No one likes talking about death, but it’s better than leaving your children or siblings to sort out your estate. A clearly planned will can make the time of mourning easier for everyone. An estate attorney will develop a legal will, create trusts on your behalf, and ensure the proper execution of your estate after you pass away.
Family attorneys and estate attorneys, also called probate and wills attorneys, can each prepare wills. The type of lawyer best suited to prepare your will depends on your situation. Most family attorneys provide services to prepare basic wills, including bequeathing property and personal items to family or naming a guardian for minor children. However, estate attorneys specialize in preparing wills in more complex situations. Consider hiring an estate attorney if you:
- Have a large number of assets, especially those subject to estate taxes
- Want to create a trust, such as allowing a spouse to live in your home until he or she dies and then leaving it to your children, or set up long-term care for a beneficiary
- Have an ownership stake in a business
- Expect someone to contest your will
- Want to disinherit your spouse
If buying or selling property feels overwhelming and the thought of finding a good real estate lawyer seems daunting, you’re in luck. There are some simple steps to follow for finding a trustworthy, affordable real estate lawyer to help with your property and legal needs.
- Determine what kind of real estate lawyer you need. Many states require a real estate attorney to handle sale closing documents. For more complex matters such as a real estate deal gone awry or foreclosure, you’ll want to find an attorney who has successfully handled cases like yours.
- Look for online reviews of real estate lawyers in your area. Verify that they have proven experience closing or winning cases like yours and that they are in good standing with the state bar association.
- Choose two or three lawyers to interview. Many offer a free consultation to learn about your case and provide information about rates. For standard real estate closing services, in-depth interviewing might not be necessary.
- Ask about their rates and whether they charge by the hour or provide services for a flat fee. Ask whether a retainer is required, and what the total bill should be for a case like yours.
- Ask for a write-up of the services that will be covered by the projected costs.
- Make sure you like the real estate agent and they treat you with respect. Confirm whether they or another person will be working on your case and make sure you’re comfortable with all members of their team.
- Pay the retainer and hire your lawyer.
A real estate lawyer represents their client’s best interest in all matters related to the sale, purchase and ownership of real estate. They are experts in real estate law. In states that require a real estate lawyer to close home sales, the lawyer must review and finalize all documents before the deal can be legally completed. Real estate lawyers also help clients legally protect their rights when entering, exiting or renegotiating a real estate deal. You can hire a real estate lawyer as an individual or as a business. A real estate lawyer can help with negotiation, addressing mortgage fraud, managing foreclosures and bankruptcy, transfers of titles and deeds, property ownership disputes, zoning issues, creating a co-ownership contract for joint purchase of a property, and much more. Real estate lawyers can also protect you from issues that result when a known problem was not properly disclosed by the previous owner. Overall, real estate lawyers are an added cost when it comes to buying and selling property, but they also ensure your best interests are met, and that you and the people you are doing business with comply with the law.
The cost to hire a real estate lawyer depends on your needs. The national average cost for real estate lawyers ranges between $350 and $550, although prices can vary greatly based on the individual case. Many states, such as New York and Georgia, require that a real estate lawyer handle the closing documents when buying or selling a house. Real estate lawyers may have closing packages that start around $500 and go up. The packages may include deed preparation, title examination, review of purchase and sale paperwork, working with the lender, and more. For more complex cases, real estate lawyers may work on an hourly rate and require a retainer. Hourly rates for real estate lawyers may range from $150 to $300 or more. Geography can also affect your costs; attorneys’ rates will typically be lower on average in Georgia than in New York City.
The cost of an estate plan depends largely on the number of parts it includes and the complexity of the documents. The most basic estate plan is simply a will, but it may also include designating power of attorney or a health care proxy to another person, writing a living will, or making a HIPAA authorization. The average national cost to make an estate plan ranges from $350 to $900, but can cost much more in complicated situations. For example, an estate attorney may charge only $900 to prepare a basic will providing outright distribution — meaning that property and assets are distributed upon death. Writing a more complicated will and holding assets in trusts can cost $3,000, or more. The process of creating an estate plan generally takes two to four weeks, starting with the initial consultation with the wills attorney to identify areas of concern in order to design an estate plan that fits your goals and budget. Once an estate plan is written, the attorney meets with the clients, a notary, and two neutral witnesses to review and sign the plan and associated documents.