When you are thinking of creating an estate plan, you need to make sure that you are adequately prepared. An estate plan is a document that will dictate how your assets are to be distributed after your death. That is no small feat. You will need to collect the right information to have at the ready when you talk to your estate planning attorney. Here are a few things that you will want to bring to your estate planning meeting.
Gather Financial Documents
Of course, some of the biggest assets you may pass along are in a retirement account, savings account, or in a deposit account. You will want to have the name and account numbers of each of these accounts. Bring information about each financial account with you, the attorney will want to make copies and keep that information in your client file. While you don’t want to compromise any relevant confidential financial information that may put you at risk, you do want to describe the account adequately so it can be accurately distributed.
Think About Your Beneficiaries
Surprisingly, many people don’t think about who should be a beneficiary until they are asked specific questions. Before you meet with your attorney, reflect on any specific gifts you would like to give to your friends or family. If you aren’t sure quite yet, or you change your mind, a revocable trust or will can be modified after you complete it.
Think About Your Own Wishes
Another thing that an estate plan accomplishes is laying out your wishes if you became incapacitated. Would you want to be kept alive using life support? In what circumstances would you want not to be revived? These are no doubt difficult questions to ask yourself, but solidifying those wishes can take the stress off of your family that would have to make those choices otherwise.