What to Do Before You Visit Your Estate Planning Lawyer

If you took my advice in my last blog entry, you have found an estate planning lawyer with whom you feel comfortable. Is there anything you should do before you go to that first appointment?

If your lawyer sent you a planning questionnaire, you should definitely complete the questionnaire. A planning questionnaire will typically ask about who your family members are, including your spouse, parents, siblings, children, and grandchildren. It will also ask you about your assets, liabilities and how each are titled.

If your lawyer didn’t send you a planning questionnaire (some lawyers go over the questionnaire at your first meeting or send it to you after you agree to become a client), you should start making your own list of assets and liabilities. Your assets are your checking and savings accounts, certificates of deposit, stocks, mutual funds, bonds, jewelry, art, antiques, real estate, cars and retirement accounts. Your liabilities include your mortgages on all real estate that you own, your credit card debt, car loans, and any other loans.

If you have previously done your will, durable power of attorney or advance health care directive (it may also be called a living will or a health care proxy), you should get copies to bring to your lawyer. Add in a copy of all deeds to your real estate and copies of all insurance policies and annuities (along with the beneficiary designations).

Make a list of all banks where you have an account or a safe deposit box and all investment companies where you have an account. Add in the contact information for your accountant, your financial advisor and your doctor. If you have purchased a cemetery plot, write down the name of the cemetery.

Think about who your current beneficiaries are on any currently signed wills and decide how you want to change your estate plan. Are there new children in the picture? A new spouse? Grandchildren? Did one of your beneficiaries die? You should decide who you want to be your executor, trustee of any trusts you create in your estate plan, your agent to handle your financial affairs if you are incapacitated, and your health care proxy who will make medical decisions for you if you are unconscious or unable to speak for yourself.

Your estate planning lawyer will be asking you these questions, either at your first meeting or at a subsequent meeting. You will get more out of each meeting if you are prepared ahead of time.

Depending on their ages, you may or may not want to discuss your possible estate plan with your beneficiaries. You may want your loved ones to know why you are making the decisions that you are making or you may want to wait until after consulting your lawyer who may suggest other options. You may also want to keep your estate plan private until after you die so that you don’t have to face any arguments over your decisions that may anger your beneficiaries and others who believe they should be beneficiaries.

This is just a start and there may be more to do once you have met with your estate planning lawyer. But by following these steps, you will have made a good start.

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