OK, great! You’ve finally decided to meet with an estate planning attorney and get your affairs in order. It’s time to make sure your family is protected. Now that you’ve scheduled the first appointment, what’s the next step? Taking the time to sort through your important papers and get your thoughts in order will make the meeting productive and valuable. Otherwise, the conference will become a fishing expedition for your attorney and both tedious and confusing for you.
Here are three ways to get yourself organized and prepared for your first meeting:
- Make a complete list of your assets and liabilities. List your financial assets (e.g., bank accounts, investment accounts, real estate, retirement accounts, and life insurance). Jot down how you own it (e.g., in your sole name or joint name with your spouse or someone else, such as a child or sibling). Indicate whether you have already designated a beneficiary for the account or policy. Record how much you owe (e.g., mortgages, car loans, and credit cards).
- Think about who you want to inherit your estate, when they’ll inherit it, and how they’ll inherit it. There are many ways to pass your property to beneficiaries, including outright, in stages, at specific ages, or in lifetime discretionary trusts.
- Think about who you want to be in charge of your affairs if you become incapacitated or die. Along with naming Guardians for your minor children, deciding who will serve as your fiduciaries (for medical and financial matters) is, by far, the most important decision you will need to make. Why? Because if you choose the wrong person for the job, or if someone you choose declines to serve or can’t serve, the estate plan you have so carefully put together will come to a grinding halt.
If you’re like most people, you’ll need the advice of your attorney to choose the right people or institutions to serve as your fiduciaries, but think about which family members or friends will be good candidates – and which will not.
It’s a lot to think about and organize, but it will be well worth it.