Complex estate planning

Question:

We live in northern Minnesota and am organizing information to set up a trust. We have two homes, a lake home, lake property, and farmland (80 acres in South Dakota), in addition to 401(k) and private stock investments – so our situation is a bit complicated. We want to leave everything to our son and daughter. Given all of this and the various planning options, where does a person go to find information on an attorney with reliable experience in estate planning?

Response:

I recommend two avenues for finding a qualified estate planning attorney: word-of-mouth and ACTEC.

One of the best ways to find the best attorney (or for that matter any other service provider, whether accountant, financial planner, plumber or lawn service) is to ask people whose judgment you respect. They may be friends and family or other professionals, such as accountants, financial planners, realtors, or attorneys in other specialty areas. They will know who is competent and provides good service in your location.

The best service providers are not always the best known professionals. People who promote themselves and their practices through speaking and writing may be well known to the public and may know their stuff, but when the proverbial rubber meets the road you want to know how they work with clients. Only other clients and professionals who have worked with the attorney in question can provide this type of information.

In terms of identifying qualified attorneys who can handle more complex estate planning matters, the best source is the American College of Trust and Estate Counsel (ACTEC). This is an organization of the more experienced estate planning attorneys around the country, often those who are part of bigger law firms, but not exclusively so. They have an extensive process for vetting candidates for membership, so you can be confident that any member “knows their stuff.” The Find a Lawyer function on their website allows you to drill down to find an attorney with the expertise you need.

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