If you’re planning a meeting with an estate planning attorney, you’re making a very smart choice. Your lawyer can help you create your will and trust, set up guardianship for your children, and answer any questions you have about probate. By talking with an estate planning lawyer now, you’ll spare your family stress and uncertainty in the future.
What documents should you bring to your meeting with an estate planning attorney? David E. Anderson, PLLC explains more below.
A List of Questions
Like many who are meeting with an estate planning lawyer for the first time, you probably have quite a few questions. Now is the perfect time to ask them.
Before your meeting, write down any questions you’d like to ask, such as:
- How much estate planning experience do you have?
- What’s your fee schedule like?
- What does the estate planning process entail?
- How will my estate planning decisions affect my taxes?
Names of Executors
You’ll need to choose a few trustworthy people who can serve as executors of your estate. The executor will be responsible for administering your estate, paying creditors, and distributing assets to beneficiaries. If you don’t select an executor, the probate court will choose one for you.
It’s a good idea to choose at least two or three people who could serve as executors. If one of the people on your list isn’t available or doesn’t want the role, another individual can take the job.
List of Beneficiaries
When meeting with an estate planning attorney, bring a list of your beneficiaries, or people you want to inherit your assets. You can name anyone you want as a beneficiary: close family, friends, distant relatives, or even a charity that’s dear to your heart.
Naming your beneficiaries is an incredibly important part of the estate planning process. If you don’t do this, the court will decide how to distribute your assets.
Financial Records
You needn’t bring all of your financial records to your first meeting with an estate planning attorney. However, the more documents you can bring, the faster the process will go.
Financial Statements
Your lawyer will want to see the first page of your recent financial statements. In addition to checking and savings statements, bring statements for:
- Pensions
- Brokerages
- IRAs
- Roths
- 401(k)s
- 403(b)s
- 457(b)s
- Money market accounts
All statements must have the account balance, account number, and names of the account owners. If you own an account with someone else, such as your spouse, this might affect your ability to put the account in a trust. Your estate planning attorney can advise you on how to proceed.
Life Insurance Information
Life insurance pays a death benefit to your beneficiaries when you pass away. If you have a life insurance policy, bring your insurance binder to the first meeting with your estate planning attorney. The binder is usually a one-page document that includes the policy number, policy owner, and death benefit.
Stock Certificates
If you own stocks and want to put shares of those stocks in your trust, you’ll need to bring copies of your stock certificates.
Business Agreements
Owning a business or having a stake in a partnership can complicate the estate planning process. That’s because your business agreement might have a clause that governs the distribution of your stake in the business when you die.
Bring copies of all business contracts, such as buy-sell agreements and leases, to your meeting with the estate planning lawyer.
Real Estate Information
Your home is probably one of the biggest assets you have, so you’ll want to make sure that it ends up in the right hands when you’re gone. Bring all real-estate-related information to the meeting, including:
- Addresses of all properties you own, including your primary residence, vacation properties, and rental properties
- Current market value
- Outstanding mortgage
- Ownership interest (sole, joint, or tenants-in-common)
A List of Tangible Personal Property
You’ll also want to bring a list of tangible personal property to the meeting. “Tangible” means that the property has value, whether the value is monetary or intrinsic. Such property could include artwork, collectibles, antiques, vehicles, jewelry, and family heirlooms.
Contact an Estate Planning Attorney Now
Haven’t decided on an estate planning attorney yet? Reach out to the experienced team at David E. Anderson, PLLC. Attorney David E. Anderson, PLLC can advise you on wills, trusts, probate, and more.
If you’re ready to take the next step in the estate planning process, call 910-509-7287 to schedule a consultation.