Step Into The New Year By Making Your Estate Plan
The New Year is a great time to get your estate plan in order. If you have young children or dependents, it’s especially important to make sure your estate is taken care of in case something happens to you. There are several things you need to prepare for your first meeting with an Abundance Law estate planning attorney:
Collect Documents Related to Your Assets and Liabilities
Your estate plan will require a list of all of your current assets, including bank accounts, real estate, and investments. This includes any already standing estate documents like a will, trust, and power of attorney if you are transferring your information from another attorney. If you already have these documents, make sure they are up-to-date. Knowing exactly what assets you own and where they can be found is critical to your estate plan.
Including mortgages, you should have an inventory of all your bigger assets. These may include mortgages, your vehicle(s), home(s), insurance policies, retirement accounts, and bank accounts. An estate planning attorney may want to use financial tools such as trusts to ensure your assets go to your loved ones and not to creditors to pay off debt. Any significant debts you have must also be accounted for to create an estate plan providing the best protection for you and your loved ones.
Provide Details About Your Family
Your estate planning attorney will want to know as much as possible about your family and their needs. This information is critical in order to create a plan that will provide the best protection for them if something happens to you. Make sure you discuss with your loved ones what they would like to happen if something happens to you - this can help avoid any conflict.
Prepare a List of Your Beneficiaries
This is the list of people who will inherit your assets after you pass. If you have children under 18, make sure you name a guardian for them in case both parents pass away. You should also include your spouse, parents, and siblings on this list. If you have any close friends or other loved ones who you would like to receive a portion of your estate, make sure to add them as well. When speaking with an attorney from Abundance Law you’ll be able to designate guardians for trust funds as well.
Prepare to Present Wills and Trusts You Have In Place
This includes the name, address, and phone number of each attorney who drafted these documents. You should also include a copy (or copies if there are multiple wills and/or trusts) and their last revision dates to ensure they reflect your current wishes. This is especially important when transferring an existing will or trust from one attorney to another because it's easy for things to get lost along the way! An experienced estate planning lawyer can help prepare all necessary paperwork so everything goes smoothly with no problems at all during this transition time!
Choose Your Healthcare Proxy
This is the person who will make medical decisions for you if you are unable to do so yourself. You may also want to consider appointing an executor and successor trustees for your estate plan. Your healthcare proxy should be someone you trust implicitly and who knows your wishes in regards to medical care. The final document that needs to be completed in order to have a comprehensive estate plan is an advance directive. This document appoints your healthcare proxy and is essentially a living will that includes all necessary information in the event of an unforeseen medical emergency.
Prepare Your Questions
Creating an estate plan can seem daunting, but it’s an important step in ensuring your family is taken care of after you’re gone. Make sure you come prepared with questions for your estate planning attorney. This will help ensure the process goes as smoothly as possible and that all of your needs are met.
Some important questions to ask an estate planning attorney include:
What assets do I own, and where can they be found?
Do I need trust in order to protect my assets?
Who are the beneficiaries of my estate plan, and how will they benefit?
Do I have wills or trusts already in place, and who drafted them?
What do I want to be done with my personal belongings after death? Do I need a burial service/cremation for myself or family members?
Who is my healthcare proxy and successor trustee, and do they know their respective roles?
Do I have any debts that need to be considered in order for an estate plan to provide the best protection possible?
Your Final Wishes
This is perhaps the most important part of your estate plan - what do you want to happen after you die? Do you want to be buried or cremated? Would you like a memorial service? Would you prefer that all donations go to charity in lieu of flowers? These are all things that need to be considered and put down in writing.
Contact Abundance Law For Expert Advice
We advise that you should discuss how wills and trusts work, the different types of estate plans available, and what might be the best option for you and your family. By taking the time to plan ahead, you can ensure a successful future for yourself and your loved ones. When it comes to estate planning, don't wait until it's too late! Make sure to get started today with Abundance Law. Contact us today to get started on your custom estate plan.
