Planning for the future is a responsibility that we all share, yet it’s a task often postponed or overlooked. Estate planning is important for ensuring that your assets are distributed according to your wishes and that your loved ones are taken care of when you’re no longer able to do so yourself. However, starting on the estate planning journey can feel daunting, especially if you’re unsure of where to start.
By gathering the necessary information and documentation beforehand, you can simplify the planning process and ensure that your wishes are accurately reflected in your estate plan.
Gather Contact Information for Family and Friends:
Before meeting with your attorney, take the time to compile a list of names, addresses, and phone numbers for all the important people in your life who you intend to include in your estate plan. This may include family members, friends, or individuals you wish to designate as guardians for your children. Creating an extensive contact list, whether in an Excel spreadsheet or a Word document, can facilitate communication and ensure that your loved ones can be easily reached when needed.
Gather Information About Finances:
It’s essential to have a clear understanding of your assets before beginning the estate planning process. While you don’t need to provide detailed account information, having a general overview of your assets, such as bank accounts, investment accounts, real estate properties, and valuable possessions, can be valuable. Gather a running list of your assets, including types of assets and approximate values. This information will not only help your attorney in crafting your estate plan but also assist your successor trustee in managing your assets in the future.
Gather Information About Business Entities:
If you own business entities such as LLCs or corporations, gather all relevant documentation, including corporate books, LLC agreements, bylaws, or operating agreements. Your attorney may need to review these documents to ensure that there are no restrictions on transferring ownership or assets as part of your estate plan. Make sure you have the signed versions of these documents available for review, as unsigned versions may not accurately reflect your current agreements.
While it’s understandable that you may not have all this information available now, starting the planning process with what you have is perfectly acceptable. Estate planning is a collaborative effort between you and your attorney, and the gathering of information can be done progressively as the process unfolds.
By taking these preparatory steps, you can simplify the estate planning process and ensure that your wishes are accurately reflected in your estate plan. Remember, estate planning is not just about protecting your assets, it’s about safeguarding your legacy and providing for your loved ones long after you’re gone.
