Estate Planning Vault

Make Your Estate Planning Appointment Efficient

Most people are well aware of the advantages of having an estate plan such as savings to heirs in term of taxes, minimizing family squabbles over inheritances, and maybe most important of all, having one’s affairs in order thus allowing family members to grieve their loss rather than fret over managing the deceased’s estate.

For those who haven’t created a plan or who have a plan in need of review, now is an ideal time to do so as we approach the end of the tax year. Those planning a visit to their estate planning attorney can make the appointment more efficient by collecting necessary information in advance:

• If you have minor children, select a guardian and have the guardian’s contact information.
  
  
• Select an executor and trustees as appropriate and have their contact information.
  
  
• Select someone to serve as your agent for financial and medical matters should you become incapacitated and have their contact information. (They need not be the same person.)
  
  
• Decide how you want your assets and personal items to be distributed and have contact information for anyone to whom items will be bequeathed.
  
  
• List all financial assets and sources of income including bank accounts, salaries, stocks, interest income, pensions, etc.
  
  
• List all your financial obligations and list those who owe you money and how much.
  
  
• Provide information about or copies of important documents such as insurance policies (note beneficiaries and values), divorce papers, prenuptial agreements, etc.

Organizing required information beforehand can make your estate planning appointment efficient and may enable you to better manage associated legal fees.

Source: El Paso Times, 10-9-06