Meeting with an estate planning legal team is an important step toward securing your financial future and working towards ensuring that your assets are ultimately distributed according to your wishes. Proper preparation can make the process more efficient and productive, allowing your legal team to provide you with valuable, tailored guidance based on your unique circumstances.
Whether you are creating an estate plan for the first time or updating an existing one, there are some things that you should strongly consider doing to prepare for your initial meeting.
Gather important paperwork
To create a comprehensive estate plan, your legal team will need detailed information about your assets, debts and personal circumstances. Before your meeting, gather documents such as:
- Bank statements and investment account information
- Real estate deeds and mortgage documents
- Life insurance policies
- Retirement account details (401(k), IRA, pension)
- Business ownership documents (if applicable)
- Existing wills, trusts, or power of attorney documents
- Outstanding debts, including loans and credit obligations
Providing these documents will help your legal team better understand the full scope of your estate and develop a plan that protects your assets while minimizing tax liabilities.
Consider your goals
Think about your priorities and what you hope to accomplish with your estate plan. Some key considerations include:
- Who should inherit your assets, and in what proportions?
- Do you have minor children or dependents who need a guardian?
- Who should manage your financial and medical affairs if you become incapacitated?
- Do you want to minimize estate taxes for your heirs?
- Are there specific charitable organizations you want to support?
Having a clear idea of your objectives will allow your legal team to customize your estate plan to reflect your wishes.
Choose important decision-makers
Estate planning involves appointing individuals to handle various responsibilities, such as:
- The executor of Your Will – The person who will carry out your final wishes and oversee the distribution of your assets.
- Trustee (if applicable) – If you are setting up a trust, you will need someone to manage it according to your instructions.
- Power of Attorney – A trusted person who can handle financial matters on your behalf if you become unable to do so.
- Healthcare Proxy – The individual who will make medical decisions for you if you are incapacitated.
Selecting responsible and trustworthy individuals for these roles is important when it comes to ensuring that your estate plan is executed smoothly.
Estate planning can be a complex process. By preparing to meet with your legal team in advance, you can better ensure that your time and efforts are well spent.