03/08/2024
//This week I’ve chatted with several families about starting the estate planning process. As I get back into the office full time, my first order of business I will be working through our waitlist of estate planning clients. It will be several months before I am taking new clients, but regardless of my schedule, you can start the process now!
▫️Create an inventory of your assets — Write it on a piece of paper or put it in a word or excel document. Before we meet with clients we have them prepare an asset inventory that describes the type of asset and its approximate value. This helps us determine the best plan based on a clients particular situation and needs, but for the client (and the client’s family) this simple act can provide great relief and clarity to know what the asset profile looks like.
▫️Create an important document folder/file/box — In one (secure) location, compile all of the important information that a loved one would need to know about your life and assets. What could this include? Wills, powers of attorney, life insurance policies/numbers, health and property insurance information, titles to real estate and vehicles, loan or mortgage documents, promissory notes owed to you, investment and banking account information (institution, account numbers, owners), retirement accounts, business documents (LLC, corporation, partnership agreements), contracts and leases, other court documents, personal property memorandum, and the list goes on. In probate, typically the most difficult task for a personal representative is identifying and collecting all of the asset information of a decedent. In some cases this can take YEARS. Make organization a priority for yourself during your life, and for loved ones that will need to know later.
▫️If you want to get on our waitlist for estate planning, we will also have you fill out a questionnaire. This questionnaire asks questions about your family, life, assets and goals. It not only helps me identify legal issues that may need addressed, but it helps you understand and think through the many decisions you will need to make as it relates to your estate. Let me know if this list is helpful!