Maximize Your Estate Planning Consultation: A Preparation Guide
Estate planning can be overwhelming and easy to put on the back burner in our busy lives. However, I encourage you not to put it off until next month or next year. Life is unpredictable, and you want to be prepared for yourself and your family.
If you’ve scheduled a consultation, congratulations! You’ve taken the first step. But what comes next? What should you expect? What will your attorney ask?
What to Expect at Your Consultation
Good news - you don’t have to have everything figured out at your first meeting. However, taking time to consider your estate planning goals prior to your consultation meeting will make the consultation less onerous and overwhelming.
Get Prepared: Key Questions to Consider
Preparing for your estate planning consultation can make your meeting more efficient and productive. Especially if you are a married couple, being on the same page and discussing some items before meeting with your attorney can help the conversation flow and make sure you're getting your questions answered and your estate planning goals and wishes heard. Here is a checklist of questions to consider and discuss to help you prepare for your consultation:
What is your overall goal with your estate? (e.g., probate avoidance, control over assets, avoiding family disputes)
When you pass away, who do you want to inherit your assets? Is there anyone that you DON’T want to inherit from your estate?
Do you have any ownership interests in a business?
If you’re married, what should happen when one of you passes away? For example, should 100% go to the surviving spouse, or is there a different distribution to your heirs you would desire?
If you’re married, what should happen if you both pass away? For example, should everything be divided equally between your kids? Or grandchildren? Are there any specific gifts you would like to make?
What do you want to do with your personal belongings?
If you have minor children, who would you trust to be the guardians of your children?
Who could serve as a guardian for your minor children? Make a list if needed.
Make a list of your parental values and priorities. For example, is it important that your named guardian has a similar parenting philosophy and values as you?
Think about the location of your potential guardians. For instance, would you want your kids to stay in the same community where you currently live or would you be ok with the kids having to relocate to a different city or state?
Think about the age of your potential named guardians.
If you have children, do you want your children to receive their inheritance outright, or do you want more control by establishing a trust? If you want to establish a trust, at what age would you like your children to receive their inheritance?
Who do you trust to ensure your estate plan is carried out the way you want? This is the person who would be your Executor.
Note: If you’re married, your spouse is generally named as your executor. However, you’ll want to have at least two successor executors named.
In the scenario that you are incapacitated, who should handle financial decisions if you are unable to do so? This is your Financial Power of Attorney.
Note: If you’re married, your spouse is generally named as your Financial Power of Attorney. However, you’ll want to have at least two successor Agents named.
In the scenario that you are incapacitated, who should make healthcare decisions for you? This is your Healthcare Power of Attorney.
Note: If you’re married, your spouse is generally named as your Healthcare Power of Attorney. However, you’ll want to have at least two successor Agents named.
Schedule Your Consultation Today
A little time and preparation can go a long way to make sure your family is protected when the unexpected happens. Don't wait—take the next step today. Contact us to schedule your estate planning consultation and gain peace of mind for the future.
