How Do I Prepare For An Estate Planning Meeting?

An estate planning meeting will allow your financial advisor and attorney to get a clear picture of your situation and you and your family's financial goals. Estate planning is much more than what relates to children and personal property. There are many facets to be considered that may not be top of mind for most. The more you prepare before the initial meeting, the better prepared we can be for this important first step in creating an estate plan that meets your needs and protects those left behind.

Gather Assets, Financial Documents, Tax Papers & More

The first thing to do in order to run an efficient meeting, is to gather as much information as possible ahead of time. Some helpful items you can bring are all your financial reports, recent bank documents, existing wills, legal documents, and insurance & healthcare policies.  Other papers that will help are retirement account statements, deeds, and other assets or investments reports.  Additionally you may think of bringing any divorce decrees, premarital agreements and other relevant contracts you're subject to. This will give our estate planners sufficient information to determine where you currently are, and where we need to direct our efforts for your estate trust, wills, powers of attorney and more.

Fill Out The Attorney and Financial Planner Questionnaire

Once you have gathered your financial documents, fill out the intake questionnaire form that we will present to you. This document is a helpful way for estate planners and the attorney to get all of your information and details together, so we can be sure there are no surprises once we begin working on the will and other estate plan documents. It also allows us time to double check our recommendations and any existing estate planning documents against what you have now if necessary. Taking the time to gather all of this information and thoughtfully considering the intake questionnaire will make the most efficient use of your time with your estate planner when the face-to-face meeting occurs.  If the information we receive is inaccurate or incomplete, our recommendations may not accurately reflect your actual need.

Trustee/Executor Choices: Attorney or Other Trusted Person.

The second part--and one that should happen early in the process with any estate planner--is deciding who will serve as executor or trustee in charge of winding down assets after death (this is generally not the same person who will help draft wills). Who do you want taking care of the finances? What kind of experience and knowledge would you like them to have? You may choose an arbitrating outside party such as a lawyer you trust, but aren't related to... Perhaps a financial adviser with experience in the area of carrying out fiduciary duties. This is one decision that needs to be at the top of the priority list when starting your estate planning process. We're happy to explore your potential executor choices with you to help guide you in your decision.

Beneficiaries: They Can Be More Than Children

You may want to begin thinking about how you'd like your assets to be distributed, and amongst whom.  You may not know who/how/what is the best way to begin to decide, but that's not uncommon! That's why you're hiring an expert estate planner at Womack Investment Advisers, Inc! Your beneficiaries are a very personal decision that our experience is able to help guide you through. Many people choose to leave a portion of their estate to a non-profit or other charity organization that they're either involved with or one that serves a need or purpose that they are passionate about. A strong connection to an organization in one's community can allow you to leave a lasting legacy in your name when they're a beneficiary of your trust. Considering contingent (or alternative) beneficiaries in the event the primary is no longer around at your death is another aspect to think about.

Write Down & Save Questions For Your Estate Plan Meeting

Never hesitate to ask your estate planner any questions that you have! You can write them down and bring them up during your initial meeting.  You'll quickly determine if you feel comfortable with the planner and attorney before you. The preparation you put in prior to meeting with these advisers is key to allowing you the clarity you need to judge your comfort level with these professionals. Without the fuss of trying to come up with addresses and account numbers on the fly, you can focus on building a relationship and trust with your adviser during your initial meeting.

Talking about money, taxes, wills, spouses, children, and death can be a very vulnerable place for our clients.  Preparation will defuse the stress of these meetings and allow you to focus on what is truly important: your family's future. At Womack Investment Advisers, Inc., we strive to make estate planning a relaxing experience. Our meetings are designed to be informative, friendly and non-threatening.

Keep in mind that estate planning is never done; it is an ongoing life event. Preparing for the end of your life means understanding not just how much money you have today, but also whether or not there is plan in place to ensure your legacy is preserved for generations to come.

Give us a call today to get started on your estate planning journey!