plan to achieve your goals. Be prepared to discuss maintenance of trust accounts if any are created. You can also discuss possible future changes with your estate planning attorney.

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Do You Need An Estate Plan?

If you have anything more than roughly 50k in assets, you need an estate plan. You should also have a plan if you are married or intend to have children. One important factor to consider is that a good estate plan does not only deal with the transfer of assets when you pass away, but also your financial and healthcare wishes should you become incapacitated and need someone to step in and make decisions on your behalf. The value of your physical estate is not the only consideration; you should also plan for illness or injury.

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What Should Be In Your Estate Plan?

It depends on the complexity of your financial portfolio. If you have a large amount of real estate and many investments, your estate plan can consist of many layers and different types of legal instruments. Generally speaking, a good estate plan can be divided into five areas: Wills, trusts, healthcare directives, financial POAs, and the selection of beneficiaries.

Wills: A Will is a mostly “static” legal instrument. You create your Will and then, barring any significant life changes, you leave it alone. Wills do not take any maintenance other than being updated. You would need to update your Will if you have children or get married or divorced.

Trusts: Trusts: There are various types of trusts, and they take careful planning and maintenance. Trusts should be carefully monitored and managed for the best financial results and avoid problems among the beneficiaries once they have passed away.

POA: A healthcare POA is someone who will make healthcare decisions for you if you become unable to. A financial POA is someone who will take charge of your finances if you are rendered unable to make those decisions.  

Healthcare Directives: Healthcare directives and the combination of a healthcare POA and a living will. It will instruct your family and friends on what medical care you wish to receive if you are unconscious or unable to convey your wishes.  

Designating Beneficiaries: The designation of beneficiaries is one of the most challenging parts of preparing an estate plan. You must carefully consider who should get what and how they should get it, taking into account each proposed beneficiary's mindset and responsibility level.  

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What Information Will Your Attorney Need To Create Your Estate Plan?

Your attorney will be counting on you to provide all the relevant information needed to create a solid estate plan that meets your needs. Plan to provide your attorney with information on everything you want to pass on, including real estate, finances, and personal property. It is vital that your estate planning attorney complete an inventory of everything you would like to pass on to your heirs and beneficiaries. If you leave out an asset, you run the risk of compromising the legal validity of your estate through a challenge or someone getting more than you want them to.

How Long Does Estate Planning Take?

It depends on the complexity of your estate and how many instruments will need to be planned and drafted. Many people find that making a final decision on who to name as a beneficiary and the method of how they receive funds is a time-consuming process. It would help if you also considered that you might change your mind about certain distributions, and documents will have to be modified accordingly. You should also keep in mind that if you have a trust or trusts created, they will take regular maintenance, which is an ongoing process.

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How Much Does An Estate Plan Cost?

Cost is variable for each set of circumstances. Sometimes flat fee work is an option, but the more complex documents that require extensive research, information gathering, communication, and drafting are more costly. You should plan to be billed hourly, and your estate planning lawyer should communicate with you about costs. Additionally, prepare an estate plan early to lessen the likelihood of mental state/competency challenges. They will also need to be updated if there are any major life changes or you decide you want to adjust your plan. Most estate plans do go through some changes before a creator passes away, so this is to be.

Updating Your Estate Plan

You should update your estate plan upon any major life change or significant financial change, either positive or negative. Some examples would include: getting married or after a divorce, having children and grandchildren, or inheriting money or property that you will need to add to your estate plan. You should expect to regularly check in on your estate plan and make changes as appropriate.

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