Preparing for Estate Planning
Estate Planning is a very important process that is personal in nature. It touches about issues that are crucial to make sure are based on your wishes, who you trust, and what you would like your legacy to be.
When potential clients come to us to explore whether they need Estate Planning and what it entails, they may be wondering how to prepare themselves for Estate Planning.
First, I like to remind clients that we typically do not expect anything to happen to them anytime soon. Consequently, our focus is on customized, comprehensive, and compassionate Estate Planning services. We want to discuss short-term, mid-term, and long-term goals so that your plan thoroughly addresses different scenarios. Some of the scenarios we discuss are unlikely to happen, but we believe it is important that we have covered your wishes, as opposed to having the court fill in the blanks.
This post outlines some of the key things to remember and consider before designing your Estate Plan.
Who would you want to take care of different responsibilities if you were unable to due to incapacity or death?
If you have minor children, you will want to think of your preference for guardianship.
Every client will need to consider who would manage their finances and administer their wishes, as well as who you would trust to make health care decisions for you.
It is also worthwhile to consider if there is anyone who you would NOT want to be involved with handling responsibilities in your absence. We do have some clients who specifically do their Estate Planning because of a strained family dynamic and we want to be sensitive to this.
I recommend having a conversation with those you plan to nominate to ensure that they understand the role you may be entrusting them with and seeing if they consent. For potential Estate Planning clients, giving thought to who to nominate is a key step before starting the Estate Planning process. That being said, for some individuals, they may need to appoint a corporate trustee or private professional fiduciary. We discuss options and give recommendations on corporate trustees and private professional fiduciaries that previous clients have used.
What are your wishes for your assets?
Are there particular family members, friends, or non-profit organizations that you would want to benefit with the assets you have worked so hard to save? Are there any specific people that you do NOT want to inherit these assets?
Do you have specific personal items, unique assets, or charitable goals that you want to ensure are honored?
If the individuals who you seek to benefit are minors, we will discuss topics like the age or timeframes that they would be able to make their own financial decisions and if they have not reached those age(s), how the funds would be managed. If the individuals have special needs and are receiving government benefits, we need to be mindful of Special Needs Planning. If there are individuals who may need third party guidance to manage their inheritance, we will consider lifetime trusts or other safeguards.
A prepared client has in mind who they are looking to care for through their Estate Plan; through the process, we will go through specific details, timeframes, and guidelines.
What is your current mental and emotional ability to discuss personal topics? What is your capacity to give thought to your wishes and have appointments to move forward with Estate Planning?
A good Estate Plan requires that you have given thought to who you want to nominate, how you want to distribute your assets, and your personal wishes that you would want others to follow. In a thorough Estate Planning process, this means that you will have multiple sessions with an attorney to discuss how you would want your plan to function, to go over your proposed plan, then to finalize and execute your plan. Though an experienced attorney can guide clients through and follow up to ensure clients are staying engaged, it also requires that clients are committed to the process. We will work with clients to discuss their options and clients may also seek to continue the discussion with their family so that the client feels that the choices truly fit their family’s comfort level.
When a client feels bogged down with work, an upcoming vacation, or other commitments after getting started with an attorney and the Estate Planning timeline drags out, it is not an ideal situation. For one, in the event something were to happen to the client before their Estate Plan was executed, there would be potential issues with their assets going through the probate proceedings, requiring the time, cost, and statutory protocol that typical clients are seeking to avoid. When delays start due to extenuating circumstances, this is understandable. Otherwise, delays can cause clients to lose track of where they are in the process, what they needed to consider, and also make the process less efficient. The last thing that we want is for a client to get started, then become so busy or distracted that their plan is never put in place. We do our best to follow up with clients to get them back on track, but if a client is not committed, the process may get stalled.
A client who is ready to start their Estate Planning knows they have the time to work through the process with their attorney and makes it a goal to complete their customized and comprehensive Estate Plan with the attorney’s guidance.
You will be ready to set up an Estate Plan that protects your loved ones and honors your dearest wishes when you have:
Learned about Estate Planning Basics with a trusted attorney
Determined what your family’s planning needs are
Given some thought to preliminary objectives and wishes
Made space in your schedule and your mind to get started with this important process
Though there are steps to creating a well thought out plan, we are here to provide support, guidance, and legal expertise to make the process understandable, navigable, and tailored to your unique goals.