Photo Source: Canva.com

What to Expect During Your Estate Planning Consultation

When it comes to estate planning, many people feel a bit intimidated or unsure about what to expect. That’s completely normal, especially if you’ve never gone through the process before. The purpose of today’s article is to demystify the initial steps, so you feel informed and comfortable when you decide to contact an estate planning attorney. We’ll walk you through what typically happens during the intake process and the consultation itself.

The Intake Process

Before you meet with an attorney, the first step is usually the intake process. This involves filling out an intake questionnaire or form, which is essential for a couple of reasons. First, it helps you start thinking about important aspects of your estate and your goals for your plan. Second, it provides the attorney with a snapshot of your current situation, allowing them to prepare for the consultation effectively.

You might wonder, why this form is necessary. The intake form serves to document crucial details about your family, finances, and personal preferences. For example, you’ll be asked to provide information about your family members, including their names, ages, and Social Security numbers. You’ll also need to list your financial assets, such as stocks, bonds, bank accounts, retirement accounts, life insurance policies, and personal property like automobiles and jewelry.

In addition to these details, the form will ask you to make some important decisions, such as who you want to administer your estate, serve as your power of attorney, or be appointed as a legal guardian for your children. While these questions may be difficult or uncomfortable to answer, they’re crucial for ensuring your estate plan aligns with your wishes.

Once you’ve submitted your answers, the attorney has an overall picture of your situation, providing context for the meeting to follow.

The Consultation

On the day of the consultation, it’s important to know that everything you discuss with your attorney is confidential. This confidentiality is crucial because estate planning involves personal and often sensitive information about your family dynamics, finances, and future wishes. The more open and transparent you can be during this discussion, the better equipped the attorney will be to create an estate plan that meets your goals.

During the consultation, one of the first things the attorney will ask about is your estate planning goals. Two common goals people often have are providing for loved ones and planning for incapacity.

• Providing for loved ones: you may have specific wishes about who should or shouldn’t receive your assets. Without a plan, state laws will dictate how your assets are distributed, which may not align with your preferences. By discussing your wishes, the attorney can help ensure your assets are distributed according to your desires.
• Planning for incapacity: many people assume they’ll always have their mental faculties, but statistics show that one in ten individuals over 65 are diagnosed with dementia, and this number increases with age. The attorney can help you structure your affairs so that your resources and personal matters are managed according to your wishes if you become unable to make decisions for yourself.

The attorney may also ask about any previous estate planning you’ve done, changes in the size of your estate, changes within your family, and whether you own a business that requires a succession plan. Additionally, they’ll review your beneficiary designations to ensure they’re up to date, as these designations often take precedence over wills and trusts.

Finally, the attorney will help you consider who will fill the various roles in your estate plan, such as the executor, guardian, and power of attorney. If you have specific concerns about heirs, such as a child with substance abuse issues, the attorney can suggest strategies to protect your assets while ensuring the heir’s needs are met.

Conclusion

By the end of the consultation, you should have a clear understanding of the next steps in creating your estate plan. Remember, you don’t need to be an expert in estate planning. Here at the Law Offices of Elsa W. Smith, we are here to guide you through the process and ensure your wishes are carried out. If you have any questions and live in Maryland or D.C., we invite you to schedule a complimentary 15-minute call with a member of our team. The goal is to create a plan that gives you peace of mind and protects your legacy for years to come.

Information in this article is provided for educational purposes only and not intended to constitute legal advice. Please consult with a licensed attorney in your jurisdiction for help with your specific situation.

For assistance with Maryland and D.C. Estate Planning and Probate/Estate Administration matters, contact the Law Offices of Elsa W. Smith, LLC at 410-995-7719