When it comes to
establishing a plan for your estate, your goal is to make it as simple as possible. Sometimes, this means using
professional services to draft the perfect plan. These five initial steps to developing and
implementing an effective estate plan will help you get started on the
1. Get in Touch with an Attorney
Estate planning often begins with
getting in touch with an attorney qualified to help manage estates. Your attorney will request personal
information in an effort to get to know you and to understand your needs.
2. Clear Potential Conflicts of Interest
A good attorney will ensure that there are no conflicts of interest with
other clients, like a spouse. Additionally, some attorneys will run a
check on specific clients and family members to determine which conflicts
could arise. You may be required to sign a waiver demonstrating that you
acknowledge potential conflicts. You should also be aware that the information
you share with your lawyer may not be kept confidential from your spouse.
3. Sign a Contract
At this point, your lawyer may ask you to sign a contract as well as fill
out additional forms that will help them draft a plan for your estate.
Your attorney may also provide you with educational materials to help
you thinking about how you wish to leave your estate.
4. Attend an Initial Meeting
During the first real meeting with your attorney, you will have a discussion
about any medical issues affecting your needs, business viability, philanthropic
desires, and competence. The goal of the meeting is to show your attorney
your goals and to receive solid feedback you can use to formulate a plan.
5. Create an Estate Plan
Your attorney will provide you with a proposed plan for your estate. You
have the power to accept or make amendments to the plan based on your
needs. It is important that you do not simply accept the plan without
discussing how the plan will actually work in your best interest.
Are you interested in learning more about creating an estate plan to protect
your assets and your family?
Contact us to learn more about your options.