how to prepare for a meeting with estate attorney?trackid=sp-006

What should I prepare for estate planning?

How To Prepare for Your First Estate Planning AppointmentFill out your attorney's intake questionnaire. ... Gather your financial documents. ... Bring copies of your current estate plan documents. ... Divorce agreements, premarital agreements, and other relevant contracts. ... Choose your executors and health care agents.More items...•

What are the five most important estate planning documents?

5 Essential Estate Planning DocumentsLast Will and Testament. This legal document is the foundation for a successful estate plan. ... Living Trust. ... Durable Power of Attorney (POA) ... Healthcare Power of Attorney (POA) ... Living Will.

What are four things to consider in estate planning?

A comprehensive estate plan includes four estate planning documents. These documents include a will, a financial power of attorney, an advance care directive, and a living trust.

How do I organize my estate documents?

5 Steps to Organize Estate Documents for Your ExecutorStep 1: Create a checklist of important documents (and their locations) ... Step 2: List the names and contact information of key associates. ... Step 3: Catalog your digital asset inventory. ... Step 4: Ensure all documents are organized and accessible.More items...•

What are the four must have documents?

This online program includes the tools to build your four "must-have" documents:Will.Revocable Trust.Financial Power of Attorney.Durable Power of Attorney for Healthcare.

What does estate planning involve?

Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

How do you prepare a document for the end of life?

End-of-life planning checklist: A guide to the 12 documents you should considerLast will and testament.Revocable living trust.Beneficiary designations for non-probate assets.Durable financial power of attorney.Pet Trust.Durable medical power of attorney.Living will.Life insurance.More items...•

Will preparation checklist?

A 10 point Will preparation checklistStep 1: Get down to basics. ... Step 2: Get a ballpark of your assets. ... Step 3: Get a general sense of your debts. ... Step 4: Choose a guardian. ... Step 5: Choose an executor. ... Step 6: Make a list of specific gifts. ... Step 7: Make a list of beneficiaries.More items...•

What should be in a death folder?

Next, create a death folder checklist. This will cover all the important documents and information you'll need to get before you start....Start planningWill.Living trust.Power of attorney.Life insurance policy.Birth certificate.Marriage license.Bank and credit card accounts.Loan documents.More items...

How do you prepare for an executor?

Your family will thank you for it.Update your will, trust, and beneficiary designations. ... Put important documents where the executor can find them. ... Introduce your executor to your professional advisers. ... Make sure some cash will be accessible. ... Leave plans, or at least your wishes, for a funeral or a memorial.More items...

What important documents do I need to keep?

Important papers to save forever include:Birth certificates.Social Security cards.Marriage certificates.Adoption papers.Death certificates.Passports.Wills and living wills.Powers of attorney.More items...•

How do you organize important documents at home?

The Easiest Method for Storing and Organizing Important Documents at HomeArrange piles. Start by sorting your paperwork into categories (household, school, pets). ... Sort with ease. ... Size appropriately. ... Consider frequency. ... Create a landing pad. ... Keep it neat.

What is a revocable living trust?

Many clients come into my office having already decided that they need a revocable living trust or that they only need simple wills or powers of attorney. Wills and trusts may be the tools — the means to achieve an end result, but they are not your actual goals and objectives. Your goals and objectives are more basic desires, such as: 1 appointing standby agents to make health and property decisions during incapacity 2 protecting a beneficiary’s inheritance from spouses and creditors 3 designating guardians and trustees for your minor children 4 minimizing estate and income taxes

What is a fiduciary in estate planning?

Your fiduciaries are the individuals or entities that are your successors who will help carry out your plans. We’re talking about guardians for minor children, agents for powers of attorney, executors for wills and successor trustees for trusts. Different individuals may be best suited for different roles within your plan. Always consider successors if your first choice is unwilling or unable to serve. As you’re considering the possibilities in crafting your plan, you may want to discuss your decision with your designated fiduciaries. Would that person be comfortable filling that role? As you’re preparing to meet with an estate planning attorney, you don’t need to make final decisions on all of these roles, but it is helpful to identify all of those who may serve in one role or another for purposes of discussion.

How to plan your estate?

