We’re glad you’re here. You’ve decided it’s time to set up a meeting with your Charleston Estate Planning attorney to get your affairs in order. It’s time to make sure your family is protected.
Regardless of whether you’re starting your Estate Plan from scratch or updating one you and your family already had in place, it’s time to consider the next major step: preparing for your meeting with your attorney.
We meet with the great people of South Carolina every day to discuss their Estate Plans, and we’ve seen it all. We’ve met with clients who are just getting started and don’t have their documents in order, and we’ve met with clients who have their documents and other elements of planning ready to go. Trust us: you want to be part of the prepared group to make the most efficient and cost-effective use of your time.
Before You Meet With Your Estate Planning Attorney: 3 Things to Prepare
Taking the time to sort through your important papers and documents and getting your thoughts in order goes a long way to making the initial meeting productive and valuable. Short of that, the meeting will become a fishing expedition for your Charleston Estate Planning attorney and both tedious and confusing for you.
Here are 3 ways to get yourself organized and prepared for your first meeting:
Make a complete list of your assets and liabilities.
- List what you own (e.g., bank accounts, investment accounts, real estate, retirement accounts, and life insurance). Fortunately, you do not need to make a list of your personal property.
- Jot down how you own it (e.g., in your sole name or in joint names with your spouse or someone else such as a child or sibling).
- Indicate whether you have already designated a beneficiary for the account or policy.
- Record how much you owe (e.g., mortgages, car loans, and credit cards).
Think about who you want to inherit your Estate, when they’ll inherit it, and how they’ll inherit it.
There are many ways to pass your property to beneficiaries, including outright, in stages (such as after college or after getting married), at specific ages, or in lifetime discretionary Trusts. It’s wise to consider the advice of your attorney, but, at the very least, think about each beneficiary’s current needs and what they may need in the future.
Think about who you want to be in charge if you become incapacitated or die.
Along with naming Guardians for your minor children, deciding who will serve as your fiduciaries (including the Executor of your Will, Successor Trustee of your Trust, Attorney in Fact of your Power of Attorney, and Health Care Agent in your Medical Directive) is, by far, the most important decision you will need to make. Why? If you choose the wrong person for the job, or if someone you choose declines to serve or can’t serve, the estate plan that you have so carefully put together will come to a grinding halt.
If you’re like most people, you’ll need the advice of your Estate attorney to choose the right people or institutions to serve as your fiduciaries but think about which family members or friends will be good candidates – and which will not.
It’s a lot to think about and organize, but it will be well worth it. Our team is ready to help you regardless of where you are in the Estate Planning process. Contact Charleston Estate Planning Law Firm today to get your affairs in order and secure your legacy.
Charleston Estate Planning Law Firm
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