Taking the step to schedule a meeting with an estate planning attorney can be difficult. Many people procrastinate taking this important first step which can create problems for loved ones who may be unexpectedly left behind. To help lessen some hesitation, the following five actions will help taking the first step less intimidating.
1. Find Important Documents
Start by gathering relevant documents. This will help your attorney effectively create a viable estate plan for you. Key documents include:
- Current wills, trusts, or previous estate planning documents
- Financial statements including bank accounts, investments, retirement accounts
- Real property documentation which may include deeds and titles
- Life Insurance policies
- Court rulings, such as a divorce decree, that could impact your estate plan
2. Create a List of Assets and Liabilities
Understanding your financial landscape is crucial. Compile a detailed list of your assets and liabilities, including:
- Real estate holdings
- Personal items of value such as jewelry, vehicles, artwork
- Interests in any business
- Financial accounts such as brokerage, bank accounts, CDs, retirement accounts, and other investments
- Outstanding debts such as mortgages, loans, credit cards
3. Define Your Goals
Knowing who is going to help and where your assets should go is essential.
- Who will manage your estate or trust?
- If you have minor children, who will be appointed guardians for them?
- Who or what should inherit your assets?
- Who may be named in health care, financial, or durable power of attorneys?
- Do you want a living will?
- Are there any specific requests?
4. Assess Your Family Dynamics
Family relationships can, and do, impact your estate planning. Considerations include:
- Potential conflicts among heirs
- Prepare a list of family members who will be included in your estate plan
- Who can best fulfill roles and possibly make difficult decisions?
- Blended family considerations
- How you plan to communicate your wishes to family members
5. Prepare Questions for Your Attorney
The goal is to create an estate plan that works best for you and your loved ones. Don’t be hesitant to ask questions as that will help customize your estate plan. Write your concerns and goals prior to the meeting.
- I want to avoid probate. Can that be done?
- What are comprehensive estate planning documents?
- What about estate taxes?
- How much does an estate plan cost?
- How often should I review my estate plan?
By following these five steps—gathering documents, listing assets and liabilities, defining planning goals, assessing family dynamics, and preparing questions—you’ll ensure the meeting with your estate planning attorney is productive.
