Getting the Most from an Estate Planning Initial Consultation

Getting the Most from an Estate Planning Initial Consultation – Part I

The first step in getting your estate plan established is preparing for the initial attorney consultation.  You should have two goals in mind for the initial consultation: 1) determining whether the attorney is right for you; and, 2) deciding, with the attorney, on the right estate plan.

What do I mean when I say “determining whether the attorney is right for you?”  Well, among other things, do you communicate well together?  Do you understand her?  Does she understand you?  Do the suggestions make sense to you?  Are you comfortable talking to her?  You will likely have some sort of relationship with your attorney for a long time.  You don’t have to be BFFs, but you shouldn’t feel dread or fear when you need to call her.

Helping the attorney guide you to the right estate plan requires a bit of preparation on your part.  Before the attorney can help you decide what to do with your estate, the attorney must have a good idea what your estate is – and so should you. 

Putting this information together shouldn’t take much time.  Most of it is delivered to you by mail or email on a monthly, quarterly, or annual basis.  You just need to gather it up, review it, and make it available to your attorney at the initial consultation. 

Put together a folder with the most recent statement on each of your bank accounts; checking, savings and money market.  Add the most recent statements from any brokerage accounts.  Bring the most recent property tax statement for the real estate you own.  Copy the declarations page from your life, liability, homeowners and automobile insurance policies (the declarations page shows what your coverage amounts or limits are).  If you collect anything - cars, guns, art, action figures - estimate the value of the collection.  It never ceases to amaze me how often people overlook antiques and collectibles when they think about their assets. 

Once this information is in a folder, you are nearly ready to go to your initial consultation.  Next time, we’ll discuss the final step you need to take before meeting with the attorney.

Now is a good time to set up the initial appointment.  This may seem self-evident, but many of us fail to get things done because we fail to take that first small step.  You may know exactly what you want, but if you never meet with an attorney to have your estate planning documents prepared, you’ll never get it done. If you haven’t already done so, pick up the phone and call an attorney experienced in estate planning.  Like me, many offer free consultation.  No cost, no risk to you, other than your time.  It’s a busy time of year, but you can find a couple of minutes to pick up the phone and make the call.  You’ll be glad you did.

Plan for Estate Plan in January

‘Tis (Almost) the Season for Estate Planning

One wouldn’t expect the legal industry to really have seasons.  Not like retail – think Christmas, Easter, Halloween, Back to School, just to name a few.  Summer is a big season for many industries; road building and repair, home remodeling, vacation and recreation.  Fishing season, hunting season; these are well defined seasons that start and stop to the minute.  The legal industry can’t match these, but there are a few seasons.  Tax season, for example.  Those of us that do tax work see a bump up around April 15 (hint – an attorney can usually be of more help in tax planning, rather than last minute compliance issues).  I’m sure my colleagues doing criminal defense work see a bump during the summer when crime also increases.

You might be surprised to learn we estate planners have a season.  No real weather driven season, and estate planners don’t run specials.  So why is there an estate planning season?  I’ll give you a hint – it starts in mid-January and continues until about the end of February.  It appears to be tied to the holidays.  My theory: we spend time with our extended families over the holidays, and that experience reminds us we need to get this task completed. 

Perhaps this was the first year that Mom or Grandma didn’t prepare the turkey, or have the major holiday gathering at her house; the guard has changed, the torch has passed.  Maybe you don’t have children of your own, got a good look at your nieces and nephews, and can’t stand the thought they would get everything for which you worked so hard.  Perhaps siblings, or siblings-in-law, brought up the nightmare situation they went through in their families.  Perhaps someone was eying Grandma’s china as if Grandma had already passed away and the personal possessions were going first come, first served.  Or maybe “Cousin Eddie” from National Lampoon’s Christmas Vacation showed up and stayed a bit too long.

There’s something about spending that much time with our families that just naturally turns our thoughts to death.

Hopefully, you’ve figured out that you can’t change your family.  You’re stuck with them.  If you’re worried about your parents’ or grandparents’ estate plan, by all means make them an appointment.  But you can’t force them to get it done (if you could, the attorney may have some concerns about whether they are actually competent enough to make the estate plan).

Completing your own estate plan is a positive response to what may have been a stressful experience.  So, pick up the phone and make an appointment.  You may be able to get your first appointment before Christmas, finalize and execute your estate plan shortly after the first of the year, and sail forth in the new year, secure in the knowledge that you have this, at least, handled.
I’ll be posting tips between now and the end of the year to help you prepare for your first meeting. 

Remember, they’re your family, and it’s only a few days a year.