An estate lawyer lets you chart out the course of actions concerning your property. Primarily, an estate plan is an action done to deal with a foreseeable death in the future or when owners become incapable of managing their properties.
Estate lawyers Melbourne can aid you in preparing a solid plan to deal with the possibilities mentioned above. They can provide legal advice on trusts, wills, and probation procedures. A few estate lawyers also specialize in action planning the progression of a business.
Although you’ll benefit from an estate lawyer, you can also make a will in the absence of one.
The internet can help you find a decent estate lawyer, but you shouldn’t wholly rely on it. You can refer to your relatives or check the state and local bar association.
Before going into the scenarios in which you should hire an estate lawyer, let’s understand their services.
Purpose of an estate lawyer
An estate lawyer masters in the services of passing on your holdings after your demise. They help you curate documents and compose plans so that your valuables reach your desired beneficiaries. Furthermore, they do so by avoiding court battles and hefty tax fees.
Apart from helping you plan, they also prepare you for scenarios where you cannot fend for your possessions. In a few cases, they even handle elder laws for senior citizens.
Mentioned below are a few services an estate lawyer can provide help with:
- Create an airtight will for post-death
- Help you establish a testamentary trust
- Transfer assets and oversee its administration
- Find guardians for your kin
- Planning taxes and money transfer
- Formulate a strategy for charitable donations
- Make backup plans in case of death of a beneficiary
- Note a living will discussing death bed decisions
- Grant someone the power of attorney
How much does an estate lawyer cost?
The price of consulting an estate lawyer depends on various factors. These include your location, service requirements, the situation’s complexity, and the lawyer’s fee structure.
Several estate lawyers also provide a free consultation to discuss your needs and the amount you’re prepared to pay.
Additionally, attorneys generally charge more in urban areas than rural and underprivileged areas. Besides, the cost also depends on the services you wish to utilize. Making a basic will should cost you two hundred bucks, while establishing a trust will cost considerably more.
You should also know that there are two billing structures for such consultations. An estate lawyer may bill you based on an hourly cost or an unvarying fee.
Moreover, you’ll probably need to reimburse a retainer, an advanced payment based on the anticipated price if you’re charged hourly. But, if the ultimate cost goes above the retainer, you’ll have to pay extra.
Lastly, you’ll most likely be charged a flat fee if the estate lawyer can precisely predict the duration of the documentation. Apart from these structures, a few lawyers even offer packages.
Circumstances that require you to hire an estate lawyer
Here are a few everyday situations where you’d benefit from appointing an estate lawyer:
- If you’re a businessman wanting to plan succession
- If you’re going to pass on out-of-state assets
- If you possess foreign holdings or assets
- If you’re planning to pass on assets to a non-citizen
- If you wish to disinherit your immediate family
- If you want to set up a charitable trust
The requirement of an estate lawyer wholly depends on your needs. Moreover, there are several real estate lawyers Melbourne who you can consult for free to get an idea.
A revocable trust will do if you desire to pass on assets without going through probate. Luckily, you can get it made without a lawyer too!