Estate Planning Meeting: 5 Essential Items to Bring

Maximizing your time is crucial when preparing for your initial meeting with an estate planning attorney. You can ensure a productive discussion and a smoother estate planning process by bringing the correct information. Here are five essential items to bring to your first meeting:

1. Family Tree

A detailed family tree is not just a piece of information; it’s a key to understanding your unique family dynamics. Your estate planning attorney needs this to ensure your estate plan reflects your family’s needs and values. Include yourself, your spouse, children, and any relatives you trust to make financial and medical decisions on your behalf. Additionally, list the relatives you intend to name as beneficiaries. For each person, provide their date of birth, contact information, and relationship to you (e.g., spouse, child, sibling).

2. Asset and Liability List

Prepare a comprehensive list of your assets and liabilities. Include account balances, ownership details, and designated beneficiaries. This information allows your attorney to create a customized estate plan that ensures your assets are appropriately titled and managed according to your wishes.

3. Advisor List

Estate planning often involves a team of professionals, and you are the captain of this team. Provide your attorney with the names and contact information of your accountant, investment advisor, insurance broker, and personal banker. This coordination among these advisors, guided by you, is essential for a well-rounded estate plan.

4. Key Decision-Maker List

Identify individuals who will make financial and medical decisions on your behalf if you become incapacitated or pass away. Consider their location, expertise, trustworthiness, and ability to seek professional help. Provide their names and contact information to expedite the estate planning process.

5. List of Special Requests or Concerns

Be honest and open about any special requests or concerns you have. This includes disclosing health issues, family disputes, beneficiaries with special needs, and any unique requests for asset distribution. For example, if you want your antique car collection to go to your brother instead of your children, note it down.

Bringing these five items to your first meeting is not just a task; it’s a step towards a comprehensive estate plan. Being prepared can lead to a quicker turnaround time in preparing your estate plan and reduced legal fees. Most estate planning attorneys charge by the hour, so being prepared can result in significant cost savings. This preparation is the key to a confident and secure future.

Estate Planning: Benefits of Preparation

These steps will ensure a productive initial meeting with your estate planning attorney and set a solid foundation for a comprehensive and effective estate plan. Proper preparation saves time and money and provides peace of mind, knowing your wishes will be communicated and carried out. So, take the time to gather these items before your meeting, and you’ll be well on your way to a successful estate planning process.