Estate Planning: Key Questions You Should Be Asking

Estate planning isn't just for the ultra-wealthy or those thinking about retirement. It's a crucial step for anyone wanting to ensure their wishes are honored and their loved ones are taken care of. We have seen firsthand in our practice how a well-crafted estate plan can ease the burden on families during difficult times. Let's dive into what you should be discussing with your estate planning attorney to make sure you're covered.

Why Estate Planning Matters

Think of estate planning like a life raft. You hope you never need it, but boy, are you grateful it's there when a storm hits. It's about more than just deciding who gets your stuff; it's about making your wishes known, protecting your family's future, and avoiding unnecessary headaches. And just like you wouldn't want a one-size-fits-all life raft, your estate plan should be tailored to fit you perfectly.

Getting Ready: The Prep Work

Before you meet with an estate planning attorney, do a bit of homework. Gather documents like property deeds, account statements, life insurance policies, and any existing wills or trusts. Think about your goals: Who do you want to inherit your assets? Who should make decisions if you're unable to? Who will take care of your children?

We once had clients, a lovely couple, who thought they had everything sorted with a simple will they found online. But when we dug deeper, we uncovered complexities with their family business and a special needs trust needed for their son. Their "simple" will was a leaky life raft at best.

Essential Questions for Your Estate Planning Attorney

Understanding Their Experience

"How long have you been practicing estate planning?" Experience matters. You want someone who's navigated the choppy waters of estate law successfully.

"Do you specialize in any particular area of estate planning?" Some attorneys focus on specific areas, like special needs planning or business succession. Make sure their expertise matches your needs.

The Process

"What's your process for developing an estate plan?" No two plans are the same. Look for a tailored approach, not a one-and-done deal.

"How do you customize plans to individual or family needs?" This is where anecdotes can be enlightening. Ask for examples of how they've handled situations similar to yours.

Discussing Costs

"What are your fees, and how are they structured?" Money talks. Ensure you understand the costs upfront to avoid surprises.

"Are there any additional costs I should be aware of?" Sometimes, there are extra charges for document filing, changes, or additional consultations.

Plan Maintenance

"How often should my estate plan be reviewed?" Life changes, and so should your estate plan. A good rule of thumb is to review it after any major life event or every few years.

"What happens if there are changes in my situation?" Know how the process works for updating your plan. Flexibility is key.

Privacy and Asset Protection

"How can you help protect my estate's privacy?" Strategies like trusts can keep your affairs out of the public eye.

"What strategies do you recommend for asset protection?" Protecting your assets from creditors or lawsuits is a complex but crucial part of estate planning.

Ensuring Wishes Are Honored

"How do you ensure my wishes are clearly articulated and legally binding?" The last thing you want is a court guessing what you might have wanted.

"Can you assist with healthcare decisions and end-of-life care planning?" These discussions aren't easy, but they're essential. Make sure your attorney can guide you through them.

After the Chat

Once you've had your consultation, reflect on the interaction. Did the attorney listen to you? Did they explain things in a way you could understand? Did you feel like they were selling you a service, or genuinely advising you? Trust your gut here. You're looking for a partner in this journey, not just a legal advisor.

Wrapping Up

Estate planning isn't the most exciting topic, but it's one of the most important. Asking the right questions can turn a daunting task into a manageable one. At the end of the day, it's about peace of mind, knowing that you've done your best to protect and provide for your loved ones. So, don't be afraid to dive deep with your estate planning attorney. The right plan can ensure your legacy lives on, just as you intended.