Prepare For Your First Estate Planning Meeting: 6 Reasons To Plan Ahead

Meeting with an attorney to create your estate plan is an important step toward protecting yourself, your assets, and the people you love. But before you walk through the door for that first meeting, it helps to spend some time thinking about the decisions you may be asked to make. A good estate planning attorney will provide you with an estate planning information packet to help you think through all the key points of your plan.

Estate planning involves more than simply deciding who gets what. You need to consider the people and property that are important to you, who you trust to carry out your wishes, what should happen if a beneficiary passes away before you, and whether there are circumstances that should affect when or how someone receives an inheritance.

While your attorney will guide you through the process, arriving prepared can help you make thoughtful decisions rather than feeling pressured to come up with answers on the spot.

Potential Risks Of Drawing Up An Estate Plan Without Proper Preparation

1. You May Forget Something Important.

When people think about creating a Will, their minds often go straight to the biggest or most obvious assets. They may think about their home, vehicles, bank accounts, or investments.

But your estate could include much more than that. You may forget to discuss personal property, sentimental belongings, or other matters that deserve consideration in your estate plan.

Preparing ahead of time gives you an opportunity to slow down and think about the full picture. Instead of relying on memory during an appointment, you can arrive with a better understanding of what you own and what you want to happen to it.

The more prepared you are, the less likely you are to leave an important question unanswered simply because it slipped your mind. The estate planning packet from your attorney, once again, should make this easier.

2. Choosing Beneficiaries Isn't Always as Simple as It Sounds.

One of the most important parts of estate planning is deciding who should receive your assets.

At first, that may seem like an easy question. You may immediately know that you want your spouse, children, or other loved ones to inherit from your estate. But what happens if one of those individuals passes away before you?

This is where secondary or successor beneficiaries become important. If you haven't considered these possibilities before your meeting, you may find yourself trying to make significant decisions quickly. You could feel pressured to name someone simply because they are the first person who comes to mind, rather than because you have had time to carefully consider whether that person is truly the right choice.

Taking time before your appointment allows you to think through different scenarios, such as:

• Who should inherit your estate first?
  
• If that person cannot inherit, who should receive those assets instead?
• Do you want to include multiple people as possible successor beneficiaries?
• Would you want to divide the inheritance differently depending on the circumstances?

These decisions deserve more than a rushed answer.

3. You May Have Minor Beneficiaries.

Leaving an inheritance to a minor can raise additional questions that are worth considering before your estate planning meeting.

For example, you may want a child or grandchild to receive an inheritance eventually, but you may not feel comfortable with them receiving a significant amount of money as soon as they reach adulthood.

Texas law distributes inheritance as soon as an individual reaches age 18. But as many of us know from experience, not all 18-year-olds are mature enough to manage their finances practically.

Would you prefer to distribute the inheritance at a later age? Would you want the beneficiary to receive portions of the inheritance over time, rather than all at once?

The answer is entirely up to you. That’s what makes it so important to consider your wishes before your meeting, so you have an opportunity to discuss them with your attorney.

4. Choosing Executors, Trustees, And Agents Requires Careful Thought.

When you are deciding who should serve in these positions, you need to carefully consider who has the best characteristics to successfully perform their function.

The person you appoint as Executor of your estate to gather and administer your assets may be someone completely different from whom you would appoint as your Agent under a Medical Power of Attorney. Also, the Agent under your Medical Power of Attorney may be someone with completely different attributes than the person you would appoint as your Agent under a Statutory Durable Power of Attorney to deal with your business-type affairs, while you’re still alive, if you become incompetent.

If you have beneficiaries who need their interests held in Trusts for a specific reason, such as they are disabled or minors, the person you appoint as Trustee of the Trust may also be an entirely different person than any of the above.

5. You Could Forget To Include Special Conditions.

Estate planning can also give you the opportunity to think about whether there are conditions you would like to place on an inheritance.

For some families, simply leaving assets to a beneficiary without restrictions may be fine. For others, there may be specific concerns or circumstances they want to address.

Perhaps you want a beneficiary to remain drug-free before receiving a portion of their inheritance. Maybe education is especially important to you, and you would like to explore whether certain academic expectations, such as maintaining a particular GPA or minimum hours of school attendance, should be considered.

Every family is different, and your choices may vary from child to child as well.

The key is to consider these questions before your appointment. If these topics have never crossed your mind, you may not think to ask about them during your meeting. Preparing ahead of time lets you identify your concerns and discuss options with your attorney.

6. Rushed Decisions Can Lead to Regrets.

Your first estate planning meeting may involve questions you haven't considered before. That's completely normal.

However, without time to prepare, you may feel you need to make major decisions immediately. You may name beneficiaries, alternates, or other individuals without fully considering the long-term implications of those choices.

Planning ahead doesn't mean you need to have every answer before you meet with an attorney. In fact, one of the benefits of working with an estate planning attorney is having someone who can help you understand the decisions you need to make and the options available.

Preparation simply helps you arrive with a clearer picture of your family, your assets, your priorities, and the questions you want to ask.

Your Attorney Can Guide You, But Only You Can Decide What Matters Most.

An estate planning attorney can explain your options, identify issues you may not have considered, and help you create documents that reflect your wishes. But your estate plan is ultimately about your life, your family, and your priorities.

That's why spending some time preparing for your first meeting can make such a difference.

To help you think about these key considerations before you meet with your attorney, I created a free guide: 3 Key Considerations In Estate Planning. You can print off this resource to think through your estate planning, or simply view it on your phone whenever you have the chance.

You don't have to walk into your first estate planning meeting with every decision finalized. But taking the time to think about these questions can help you make the most of your appointment.

To download your free copy of my 3 Key Considerations In Estate Planning guide, click HERE or the button below.

Download The 3 Key Considerations In Estate Planning