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5 Steps To an Effective Estate Plan

Develop an Effective Plan for your Estate in 5 Steps

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 right track.

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.