what you need before going to lawyer for estate planning

In order to do the best possible job when preparing your estate plan, your estate planning attorney will need information about you, your assets, and most importantly, your estate planning goals. Gathering as much information as you can before your initial meeting will speed up the process.

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What should I look for when hiring an estate planning attorney?

Above all, make sure you hire an attorney who demonstrates a high-touch level of service, and with whom you feel comfortable discussing personal matters. The following questions will help you to learn about estate planning and to determine if a prospective estate-planning attorney is right for you.

What is the best way to start estate planning?

The best way to start estate planning is to take an inventory of all your assets. Identifying these up front can save a lot of time in the future, especially if you’re working with an attorney or working on a joint plan with your spouse. Keep your list in a place where you can easily reference and update it.

Do I need an estate plan?

Many people feel that an estate plan is only for rich people, but that isn’t the case. If you own anything of value or if you have dependents who need to be cared for if you were to pass unexpectedly, you should have a plan. You can get started on your estate plan today, using Policygenius.

Do I need an estate attorney for a comprehensive estate plan?

You may have multiple types of wills, trusts, and life insurance plans and comprehensive estate plans can include all of these. So it's important that your estate attorney is knowledgeable in these areas.

What are four things to consider in estate planning?

A comprehensive estate plan includes four estate planning documents. These documents include a will, a financial power of attorney, an advance care directive, and a living trust.

What are the steps in the estate planning process?

The Estate Planning Process: 6 Steps to TakeCREATE AN INVENTORY OF WHAT YOU OWN AND WHAT YOU OWE. ... DEVELOP A CONTINGENCY PLAN. ... PROVIDE FOR CHILDREN AND DEPENDENTS. ... PROTECT YOUR ASSETS. ... DOCUMENT YOUR WISHES. ... APPOINT FIDUCIARIES.

Which of the following is an important document needed for estate planning?

1. A Last Will and Testament. When it comes to estate planning, having a last will and testament is likely the first thing that will come to mind.

What are the four must have documents?

This online program includes the tools to build your four "must-have" documents:Will.Revocable Trust.Financial Power of Attorney.Durable Power of Attorney for Healthcare.

What does estate planning involve?

Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

What three things should a will accomplish?

A will is the foundation of a strong estate plan and it must include any requirements set by state law.You should include your estate assets, choose your beneficiaries, and nominate a personal representative.Your will does not need to include certain assets that pass outside of probate.More items...•

What are the 5 most important estate planning documents?

The 5 Most Important Estate Planning DocumentsLast will and testament.Durable power of attorney.Medical power of attorney.Revocable trust.Living will.

What documents do I need to open an estate account?

The below CERTIFIED documents are required to process the request:Death Certificate.ID of Deceased.Letter of Executorship/Authority.ID of executor.Proof of Banking/EL late account.Power of Attorney and ID of appointed individual where applicable.

How do I organize my estate documents?

5 Steps to Organize Estate Documents for Your ExecutorStep 1: Create a checklist of important documents (and their locations) ... Step 2: List the names and contact information of key associates. ... Step 3: Catalog your digital asset inventory. ... Step 4: Ensure all documents are organized and accessible.More items...•

Whats better a trust or will?

Trusts are frequently used in estate planning. "Living trusts" created in the grantor's lifetime facilitate the transfer of assets to heirs without the cost and publicity of probate. Transfers by trust can usually be quicker and more efficient than transfers by will.

What should I include in my will?

Here are the items that you absolutely can and should include in your Will:Your basic personal information.Legal language that declares testamentary intent.Your appointed executor.Your appointed guardian for any pets or minor children.A list of your property and named beneficiaries (with certain exceptions)

What not to put in will?

Conditions that include marriage, divorce, or the change of the recipient's religion cannot be provisions in a legal will. Therefore, a court will not enforce them. You can put certain other types of conditions on gifts. Usually, these types of conditions are to encourage someone to do or not do something.

What is estate planning?

Estate planning goes beyond drafting a will. Thorough planning means accounting for all of your assets and ensuring they transfer as smoothly as possible to the people or entities you wish to receive them. Along with implementing your plan, you must make sure others know about it and understand your wishes.

How many copies of your estate plan should you make?

When your lists are completed, you should date and sign them and make at least three copies. The original should be given to your estate administrator (more on that person later). The second copy should be given to your spouse (if you're married) and placed in a safe deposit box. Keep the last copy for yourself in a safe place.

What to include in a beneficiary's gift?

Include any other charitable organizations that you support. It's also a good idea to let your beneficiaries know which charitable organizations or causes are close to your heart and to which you might like donations to go in your memory.

How old do you have to be to have a will?

Everyone over age 18 should have a will. It is the rulebook for the distribution of your assets, and it could prevent havoc among your heirs. A will can also name a guardian for your minor children, and designate who should care for your pets. You can leave assets to charitable organizations through your will, too.

