You have decided to meet with an estate planning attorney to get your documents in order and ensure that your loved ones are protected. Now that you have scheduled the appointment, it is time to get yourself organized for the first meeting. But what should you do when it comes to preparing to meet with your estate planning attorney?
It’s important to take the time to sort through important paperwork and organize your thoughts about your future goals before the first meeting. Skipping this step may turn the conversation into a scavenger hunt for the attorney and leave you overwhelmed. You may feel confused because your attorney needs a lot of information to accomplish your planning objectives.
It is quite common, when booking the first appointment, for the attorney’s office to send forms or worksheets. Below are some examples of the information that may be requested before your first meeting and some of the decisions you’ll want to consider before your first meeting:
1. Gather Basic Personal Information.
Estate plans often have lots of people named in the documents. It can be incredibly helpful to your estate planning attorney if you have:
- Full Legal Names
- Birthdates
- Addresses
- Phone Numbers
- Email Address
You’ll want to have this information for the following people:
- Yourself
- Your spouse
- Your children
- Other important family members
- Other important friends and loved ones
- Fiduciaries, such as financial advisors, CPAs or business attorneys.
Having this information on hand can help your attorney understand family relationships and potential heirs and beneficiaries from the start. Also be sure to bring a valid form of photo identification.
2. Make a Complete List of Your Assets and Liabilities.
- List what you own, such as bank and investment accounts, real estate, retirement accounts and pensions, life insurance, vehicles, business interests, and even digital assets. Also include the approximate values for each item to give your attorney a clear picture of your estate’s size and composition.
- Jot down how each of these assets is owned. For example, note whether it is titled in your name alone or jointly with others, such as a spouse, business partners, or another family member.
- Indicate whether you have already designated a beneficiary for any of your accounts or policies and, if so, whom you designated.
- Make a list of any debts you owe, such as mortgages, home equity loans, credit cards, medical bills, auto loans, student loans, or personal loans.
- Note the approximate balance for each debt and who the lender or creditor is.
- If any debts are jointly held with a spouse, partner, or someone else, jot that down as well so your attorney knows who is legally responsible for repayment.
3. Choose Your Fiduciaries
An estate plan is typically put to use when you have either passed on or can no longer make decisions about your finances or healthcare. Your estate plan documents name a person or people to step into during such a situation to manage your affairs on your behalf. This role is know as a “fiduciary” though often goes by different specific names, depending on the document in question. Choosing the right people for these fiduciary roles is one of your most important decisions. You can select different people for different roles. The most common roles you will need to assign include the following:
- Independent Executor – named in your will and manages your estate after death if probate court is needed
- Guardian for your minor children
- Agent under your Financial Power of Attorney – this person handles your finances and legal matters if you are alive but incapacitated
- Agent under your Medical Power of Attorney – this person makes medical decisions for you, if you cannot make them for yourself any longer
- Trustee or Successor Trustee – named in your trust and manages assets held in a trust if you become incapacitated and after your death
Why are these decisions so important? Because you are trusting the people name to make the choices you would have made during times when you are vulnerable and counting on them to take care of you. Being named as a fiduciary carried a lot of responsibility and is a sign of incredible trust. It is important to also name back up fiduciaries, in case your first choice person is unable to serve.
If you are like most people, you will want your attorney’s advice in selecting the right people or institutions to serve in these roles. Still, it is helpful if you think about which family members or friends might be good candidates—and which ones may not be.
4. Think About Your Preferred Beneficiaries
Think about whom you want to inherit from you (beneficiary), in what proportions, and in what manner (in trust or outright?). It is also helpful to choose backup beneficiaries in case any first-choice beneficiaries cannot inherit. Also consider if there is anyone you specifically wish to exclude from inheriting your property.
Keep in mind there are many ways to leave inheritances. You can give it all at once, or distribute smaller portions over time at certain ages or milestones. You can also keep the inheritance in trust, letting the trustee decide when and how to distribute it. This provides strong long-term protection and support for the beneficiary.
Your attorney will explain different ways to structure distributions, but considering each beneficiary’s current and future needs ensures terms are thoughtful and tailored.
5 Reflect on Your End-of-Life Wishes.
Think carefully about your medical care preferences if you become seriously ill or incapacitated. Considering these questions in advance helps your attorney prepare documents, such as a living will and medical power of attorney, ensuring your choices are clearly documented and honored.
- Do you want life-sustaining treatments if terminally ill, in a persistent vegetative state, or severely incapacitated with no recovery?
- What are your preferences regarding mechanical ventilation and medically supplied nutrition and hydration?
- If seriously ill, do you prioritize prolonging life or maximizing comfort and quality of life, even if it may hasten death?
- Where would you prefer to receive end-of-life care: at home, in hospice, in a hospital, or elsewhere?
- Would you like to be an organ or tissue donor, and are there any limits on your donation?
6. Gather Relevant Legal and Financial Documents.
It is often very helpful for your attorney if you can locate and bring the following key documents. Having them on hand makes the meeting more productive and helps your attorney create a plan that is truly tailored to you. Gather what you can, but do not feel overwhelmed if you cannot find everything.
- Documents that show details about what you own, such as recent statements for your bank, investment, or retirement accounts; property deeds; business agreements; and life insurance policies
- Recent statements or documents for any debts you have, such as mortgages, home equity loans, credit cards, auto loans, student loans, or personal loans
- Existing estate plan documents, such as wills, trusts, or powers of attorney
- Business Documents, such as certificates of formation, operating or partnership agreements, or corporation bylaws
- Any marital agreements, such as a prenuptial or postnuptial agreement or divorce judgements, if you have any
7. Consider Any Special Circumstances Your Attorney Should Know About.
Every family is unique, and your estate plan should be tailored to reflect your specific needs and circumstances. You may be part of a blended family, have a child with special needs, own a business, own property in another state, or hope to leave a charitable legacy. Any of these which apply to your family, it is better your attorney be told as soon as possible, as they can impact your estate plan.
8. Write Down Your Questions.
It can be easy to lose track of questions once the meeting starts. Preparing a list helps ensure nothing is forgotten. You may ask about costs, timelines, the differences between a will and a trust, or why people try to avoid probate court. This is your meeting, and the attorney wants you to feel comfortable, so no question is off-limits.
We Are Here to Help!
Estate planning can be surprisingly emotional. You may face questions that touch on sensitive topics, including family dynamics, your preferences for end-of-life care, and whom you would want to raise your minor children if you cannot. You may also learn about planning options you never knew existed. Being open and honest with your attorney will enable them to tailor a plan that best suits your circumstances and wishes. These eight points may seem like a great deal to consider and organize, but the peace of mind you gain from creating your comprehensive estate plan will make it well worth the effort. Nielsen Law PLLC Provides family-focused estate and business planning to individuals and families in Austin, Round Rock, Cedar Park, and the Central Texas area. For more information, and to learn about our firm, please contact us to learn how.