In order to effectively plan your estate, you have to know what you have and how you own it. It sounds simple enough, but sometimes there’s more than meets the eye. Real estate, bank accounts, securities and retirement accounts immediately come to mind. But we also want to think about assets such as life insurance, business interests, collections, pending and future inheritances and even digital property. Organizing your various assets and property into a useful format and confirming current title and beneficiary designations can be a very helpful exercise not only for estate planning, but also financial planning and organization. After engaging in this process, clients often feel like they have a better handle on their finances and are sometimes surprised about what they’ve discovered and find that necessary changes may become evident.

What is a confidential estate planning form?

We ask potential clients to complete a confidential estate planning information form before our first meeting. Our form helps potential clients consider and gather the information that we will need to have a productive meeting. The form prompts prospective clients to start thinking about some of the decisions that will need to be made as part of creating an estate plan.

Who is the first beneficiary in an estate plan?

Your first line of beneficiaries are your primary beneficiaries — for example, your spouse and children. But, you want to also think beyond the first level and consider who would inherit after primary beneficiaries (your “contingent” beneficiaries). Also consider any beneficiaries of specific gifts — maybe parents, siblings, nieces and nephews, friends and also your favorite charities. Even if you’re not sure initially, start by identifying the entire spectrum of anyone who might be either a primary or contingent beneficiary in your estate plan. List each beneficiary’s legal name, relationship, date of birth, current address and, if available, social security number.

What is a will?

A Will provides for distribution of property you owned at the time of your death in any manner you choose, subject to state limitations, and assets that didn’t have a beneficiary (which means the estate is the beneficiary) and the will and probate process will sort that out.

What to ask your attorney about your case?

Ask your attorney to explain all of your options and the issues that may apply to your situation.

What is a letter of instruction?

A Letter of Instruction is a document that you create to explain your wishes; be sure to include your plans for your organs and burial or cremation.

What is a living will power of attorney?

A Living Will and Health Care Power of Attorney help if you become unable to make medical decisions for yourself.

Why is document storage important?

Document Organization and Storage is important for locating important documents when they are needed. Locate all important documents and review them.

Why do we need a financial plan?

Acquire a financial plan. Having a plan gives you the road map to help you figure out your present and future financial condition. People don’t plan to fail—they fail to plan. The process of creating a financial plan enables you to understand and establish your goals for you and your family. Your financial plan will also serve as a compass, giving you proper direction for commencing the estate-planning process.

Can you deduct estate taxes?

Estate Taxes and Income Taxes may be deducted from your estate if it’s large. Talk to your attorney about charitable planning, gifting, trusts, and irrevocable life insurance trusts.

1. Guardians and Conservators for Minor Children

If you have minor children (under 18 years old) or are considering having children, you should designate one or more guardians who can be named individually or can serve as a team. Naming a successor in the event that the first guardian is unable or unwilling to serve is a best practice.

2. Trustees, Personal Representatives and Agents Under Durable Power of Attorney

Your assets can be managed by the Agent under your power of attorney (in the event you are incapacitated) or by the Personal Representative of your estate (after your death). In addition, the Trustee of your Living Trust is authorized to deal with all assets owned by the Trust in the event of either death or incapacity.

3. Patient Advocate Designation and Living Will

A Patient Advocate is named to make medical decisions for you if you are unable to do so, including to carry out your wishes as described in your Living Will.

4. Personal Property

If there are any special items of tangible personal property (e.g.

5. All Other Property

Are there any items of remaining property that you would like to go to someone other than a surviving spouse (or, if no surviving spouse, equally to surviving children)? Examples include business interests and real estate, among others.

7. Distributions to Beneficiaries

When and How Should Beneficiaries Receive? In the event that property is to go to surviving children (or, other family such as grandchildren, nieces, or nephews), are you comfortable with your beneficiaries receiving their entire share upon reaching age 18, or would you like to delay distributions until later? A trust can provide for use of the assets by the beneficiaries within the discretion of a Trustee (whom you select) so that the beneficiaries have use of the assets without the unrestricted right to withdraw them.

8. Pets

If you have pets, who should be named to care for them, and will you leave any funds in trust for their ongoing care? Will the trustee be the same as the caregiver, or should they be different individuals (or institutions)? If you have multiple pets, should they remain together? For more information about pet trusts, please see our pet trusts practice page ..