What to include in a credit card list?

Include all your credit cards, noting which ones you use regularly and which ones tend to sit in a drawer unused.

How to start things out?

To start things out, go through the inside and outside of your home, and make a list of all valuable items. Examples include the home itself, television sets, jewelry, collectibles, vehicles, art and antiques, computers or laptops, lawn equipment, and power tools.

Where to keep a copy of a will?

Once your will is finalized, signed, witnessed, and notarized, you will want to make sure that your estate administrator gets a copy. If the original is not being kept in your home (for example, it's at your attorney's office), you should also keep a copy in a safe place at home.

What should an estate plan comply with?

Your estate plan should comply with any divorce and premarital agreements. It should also abide by the terms of any other contract you may have signed promising to leave assets to someone in your will.

How long does it take to prepare an estate plan?

If you provide your estate planning attorney with all your information on Day One, and stick to the process they lay out for you, it shouldn’t take them more than a few weeks to complete your documents and have them ready for you to sign.

What is an estate planning questionnaire?

The purpose of that questionnaire is to provide a general understanding of your family and financial situation to your attorney so that they can best advise you on your estate planning needs. It is designed to make the most efficient use of your time with your estate planning lawyer (and your money), so don’t waste it having them fill out the names of your family members, addresses and contact numbers.

What is an attorney's work process?

Your attorney’s work process (I conduct an initial appointment, a document review meeting, and a signing session, plus telephone conferences in-between)

Can you procrastinate for your death?

No one really likes planning for their demise, but procrastination has never benefitted anyone in this area of the law. If you haven’t decided on your executors and beneficiaries, that’s OK, give your attorney what you have and you can work together on the rest.

Do you have to bring a will with you to an appointment?

If you have previously executed a Will, Trust, Durable Power of Attorney , and/or Advance Health Care Directive, don’t forget to bring them with you to your appointment. If you have an existing trust, your new attorney will need to review its provisions to ensure that s/he is following its guidelines for amendment. The other documents will either be destroyed by your attorney or marked “superseded” and kept with their records (old versions of your estate planning documents should never be readily available to your beneficiaries).

Can an estate plan be completed without first knowing if there are provisions in a business agreement regarding the disposition of your?

Your estate plan cannot be completed without first knowing if there are provisions in a business agreement regarding the disposition of your interest at death , particularly if you have partners. Trademark, patent and copyright registration certificates.

How to start an estate plan?

The best way to start estate planning is to take an inventory of all your assets. Identifying these up front can save a lot of time in the future, especially if you’re working with an attorney or working on a joint plan with your spouse. Keep your list in a place where you can easily reference and update it.

What is estate planning?

Your estate is the collection of everything you own — money, property, and other personal belongings. No matter how much you own, those things will need ...

What is the executor of an estate?

The executor of your estate, also called a personal representative, manages your estate through the probate process. They handle tax bills, debts you hadn’t paid off, and other matters affecting your estate. The executor also oversees the disbursement of your assets to beneficiaries.

Why do you need a trust?

In particular, a trust allows your estate to avoid probate for the assets in the trust. This can save time and money if you know that you want to pass certain assets to certain beneficiaries. Assets you move into some kinds of trust are also no longer part of your estate, which means your taxable estate is smaller.

What happens to your estate when you die?

Then, the estate goes through the probate process, where a probate court decides what happens to your assets.

Why is estate planning so daunting?

Estate planning is daunting because it requires you to plan for your own death. And while it’s very easy to ignore, a solid plan can really make things easier for you and your loved ones both before and after your death. When you create an estate plan, there are some essential things to consider.

Why is it important to work with a lawyer?

Working with a professional is particularly useful because even though there are online guides available , estate laws can vary greatly from one state to the next. A local lawyer will know the rules specific to your area.

1. Guardians and Conservators for Minor Children

If you have minor children (under 18 years old) or are considering having children, you should designate one or more guardians who can be named individually or can serve as a team. Naming a successor in the event that the first guardian is unable or unwilling to serve is a best practice.

2. Trustees, Personal Representatives and Agents Under Durable Power of Attorney

Your assets can be managed by the Agent under your power of attorney (in the event you are incapacitated) or by the Personal Representative of your estate (after your death). In addition, the Trustee of your Living Trust is authorized to deal with all assets owned by the Trust in the event of either death or incapacity.

3. Patient Advocate Designation and Living Will

A Patient Advocate is named to make medical decisions for you if you are unable to do so, including to carry out your wishes as described in your Living Will.

4. Personal Property

If there are any special items of tangible personal property (e.g.

5. All Other Property

Are there any items of remaining property that you would like to go to someone other than a surviving spouse (or, if no surviving spouse, equally to surviving children)? Examples include business interests and real estate, among others.

