Have you put off your estate planning efforts for years and now want to create a plan? If so, you should start by choosing an estate planning attorney to use. Next, you should schedule an appointment with the lawyer. After you do these things, you should prepare for the meeting, and here are some tips to help you prepare for a meeting with the estate planning attorney.
Create an Inventory List
The first thing you should do is create a list of your inventory. Are you wondering what this means? Your inventory is everything you own at this time. You do not have to list every single possession you have in your home, but you should list every item that is significant in value. Here are some things you should include on this list:
- Real estate you own
- Investment accounts and bank accounts
- Collections you have
- Heirlooms, antiques, or valuable belongings
When you create a list of your assets, you can account for all of them in your estate plan. When you meet with a lawyer to create an estate plan, this list will help you and your lawyer.
Consider Your Beneficiaries
A major part of planning an estate is determining who you want to give your things to when you die. The people that receive your assets after your death are the beneficiaries of your estate. If you have a spouse, he or she will gain possession of your assets unless you specify something different. If you have children, you may want to list them as your beneficiaries. If you do not have kids, you should determine who should inherit your assets instead.
Evaluate Your Medical Options
One other thing you should do is evaluate your medical options. One part of estate planning is making decisions related to your health. If you become disabled at some point in your life, what are your wishes? Who would you want to give the responsibility to for making your medical decisions? Would you want to be on life support or not?
Making medical decisions is part of planning an estate. If you are not sure what options you have, talk to your estate planning lawyer about these things. Your lawyer can explain all your options and help you understand them.
If you are ready to begin planning your estate, schedule an appointment with a lawyer and start preparing for this meeting.
For more tips for meeting with an estate planning lawyer, reach out to a company like Abom & Kutulakis LLP.