Item 1: Create a list of all your property.
Think of your estate plan as your road map, and you cannot make a good map unless you know where you’re starting and where you want to go. Part of your starting point is a list of all your property. It doesn’t have to be so detailed to include all of your credit card account numbers or anything like that, but it should be a detailed list of everything you own and how much it is worth. Include all real property, investments, insurance policies and anything else of value, as well as valuable personal property.
Item 2: Think about your future.
As you create your list of property certain questions will probably occur to you. Who gets your house after you die? If you have minor children, who takes over parenting responsibilities if you and your spouse should die suddenly? What would happen if you are sick and need someone to consult with your doctors and make medical choices? Write all these questions down and have the list of questions ready when you meet with your attorney. If new questions arise during your meeting, write these down as well.
Item 3: Bring your spouse along with you.
Ignoring the possibility that your spouse might be upset if he or she is not included in this most important of meetings, you and your spouse share estate planning concerns and it only makes sense to develop your plan together. Make sure you coordinate the meeting’s time so both of you can attend and ask questions.
- Business Succession Planning May Be Easier than You Think - June 1, 2022
- Estate Planning – Something You Shouldn’t Do Yourself - May 18, 2022
- Just When You Thought You Understood the 10-Year Rule, Think Again - May 11, 2022
