Every estate plan we do starts with a free consultation. We get a lot done during those meetings, but they (honestly) don’t require much preparation. Here’s what to know about the agenda and how to prepare.
Background Information
The first agenda item is always to cover the basics of what an estate plan does, talk about how the process works, and answer general questions.
Next up is a chance for us to get to know a little bit about you. We start by asking you for some family information. If you have children, we will ask for names and ages of children, the number of grandchildren and their age range, and whether anyone who might be included in the plan has special needs or is on disability. If you do not have children, we will ask who your nearest relatives are. Once we understand your family, we ask for some general information about your assets. We don’t need a lot of detail, although you are welcome to bring a personal financial if you are an overachiever (you know who you are). What we really need to help you make good decisions are the basics: what real estate you own, the approximate amount you have in retirement plans (i.e. IRA, 401(k), etc.), and the approximate total of other assets like life insurance, brokerage accounts, etc. Rough totals for the various categories are fine.
Work on a Rough Draft
Once we understand the background, we start on a rough draft of your plan. This starts with a discussion of distribution scheme (i.e. where you want assets to go in the event of your death). A distribution scheme can be as simple as children in equal shares, or perhaps it will include other family members or charitable giving. You do not need to decide this before the meeting, and in fact it’s best if you wait to decide until we have a chance to meet. Anything we write down is a rough draft only, and can be changed later.
Next, we will talk about who you trust to handle some important roles. These roles include financial management roles (like an estate administrator) and non-financial roles (like someone to make health care decisions for you or serve as guardian of any minor children). We will discuss what is involved in each of the roles and write down some initial ideas of who would be a good fit. As with other decisions, feel free to discuss ahead of time, but we recommend you wait to decide until our meeting.
The last part is how to implement the plan. This gets into the tools we use to transfer property at death, which are wills, trusts, and beneficiary designations. Once we understand your situation and draft plan, we talk about how which tool or tools are the best fit for you, and the process and costs of each. This is purely a discussion item and no preparation is necessary.
Preparation Summary
For those who like checklists, here it is:
Review your financial assets and note approximate values of real estate, retirement accounts, and other assets. Or, if you have a personal financial, print it off to bring along.
Think a little bit (and, if you’re married, talk to your spouse) about who you trust to handle important life duties, like managing money, making health care decisions for you, or serving as guardians for children.
And that’s the list.
If you’ve already scheduled, we will look forward to meeting with you. If you are ready to get started and have not done so already, please call our office or schedule online.