The process of hiring the right estate lawyer is as nuanced as the laws that govern the disposition of our worldly possessions upon our demise. Akin to a strategic game of chess, where every move must be carefully contemplated and aligned with long-term goals, securing the services of a skilled estate lawyer requires an informed and strategic approach.

The task of an estate lawyer, also known as probate or trust lawyer, is straightforward: they assist with the distribution and management of assets after death or incapacitation, as well as guide through the labyrinthine corridors of estate planning. However, their role is pivotal in ensuring that your assets aren't unnecessarily squandered due to inefficient tax planning or legal disputes, and your wealth is preserved for future generations in accordance with your wishes. This drives home the importance of hiring a competent estate lawyer.

Embarking on this quest, we first turn our gaze to the qualifications required of an estate lawyer. Law, like many professions, has its specialties, and estate law is a distinct realm within this broad field. Not only must an estate lawyer have a Juris Doctor (JD) degree and be admitted to the state bar, but they should also have a solid background in the relevant aspects of tax law, wills, trusts, property rights, and estate administration.

This is where the concept of the Martindale-Hubbell Peer Review Ratings comes into play. A universally recognized system of evaluating lawyers, it provides insight into a lawyer’s ethical standards and legal ability, as rated by their peers. A lawyer with an ‘AV Preeminent’ rating signifies a pinnacle of professional excellence and is a mark of esteem in the industry.

Additionally, look for certification from the American Bar Association's (ABA) American College of Trust and Estate Counsel (ACTEC). The ACTEC is a body of 2,500 trust and estate lawyers and law professors who have made significant contributions to their field. The ACTEC seal is a strong indicator of a lawyer’s expertise and commitment to the practice of estate law.

However, qualifications are not the only periscope into the competence of an estate lawyer. Experience, too, is a vital cog in this wheel. A veteran lawyer, with a well-decorated portfolio of successful estate planning and administration cases, can navigate the complexities of estate law effectively. It's the Law of Large Numbers in action: the more exposure they have to varied cases, the higher the probability that they can handle your specific situation with finesse.

The geographical location of a lawyer is a subtle yet significant factor. Estate laws, like many other laws, vary from state to state. Having a lawyer who is well-versed in the estate laws of your state, or the state where most of your assets are located, can prove beneficial. It is much like the economic concept of “locational arbitrage,” where advantage is derived from different prices or laws in different areas.

When assessing the lawyer’s fees, apply the principles of cost-benefit analysis. The lawyer’s fees should commensurate with their expertise, experience, and the complexity of your situation. While a less expensive lawyer might appear attractive, the potential savings could be dwarfed by the financial consequences of poor estate planning.

Lastly, communication is key. As in any successful partnership, a harmonious attorney-client relationship hinges on clear, open, and regular communication. It's like Schrodinger's cat paradox: until there's clear communication, the state of your estate plan is both good and bad.

In sum, hiring the right estate lawyer is a delicate art. It requires a comprehensive evaluation of their qualifications, experience, familiarity with your local estate laws, cost-effectiveness, and communication style. The right hire is an assurance that your legacy will be preserved according to your wishes and your wealth passed on to your heirs in the most efficient manner. The importance of this decision, and the impact it can have on generations to come, cannot be overstated.