As you begin the estate planning process, the first meeting with an attorney can be intimidating. Writing a will or creating a living trust is often the first major step, and the significance of these decisions can be overwhelming.
You may be tempted to put off the initial meeting, due to the discomfort in focusing on what happens after you die, the complexity of the topic, and the expense of an attorney’s time, but with a few preparations and guidelines, estate planning can be manageable, and you will be able to make the most of your time with an estate planning attorney.
Create a list of potential fiduciaries
The first step with any estate planning is designating your fiduciaries. This means selecting potential agents to act as your durable power of attorney, guardians of your children, and executors of your will, among other potential responsibilities. A fiduciary can be anyone, though it is best to select someone you trust completely with your affairs and who has good business and financial experience and knowledge. This can include a close friend, your spouse, one of your children, a sibling, or even a lawyer whose sole duty is to manage your affairs. If you have meaningful assets, you should also consider the services of a professional fiduciary, such as the trust department of a bank or trust company.
This doesn’t mean you must select one person definitively before you speak with an attorney, but having a few potential names in mind beforehand will help make the discussion easier.
Review and list your current assets
In order to plan properly for your assets, you have to know what they are. Creating an inventory isn’t as tedious as it sounds, and it’s an important step in preparation for your first meeting with an attorney. You should list your bank and brokerage accounts, real estate you own (even if it has a mortgage on it), retirement accounts, valuable personal property (such jewelry, art, collectables, family heirlooms), your ownership interests in any private businesses, money you are owed, and anything else that is an “asset.”
Determine a list of potential beneficiaries
Who will benefit from your estate?
The specifics of who should receive what can – and should – be negotiated and worked out and if possible, your decisions discussed with your family. In fact, it’s better to be transparent so your family is not surprised by your decisions when you aren’t around to explain them. However, at this stage, it might be best to start by determining your initial list of heirs, so you can discuss that with your spouse or partner and with the estate planning attorney.
Also consider whether you wish to designate that certain specific property will go to certain specified persons. Perhaps your daughter should receive your mother’s (her grandmother’s) wedding ring, or your son will want your coin collection. And it might be useful to consider whether one child should be left the majority interest in the family business, which the other children receive cash or other property as their share of your estate.
Don’t be too stiff about estate planning
Remember, your estate plan is important, but it’s not an inflexible document that’s too rigid to modify. Though you should ensure it’s done right when you create it, things can change and you don’t have to anticipate every change that might come in the future. You will be able to make changes in the future if you need to – so focus on what your plan should reflect now, and the rest will follow. If changes need to be made, an amendment – called a codicil – or an entirely new will which revokes the prior will, can be prepared to address changed circumstances. In fact, it is wise to review your estate planning every few years to be sure it reflects your current desires and intentions as to the disposition of your property.
If you believe your estate might be subject to a dispute once you are gone, consulting with an attorney in advance may be beneficial in the planning stages. At Gaslowitz Frankel, our more than 25 years of experience in estate disputes means that we understand the different forms that disputes take, and are comfortable giving you guidance in these complicated and sensitive matters. Contact us to learn more about how Gaslowitz Frankel can help you avoid a potential dispute, or handle an existing one.
