Preparing for Meeting with an Attorney

By Kent E. Irwin

This is fourth in a series of four articles on legacy planning, please read all of them.

Estate Planning is the aspect of Legacy Planning in which plans are made to protect and provide for your family members in the event of your death. This article provides extensive information to help you prepare for meeting with a Trusted Professional Estate Planning attorney. In addition, we have provided a list of information for you to assemble to assist the attorney in properly planning your estate.

Planning Your Legacy and Estate                                          Philanthropic Charitable Legacy Planning

Legacy and Estate Planning with a High Net Worth          Preparing for Meeting with an Attorney

Step 1: Create a Written Financial Plan

Acquire a financial plan, perhaps an eFinplan financial plan at eFinplan.com. Having a plan gives you the road map to help you figure out your present and future financial condition. People don’t plan to fail—they fail to plan. The process of creating a financial plan enables you to understand and establish your goals for you and your family. Your financial plan will also serve as a compass, giving you proper direction for commencing the estate-planning process.

Step 2: Understand Basic Estate Planning Concepts

The following is a partial list and brief explanations of the concepts you may need to understand as you prepare to plan your estate. The eFinplan website also provides other articles in the Legacy section that may be helpful.

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A Will provides for distribution of property you owned at the time of your death in any manner you choose, subject to state limitations.

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A Guardian is someone you name in your will to care for your children in case something happens to both parents.

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Trusts are created to hold, own, and control property. They can also help your survivors avoid some parts and expenses of probate court. They can also provide creditor protection and privacy.

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A Living Will and Health Care Power of Attorney help if you become unable to make medical decisions for yourself.

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A Durable Power of Attorney grants legal authority to a trusted person to handle your finances and property if you become incapacitated and unable to handle your own affairs.

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Asset Transfers to Children require special handling—your estate plan should name a guardian or provide for a trust to manage money your children may inherit from you.

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Estate Taxes and Income Taxes may be deducted from your estate if it’s large. Talk to your attorney about charitable planning, gifting, trusts, and irrevocable life insurance trusts.

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Funeral Expenses are best paid by cash and not funeral prepayment plans.

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A Letter of Instruction is a document that you create to explain your wishes; be sure to include your plans for your organs and burial or cremation.

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Business and Farm Plans are important if you own a business or farm; your estate plan should address the complexities specific to these situations

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Document Organization and Storage is important for locating important documents when they are needed. Locate all important documents and review them.

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The following is a partial list and brief explanations of the concepts you may need to understand as you prepare to plan your estate. The eFinplan website also provides other articles in the Legacy section that may be helpful.

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Life Insurance instantly provides significant amounts of cash to help provide for your dependents, pay off debt, and pay estate taxes. Your financial plans should include a life insurance review. Be sure to review with your life insurance agent and financial advisors.

Step 3: Make a Checklist of Concerns

Check any of the following that may apply to your situation. If you are unsure about a particular item, check it anyway so your attorney may address each of your concerns and questions

Step 4: Outline Your Wishes

Outline your wishes prior to the meeting with the attorney. It is important that your estate planning documents clearly reflect your intentions. This will prevent misunderstandings.

1.         Think through scenarios of how your property will pass if:

            a.  You predecease your spouse

            b.  Your spouse predeceases you

            c.  Children predecease you

            d.  You and your spouse die at the same time

                 i.     Determine who you want to be the guardian of your children

                  ii.     What age would you prefer property to be available to your children with and without restrictions

2.         Designate your preferred recipients for any specific assets.

3.        List charitable organizations you want to include in your estate plan and the amount you wish to give or the asset(s) you wish to donate.

4.         Ask your attorney to explain all of your options and the issues that may apply to your situation.

Step 5: Assembling Information for the Attorney pdf link

Step 6: Change Ownership and Beneficiary Arrangements

Ownership and Beneficiaries should be reviewed as the final step of estate planning to coordinate with your plan. This may be the most neglected part of the estate planning process. Make necessary changes to property ownership (e.g., homes, life insurance, investments) and beneficiaries (e.g., life insurance, annuities, pensions, IRAs and transfer-on-death accounts) to coordinate with estate plans.

Summary

Estate and Legacy planning is a process. Engage trusted legal, financial, and tax advisors to help you complete the process from the initial design, document drafting and implementation, and reviewing your plans from time to time, You, your loved ones, and your business and charitable concerns will be glad that you did.

Kent E. Irwin is CEO and founder of eFinplan, LLC. He is also a Chartered Financial Consultant (ChFC), a Chartered Advisor in Philanthropy (CAP) and a Chartered Life Underwriter (CLU). He can be reached at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it . For more information about eFinplan, visit eFinplan.com.

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