Estate planning can be a daunting task. For many of our clients, it’s something they know they need to do, but they have kept putting it off for years. Just knowing where to start can be a great first step to finally getting it done. We start all of our initial estate planning consultations with a questionnaire to get to know you, your family, and your financial situation, and how we can best suit your needs. Here are some tips for preparing to create your estate plan.
- Background. Be ready to tell us a little bit about yourself and your family. Are you married? If so, for how long? Do you have any children? Basic background questions like these help us determine exactly what your estate plan will need to include in order to best protect you.
- Assets. Think about the various assets you own. This includes things like bank accounts, retirement accounts, investment accounts, real estate, vehicles, jewelry, family heirlooms, etc. Do you rent your home or do you own it? Are you still paying off your mortgage or has it been paid off already?
- Businesses. If you are a business owner, we can help incorporate your business into your estate plan to ensure it is protected for your family. What type of entity is it – a partnership, LLC, or corporation?
- Insurance. Have you reviewed your insurance coverages lately? Life insurance, for example, plays a crucial supporting role in estate planning, and knowing what type of policies you have and the benefits of those policies helps us incorporate provisions for those assets in your estate plan. We can also connect you with one of our trusted partners to review your coverages if it’s time for an update.
- Key Decision-makers. Who do you want to manage your financial affairs? Who do you want making health care decisions for you if you are no longer able? Picking trusted family members or friends for these roles is most common, but you have the flexibility to determine who fills these roles.
- Beneficiaries. Who is going to receive your assets when you die? Is there anyone you want to disinherit? Does everyone get along, or are they likely to fight over things? These are critically important questions to answer up front so we know exactly what to plan for and how to best protect your wishes.
- Previous Documents. If you’ve created a will, trust, or powers of attorney in the past, we would like to review them to determine whether a simple amendment is needed or whether a more robust update is necessary.
We encounter these questions on a daily basis, and we know the things that our clients are most commonly worried about. Most importantly, we know the best solutions to these problems to give you peace of mind. With these tips in mind, you can approach the initial steps in creating your estate plan with confidence. If you are ready to get started with your estate plan, give us a call at 602-857-9386 to schedule an appointment with one of our attorneys. We look forward to guiding you through this process as easily as possible.