Preparing for your initial estate planning meeting lets you clarify your personal and financial goals and objectives, ensuring that you make the most informed decisions regarding your own care, the care of your family, your assets, and your beneficiaries. Additionally, being organized and informed in advance can help streamline the meeting, making it more efficient and productive.
During our first meeting, we will discuss your concerns, aspirations for your legacy, your particular family profile and varying personalities, your assets, and how your assets are owned. You may have existing documents that will be necessary to understand in the context of your planning, but it is not necessary to have these for our first meeting. If you have time, begin gathering your existing estate planning documents, any premarital or marital agreement between you and your spouse, any separation agreements or divorce orders, any corporate, partnership, or LLC documentation for any business you own in whole or in part, deeds to your real estate, and the most recent gift tax return you filed. If you do not have time in advance of our meeting, we can guide you about what documents we need once we meet.
To best prepare for your meeting, please reflect on the following five considerations:
Your Goals: What do you hope to achieve with your estate plan? Are you primarily concerned with protecting your assets for your children or other loved ones? Or are you more focused on making sure your healthcare wishes are respected if you become incapacitated? Having a clear idea of the direction you envision yourself heading and your ultimate goals can help us tailor your estate plan to meet your specific needs.
Identify Your Assets and How they are Titled: Take some time to inventory your assets, including your home, investments, retirement accounts, and any other property you own, and review your titling (joint or individual) and beneficiary designations. This will help us understand how your current titling and beneficiary designation affect your asset disposition and how that may need to change to complement your overall estate plan. Our client intake form will help organize this information.
Your Beneficiaries: Think about who you want to inherit your assets when you pass away and how. Do you have a spouse or children that you want to provide for? Are any of your beneficiaries minors, have special needs, or require asset protection? Or are there other loved ones or organizations that you want to benefit from your assets? Trusts can help prevent young beneficiaries from having access at age 18 for any beneficiary and can shield these assets from creditors or legal judgments for a longer period or lifetime. For individuals with special needs, a trust can be used to provide ongoing financial support while preserving their eligibility for government benefits.
Your Healthcare Wishes: If you become incapacitated and are unable to make decisions for yourself, who would you want to make healthcare decisions on your behalf? What kind of medical treatment do you want to receive, and what kind of treatment do you want to decline?
Your Executor/Trustee/Power of Attorney: Who do you want to handle your assets after you pass away or during your lifetime if you become incapacitated and are unable to manage your affairs? This person will be responsible for managing your bills and investments during your incapacity and for distributing your assets according to your wishes at death. Your Executor and Trustee ensure that your estate/trust is settled in a timely and efficient manner. A Trustee may be asked to manage assets for your beneficiaries after your death. It is important to choose someone who is trustworthy, responsible, and has good judgment for each of those roles. Below are links to articles drafted by our firm with guidance to assist you in making these various fiduciary nominations.