7. Distributions to Beneficiaries

When and How Should Beneficiaries Receive? In the event that property is to go to surviving children (or, other family such as grandchildren, nieces, or nephews), are you comfortable with your beneficiaries receiving their entire share upon reaching age 18, or would you like to delay distributions until later? A trust can provide for use of the assets by the beneficiaries within the discretion of a Trustee (whom you select) so that the beneficiaries have use of the assets without the unrestricted right to withdraw them.

8. Pets

If you have pets, who should be named to care for them, and will you leave any funds in trust for their ongoing care? Will the trustee be the same as the caregiver, or should they be different individuals (or institutions)? If you have multiple pets, should they remain together? For more information about pet trusts, please see our pet trusts practice page ..

What are the things to consider when planning an estate?

When building an estate plan, you may have a variety of concerns, including the following: Maintaining an orderly administration of assets while you are living. Ensuring that your heirs and loved ones receive your assets. Helping to reduce or avoid conflicts and confusion.

How to build an estate plan?

When building an estate plan, you may have a variety of concerns, including the following: 1 Maintaining an orderly administration of assets while you are living 2 Managing estate assets flexibly while you are living 3 Reviewing estates involving tenants in common or community property 4 Considering assets in multiple states 5 Examining small business assets 6 Naming your children’s legal guardian 7 Ensuring that your heirs and loved ones receive your assets 8 Helping to reduce or avoid conflicts and confusion 9 Minimizing legal expenses and taxes 10 Assessing wealth preservation

How can estate attorneys help with dementia?

Estate attorneys should help clients fiscally prepare for the possibility of disability or dementia by drawing up powers of attorney , healthcare directives, and living wills .

Why is it important to have an estate plan?

It's important to have a solid estate plan in place to ensure that your loved ones receive your assets without a hassle or undue delay after your death. There are many questions you should ask prospective estate-planning attorneys before hiring one to craft your estate plan. Above all, make sure you hire an attorney who demonstrates ...

Do you need an estate attorney?

You may have multiple types of wills, trusts, and life insurance plans and comprehensive estate plans can include all of these. So it's important that your estate attorney is knowledgeable in these areas. You might want your estate attorney to help you understand the nuances of each estate-planning tool and discern the ones that might be right for you.

Can a lawyer draw up a will?

Although any lawyer can draw up a simple will for straightforward situations, such as naming the beneficiary of one's 401 (k), seasoned trust-and-estate lawyers can help navigate more complicated situations involving several trusts and multiple heirs. 1:21.

Do lawyers draw up trusts?

Some lawyers merely draw up estate-planning documents, while others also execute the associated trusts. It's generally more efficient to retain a lawyer in the latter category, who can ensure that the correct assets are transferred into the trust.

How to find a good estate lawyer?

Expertise. Specifically, find out if the lawyer will handle a case like yours. Trusts and estates lawyers often specialize in a particular area— in estate planning, probate, trust administration, special needs issues, elder care, or other specific legal issues. You want an attorney who is experienced in the area you need, but not necessarily highly specialized in other areas—otherwise you might end up paying a higher rate for specialization that doesn’t apply to your situation. You could ask how many similar matters the lawyer has handled, or what percent of the lawyer's practice is in the area of expertise that you need.

What does a probate lawyer want to know?

In addition to a general understanding of your legal needs, the lawyer may want to know who else is involved with the case and their relationship to you. For example, in some probate matters, a client visits the lawyer to seek help for his or her parents or siblings.

What to talk about at a lawyer consultation?

At the consultation, be prepared to talk about your case. The lawyer may not too many details of your case before you sign a fee agreement, but you should be prepared just in case.

How to save money with a lawyer?

To save money and to make the most of your time with your attorney, learn about your legal issue before you talk with the attorney. For example, if you’re interested in estate planning, learn the difference between a will and a living trust. Or, if you’re looking for a lawyer to help with a probate proceeding, take a bit of time to learn about probate, what a probate lawyer does, and what parts of a probate proceeding you might be able to take care of yourself.

What to do if a lawyer doesn't ask for documentation?

Even if a lawyer doesn't ask for documentation beforehand, it's still a good idea to bring a copy of all relevant documents to the meeting. Spend some time thinking about what you may have on hand. Try to organize the documents in a logical manner before you meet with the lawyer.

How to save money on trust and estates?

Do everything you can to reduce the time that lawyer will have to spend on your case. Even eliminating one email exchange could save you hundreds of dollars. ...

How to start a relationship with an attorney?

After you decide on which attorney to hire, you’ll sign a fee agreement and officially begin your relationship with your lawyer. The first meeting with an attorney usually involves the exchange of a lot of information. You will spend a good deal of time explaining to the attorney the details of your legal issue and answering his or her questions. He or she will spend a good amount of time discussion and laying out a plan. If you think you might get nervous or forget something, you could practice this conversation with a friend, or you could write down what you want to say.