When preparing for your estate planning appointment you may not be sure what to expect. It can feel overwhelming, but with the right information you will find it is pretty simple to prepare. In this article, we will go over the basic information you need when preparing for your estate planning appointment.
Beneficiaries
Beneficiaries are who you can inherit your assets. For your appointment you will want to gather their names and detail how you want your assets divided between them. You can choose to put age restrictions on your distributions as well. You will also need to decide if you want to provide your beneficiaries with bankruptcy, divorce, and creditor protection or if they need special needs provisions.
Trustees and Agents
A trustee is who you want to care for the trust and its assets if you are incapacitated or deceased. Agents are the ones who you want to make financial and health care decisions for you if you are unable to do so yourself. You will also need to gather contact information for these individuals.
Financial Records
For assets to avoid probate they need to be titled into the name of your trust. Preparing for your estate planning appointment will involve gathering some information to help transfer these assets. First, you will need deeds for the properties you own. Second, bring business agreements for any businesses you are a part of. Lastly, for your financial accounts you should gather a comprehensive list of all accounts.
Questions
There are some questions that you may want answered during your appointment. You may want clarification on the differences between trusts and wills. You may also need more information on revocable and irrevocable trust differences. Additionally, ask questions about the procedure, such as the document review process and signing the documents. You also may want to inquire about the effect these documents will have on your taxes.
Attending Your Estate Planning Appointment
Once you gather all the appropriate information you are ready to attend your appointment. When scheduling your appointment with your estate planner you can ask if they have a questionnaire to help you get organized. By properly preparing for your estate planning appointment, you set yourself up for a successful estate plan.
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