How to Get Organized to Meet with Your Estate Planning Attorney

You have decided to meet with an estate planning attorney to get your affairs in order and ensure that your loved ones are protected. Now that you have scheduled the appointment, it is time to get yourself organized and prepare for the first meeting.

Before You Meet with Your Attorney

Taking the time to sort through your important paperwork and organize your thoughts surrounding your goals or plans for the future will go a long way toward making the meeting productive and valuable. Skipping this step may turn the conversation into a scavenger hunt for the attorney and leave you feeling overwhelmed and confused due to the amount of information your attorney will need to know to accomplish your planning objectives. 

Here are eight practical ways to prepare yourself for your first meeting:

1. Gather basic personal information. Put together a list of full legal names, birthdates, and contact information for yourself, your spouse or partner, your children, and other important family members or friends. Having this information on hand can help your attorney understand family relationships and potential heirs and beneficiaries from the start. Also be sure to bring a valid form of photo identification.
2. Make a complete list of your assets (money and property) and liabilities (debts).
3. List what you own, such as bank and investment accounts, real estate, retirement accounts and pensions, life insurance, vehicles, business interests, and even digital assets. Also include the approximate values for each item to give your attorney a clear picture of your estate’s size and composition.
4. Jot down how each of these assets is owned. For example, note whether it is titled in your name alone or jointly with others, such as a spouse, business partners, or another family member.
5. Indicate whether you have already designated a beneficiary for any of your accounts or policies and, if so, whom you designated.
6. Make a list of any debts you owe, such as mortgages, home equity loans, credit cards, medical bills, auto loans, student loans, or personal loans.
7. Note the approximate balance for each debt and who the lender or creditor is.
8. If any debts are jointly held with a spouse, partner, or someone else, jot that down as well so your attorney knows who is legally responsible for repayment.
   
   
9. Think about whom you want to leave an inheritance to, when you would like them to receive it, and how you want them to receive it.

Think about whom you want to inherit from you and in what proportions. It is also helpful to choose backup (contingent) beneficiaries in case any of your first-choice beneficiaries pass away before you or are otherwise unable to inherit. Also think about whether there is anyone you specifically wish to exclude from inheriting your property.

Keep in mind that there are many ways to leave inheritances to beneficiaries. You can give an inheritance to them all at once outright, or you can distribute smaller portions over time at specific ages or after they reach certain milestones (such as completing college, starting a business, or getting married). You can also choose to keep the inheritance in trust for the beneficiary for an undetermined period of time, with the trustee choosing when and how to make distributions. This approach provides the strongest long-term protection and support for the beneficiary.

Your attorney will walk you through different ways to structure these distributions, but taking time to consider each beneficiary’s current needs—and what they may need in the future—will help ensure that the terms are thoughtful and tailored to your loved ones’ unique circumstances.

• Reflect on your end-of-life wishes. Think carefully about your preferences for medical care if you were to become seriously ill or incapacitated (unable to manage your affairs). Thinking through the following sensitive but important questions in advance will help your attorney properly prepare the right documents for you, such as a living will and healthcare power of attorney, so your personal choices are clearly documented and honored.
• Do you want life-sustaining treatments if you have a terminal condition, are in a persistent vegetative state, or are severely incapacitated with no reasonable expectation of recovery?
• What are your preferences regarding mechanical ventilation (life support) and medically supplied nutrition and hydration (tube feeding or IV fluids)?
• If you become seriously ill, do you prioritize prolonging life or maximizing comfort and quality of life (even if that means potentially hastening death)?
• Where would you prefer to receive end-of-life care (at home, in a hospice facility, in a hospital, or somewhere else)?
• Would you like to be an organ or tissue donor? If so, are there any limits you would place on that donation?

• Think about whom you want to make decisions for you and handle your affairs if you become incapacitated or pass away. Choosing the right people to serve in these fiduciary roles is one of the most important decisions you need to make. You can select different people for different roles. The most common roles you will need to assign include the following:
• Executor or personal representative (manages your estate after death if probate court is needed)
• Guardian for your minor children
• Agent under your financial power of attorney (handles your finances and legal matters if you are alive but incapacitated)
• Agent under your healthcare power of attorney (makes medical decisions on your behalf if you are unable to communicate your wishes yourself)
• Trustee or successor trustee (manages assets held in a trust if you become incapacitated and after your death)

Why are these decisions so important? If you choose the wrong person or someone who cannot or will not serve when needed, the estate plan you have so carefully put together will be much harder to carry out.

If you are like most people, you will want your attorney’s advice in selecting the right people or institutions to serve in these roles. Still, it is helpful if you think about which family members or friends might be good candidates—and which ones may not be.

• Gather relevant legal and financial documents. It is very helpful for your attorney if you can locate and bring the following key documents. Having them on hand makes the meeting more productive and helps your attorney create a plan that is truly tailored to you. Gather what you can, but do not feel overwhelmed if you cannot find everything.
• Documents that show details about what you own, such as recent statements for your bank, investment, or retirement accounts; property deeds; business agreements; and life insurance policies
• Recent statements or documents for any debts you have, such as mortgages, home equity loans, credit cards, auto loans, student loans, or personal loans
• Existing estate plan documents, such as wills, trusts, or powers of attorney
• Any marital agreements, such as a prenuptial or postnuptial agreement or divorce judgements, if you have any
• Consider any special circumstances that your attorney should know about. Every family is unique, and your estate plan should be tailored to reflect your specific needs and circumstances. You may be part of a blended family, have a child with special needs, own a business, own property in another state, or hope to leave a charitable legacy.
• Write down your questions. It can be easy to lose track of the questions you have once the meeting starts. Preparing a list of questions helps ensure that nothing slips through the cracks. You may want to ask about costs and timelines, the differences between a will and a trust, or why many people seek to avoid probate court. This is your meeting, and the attorney wants to ensure that you are comfortable with the choices you are making, so no question is off-limits.

Estate planning can be surprisingly emotional. You may face questions that touch on sensitive topics, including family dynamics, your preferences for end-of-life care, and whom you would want to raise your minor children if you cannot. You may also learn about planning options you never knew existed. Being open and honest with your attorney will enable them to tailor a plan that best suits your circumstances and wishes. These eight points may seem like a great deal to consider and organize, but the peace of mind you gain from creating your comprehensive estate plan will make it well worth the effort. Please reach out to us at (408) 371-6000 or info@sowardslawfirm.com to discuss your estate plan.