It is extremely important to execute your Estate Plan. Before meeting with an Estate Planning Attorney, it is important to understand what Estate Planning is so that you can be better prepared. I have provided a checklist of some important concepts to think about and information you will need to gather:
- You will need to gather your personal information such as birth dates for yourself, spouse and children. You will need to gather contact information such as addresses and phone numbers (cell, home, work) for yourself, spouse, and children (if applicable).
- Be prepared to let your Estate Planning Attorney know what other advisors you work with such as CPA and Financial Advisor. It will be important for your Estate Planning Attorney to work closely with these other professionals as a team of trusted advisors for you.
- You will need to know what assets you own. For example, do you own real estate, checking, savings, money markets, life insurance, or retirement accounts? If so, what institution are these accounts with and what are the account or policy numbers? For real estate, do you have a copy of the title? It will be important to let your Estate Planning Attorney know how these assets are titled and if applicable, how the beneficiaries are listed. You will also need to know an approximate value for each of the assets.
- In the event you cannot make decisions for yourself because of either incapacity or death, who do you want to appoint to be your agent for the following roles: financial, health care, and guardian for minor children. You will need to list primary and successor agents. It will be important to know the contact information of these agents. I also advise discussing your wish to appoint these agents with the agents so that they will know you have appointed them. You should get their consent before appointing them. You do not want them to be surprised at some point in the future if or when the time comes they will need to act for you.
- You will need to know how your assets are to be distributed upon your death. If you are married, does all go to your spouse? How are assets divided between children? Are the distributions equal? Do some beneficiaries need special protections either because they are not financially responsible or have special needs?
- What alternative distributions would you like if a beneficiary has predeceased you?
- Do you want any specific distributions?
- Do you want distributions to non-individuals such as your church or charitable organization?
- Do you have any odd or concerning issues with family? If you are married, is it a first or successive marriage? If it is a successive marriage, does your spouse have children that are not biologically yours?
- You will need to make decisions about health care, such as organ donation, life sustaining treatment, and tube feeding.
This checklist certainly contains the basics of what you will need to think about and information to gather, but it is by all means not exhaustive. You will need to make sure that your Plan is suitable for your needs and goals. Everyone’s Estate Plan is different if done properly and you are unique. Don’t be roped into believing that your Planning is sufficient by filling your name in a blank form. This will most certainly not be Planning that addresses your needs. Estate Planning for some can be overwhelming, so start with the checklist I have provided. This will ease your feelings of anxiety. You will find that it is not so difficult if you tackle one issue at a time. The important thing is to get started. You don’t have to know all the answers when you begin. A good Estate Planning Attorney will walk you through the process and hold your hand through the entire process. You will find that with a good relationship with your Estate Planning Attorney, the planning is far easier for you than you imagined as your Attorney will carry the weight of the difficulties and make you feel at ease with the process. You will also have great peace of mind. Remember that once you execute your Planning, you want to make sure that in most cases you can change your mind later, so ask about revocable planning. This way, you can make changes that you need to make throughout your life as your decisions change, your family changes, and your goals change. BASED ON FAITH.