7 Steps Before Meeting With an Estate Planning Attorney

Takeaways

• You do not need to have every estate planning decision finalized before meeting with an attorney.
• A basic inventory of your assets can help you avoid overlooking important property or accounts.
• Identifying potential beneficiaries and an executor can make the conversation with your attorney more productive.
• Blended families, minor children, beneficiaries with disabilities, and other family circumstances may require special planning.
• Existing wills, trusts, and beneficiary designations should be reviewed together as part of your overall estate plan.

Making a will is easier when you prepare before meeting with an estate planning attorney. You do not need to have every decision finalized, but gathering information about your assets, loved ones, and wishes can help your attorney understand your situation and identify issues that may need special attention. Your attorney can help evaluate your options and decide what type of estate plan is right for you.

Here are seven steps to take before a meeting with an estate planning attorney.

1. Make a Basic List of Assets

Your assets are everything you own, including:

• Your home or other real estate
• Bank and investment accounts
• Vehicles
• Valuable personal property, such as jewelry, artwork, collectibles, or family heirlooms
• Business interests
• Life insurance

Making a list of everything you own can help you in several ways. First, it helps you take stock of your assets and avoid forgetting something you wish to include in your estate plan. Writing down your assets can also help you start to think about the people you may want to inherit your property.

2. Gather Important Documents

If possible, gather copies of documents that may help your attorney understand your finances, family situation, and existing estate plan. You may want to bring:

• Any existing wills, trusts, or amendments
• Powers of attorney and health care documents
• Deeds or other records for real estate
• Recent bank, investment, and retirement account statements
• Life insurance policies
• Beneficiary designation forms
• Business ownership records
• Prenuptial or postnuptial agreements
• Divorce decrees or property settlement agreements
• Information about jointly owned property or accounts
• Documents relating to a beneficiary with a disability or special needs

If you cannot find a document, make a note of the account or property, the institution that holds it, and its approximate value. This information may still help your attorney while you look for supporting records.

Bring copies when possible and keep your original documents. Your attorney can tell you which documents are most important for your situation and whether anything else is needed.

3. Identify Your Beneficiaries

Before your appointment, make a list of the people and organizations you may want to benefit from your estate plan. This could include:

• Your spouse or partner
• Children, stepchildren, grandchildren, or other family members
• Friends or other people who are important to you
• Charities, religious organizations, or other nonprofits

For each person or organization, think about what you would like them to receive. You might want to leave someone a specific item, such as a piece of jewelry, a vehicle, or a family heirloom. You might also want to leave a specific dollar amount, a percentage of your estate, or the remainer of your property after other gifts have been distributed.

Also consider backup plans. For example, who should inherit if a beneficiary dies before you? If you have minor children, should their inheritance be held in a trust until they reach a certain age? If a beneficiary receives government benefits or has difficulty managing money, should their inheritance be handled differently?

You do not need to have all these decisions finalized before meeting with your attorney. Jotting down your initial thoughts can help your attorney explain your options and identify issues you may not have considered.

4. Think About Who Should Serve as Your Executor

The executor, sometimes called a personal representative, is responsible for handling many of the tasks involved in settling your estate after your death. (If you die without a will, the court may appoint an administrator to handle these tasks.) These tasks may include locating assets, communicating with beneficiaries, paying valid debts and expenses, working with the probate court, and distributing property according to your will or state law.

This individual should be someone you trust to act responsibly and ethically. You may also want to consider their ability whether they have the time, health, and capacity to manage the administrative demands of the role.

You may want to name a backup executor in case your first choice is unable or unwilling to serve. Some people name co-executors who serve together, but doing so can sometimes make estate administration more complicated. Ask your attorney about the best approach for your situation.

5. Note Family Circumstances That May Affect Your Plan

Before meeting with an estate planning attorney, take note of any family circumstances that could affect your estate plan or how you want to distribute your assets. Important details may include:

• You have children from a previous relationship or a blended family
• You are unmarried or have a long-term partner
• You have minor children and need to consider who you would want to care for them if you and the other parent could no longer do so
• You have a child or other beneficiary with a disability
• A beneficiary receives needs-based government benefits
• You provide financial support for a parent, grandchild, or another dependent
• You want to leave different amounts or types of property to different family members
• You are considering leaving someone out of your will
• You have concerns about a beneficiary’s ability to manage money
• You own property with someone else or have a family business

These circumstances do not necessarily mean that your estate plan will be complicated. However, they may affect whether a simple will is appropriate or whether you should consider additional planning, such as a trust. For example, a beneficiary with a disability who receives needs-based benefits may need an inheritance handled through a special needs trust rather than receiving it directly.

6. Gather Existing Beneficiary Designations

Next, review your existing beneficiary designations. These may appear on retirement accounts, life insurance policies, and payable-on-death or transfer-on-death accounts, which often pass directly to the named beneficiaries and may not be controlled by your will. The rules can vary depending on the account and the way it is owned, so bring copies of your designations to your attorney.

Through the estate planning process, some people find they want to change or revise their designations on accounts and policies. Others sometimes realize they still need to add a beneficiary.

7. Bring Questions for the Attorney

Finally, think about any questions you may have for the attorney. You might want to ask about planning for pets, digital assets, best practices for document storage, or what other estate planning documents you may need. Thinking of questions in advance can help you make the most of your first appointment.