Helpful Tips for Your First Meeting with an Estate Planning Attorney
Visiting an estate planning attorney for the first time can feel like a big step, but it is a crucial one in protecting your assets and providing for your loved ones. Whether you are looking to create a will, establish a trust, or simply explore your options, being prepared can make the process smoother and more efficient. Estate planning is a personal process, and the more information you can share about your goals, dreams, and financial situation, the better your attorney can tailor a plan that fits your needs.
- Be Ready to Share Personal and Financial Details
Estate planning is all about organizing your assets, so you will need to provide information about your financial picture—everything from property and investments to retirement accounts and any debts. Your attorney will also want to understand your family dynamics and any special considerations, like beneficiaries with unique needs or concerns about family relationships.
- Know Your Goals
Think about what you want your estate plan to accomplish. Are you focused on fairly distributing your assets, protecting wealth for future generations, or minimizing taxes? Having a clear idea of your priorities will help your attorney develop a plan that aligns with your wishes.
- Familiarize Yourself with Key Documents
Your attorney will go over important documents, such as:
- Last Will and Testament: Specifies how your assets are distributed after your death.
- Trusts: Can manage and distribute assets during your life, at your death, and create a legacy for your loved ones.
- Durable Power of Attorney: Designates someone to make financial decisions on your behalf if you become incapacitated.
- Health Care Power of Attorney and Living Will: Legally draws up your medical preferences.
- HIPAA Release: Authorizes designated individuals to access your medical information.
- Think About Executors and Trustees
You will need to decide who will act as your fiduciary, whether that is the executor of your will or the trustee of a trust. This person will be responsible for managing your estate, so choosing someone reliable, trustworthy, and capable is key.
- Ask About Fees and Processes
Attorneys have different fee structures, so if it is not brought up during the consultation, make sure to ask. Knowing how the process will unfold, and any associated costs will help you plan better, and avoid misunderstandings.
- Come with Questions
This is your opportunity to get clarity on the estate planning process. Ask about anything you do not understand—whether it is the specifics of certain documents or how to protect your assets in a way that aligns with your goals.
- Discuss Tax Strategies
It is important to consider the tax implications of your estate. Your attorney can walk you through ways to minimize estate, gift, and income taxes, which is particularly important if you have a sizable estate.
- Plan to Review and Update Your Plan
Estate planning is not something you do once and forget about. It is essential to revisit your plan regularly, especially after major life changes like marriage, divorce, or the birth of a child. As a reminder, the laws in a state change yearly, so that could affect your plan. Your attorney can advise you on how often to review and update your documents.
If you are ready to get started or need help with an existing plan, Wilson Law can help you take the next step. Call our office at 866-603-5976 or complete our online contact form, and we will promptly reach out to you to schedule a meeting.