Things You Should Do Before Hiring an Estate Planning Attorney: The #1 Estate Planning Checklist

Estate planning is a crucial step in ensuring that your assets are distributed according to your wishes after your passing. Hiring an estate planning attorney can help you navigate the complexities of estate law and create a comprehensive plan tailored to your specific needs. Before you hire an attorney, there are several important tasks you should complete to ensure that you’re prepared for the process. Here’s the ultimate estate planning checklist to guide you through the steps:

1. Define Your Goals and Objectives

Before meeting with an estate planning attorney, take some time to clarify your goals and objectives. Consider what you want to achieve with your estate plan, such as providing for your family, minimizing taxes, or supporting charitable causes.

2. Gather Important Documents

Collect any relevant documents that will be helpful for your attorney to review, such as:

• Current wills or trusts
• Property deeds and titles
• Bank account statements
• Investment account statements
• Retirement account statements
• Life insurance policies
• Business ownership documents
• Marriage or divorce certificates
• Birth certificates of dependents

3. Make a List of Assets and Liabilities

Compile a detailed list of all your assets, including real estate, vehicles, valuable personal property, investments, and retirement accounts. Also, make a note of any debts or liabilities, such as mortgages, loans, or credit card balances.

4. Consider Your Beneficiaries

Think about who you want to include as beneficiaries in your estate plan. This may include family members, friends, charities, or other organizations. Be sure to consider any specific instructions or conditions you want to include for each beneficiary.

5. Evaluate Your Current Estate Plan

If you already have an existing estate plan, review it carefully to determine if any updates or revisions are needed. Life changes such as marriage, divorce, births, deaths, or changes in financial circumstances may warrant adjustments to your plan.

6. Identify Potential Guardians and Executors

If you have minor children, think about who you would want to appoint as their legal guardian in the event of your passing. Similarly, consider who you trust to serve as the executor of your estate to manage the distribution of assets and fulfill your wishes.

7. Consider Tax Planning Strategies

Discuss tax planning strategies with your attorney to minimize estate taxes and maximize the value of assets passed on to your beneficiaries. This may include establishing trusts, gifting strategies, or other estate planning techniques.

8. Review and Update Beneficiary Designations

Ensure that your beneficiary designations on retirement accounts, life insurance policies, and other accounts are up to date and align with your overall estate plan. These designations take precedence over the instructions in your will or trust.

9. Discuss End-of-Life Care Preferences

Consider discussing your end-of-life care preferences with your loved ones and documenting your wishes in advance directives such as a living will or healthcare power of attorney.

10. Research and Interview Potential Attorneys

Take the time to research and interview potential estate planning attorneys to find the right fit for your needs. Look for attorneys with experience in estate planning, a good reputation, and whom you feel comfortable working with.

By completing these tasks before hiring an estate planning attorney, you’ll be better prepared to create a comprehensive estate plan that reflects your wishes and provides peace of mind for you and your loved ones.