Preparing for Your Estate Planning Consultation
Oct 31, 2024
FAMILY DYNAMICS
The attorney will ask questions about your family. Family dynamics play a crucial role in estate planning. For families with minor children, appointing a guardian is important. If there are family members with special needs, it is essential to plan for their long-term support without jeopardizing access to government benefits. In blended families, the interests of biological children, stepchildren and spouse may need to be addressed. Understanding your family dynamics is key to developing an estate plan that fits your unique family structure and honors your wishes.
ASSETS
The attorney will need to know about your assets and their estimated values. Your assets may include real estate, bank accounts, investments, retirement accounts, life insurance policies, vehicles, personal property, or business interests. Your attorney will want to identify any assets that are held jointly, list beneficiaries, or are payable on death. It is crucial that your beneficiary designation and property titles align with your estate plan to ensure your assets are distributed according to your wishes. Understanding the scope of your assets helps create a thorough and accurate estate plan.
ESTATE PLANNING DOCUMENTS
The attorney will ask if you have any existing estate planning documents, such as wills, trusts, powers of attorney and advance healthcare directives. You should bring these documents to your consultation for the attorney to review. Reviewing them allows the attorney to identify any necessary updates or changes to better reflect your current circumstances and wishes.
GOALS & PLANS
The attorney will ask about your goals and plans for your estate plan. A key part of your estate plan is deciding how your assets will be distributed, including who will inherit what and under what conditions. Equally important is choosing who you want to be in charge of the important roles in your estate plan, including personal representatives, guardians, trustees, and power of attorney. These individuals will be responsible for managing your estate, carrying out your wishes, caring for any minor children, and making your financial and medical decisions in case you become incapacitated. Discussing your goals with the attorney helps create a plan that guides your loved ones, minimizes conflict and ensures your wishes are honored.
WILL vs TRUST
The attorney will discuss the differences between a will and a trust and help you determine which option better fits your needs and goals. While both control the distribution of your assets, a trust can provide several significant advantages. Many choose a trust to avoid the probate process, allowing for quicker distribution of assets with no court involvement, which saves time and legal fees. Certain situations require a trust to meet your goals such as providing for a loved one with special needs. However, a will may be sufficient for simpler estates and offers a basic approach to asset distribution. Understanding how a will or trust impacts your needs and goals helps you make an informed decision, providing peace of mind for you and your loved ones.
FREE CONSULTATIONS
Estate planning can often feel overwhelming, but with the right guidance, it doesn’t have to be. An experienced estate planning attorney can help determine and explain the best structure for your unique situation. At Pedersen Law Office, LLC we offer free consultations in estate planning. We meet with you personally to understand your specific circumstances, needs and goals to create an estate plan right for you and your family. Our law office serves the communities of Appleton, Menasha, Neenah, Oshkosh, Green Bay and their surrounding areas.
