A free, initial consultation with a lawyer is a great place to start establishing a valid and enforceable estate plan. However, this meeting should not be the first time you place thought toward your estate plan. Follow along to find out what facets you should consider before entering your meeting and how a proficient Broward County estate lawyer at The Probate Lawyers can take it from there.
What designations do I consider before my estate planning meeting?
Before entering your estate planning meeting, you should have a general idea as to which individuals you wish to incorporate into your plan. Examples of the different designations you must consider are as follows:
- A beneficiary for your will: this may be an individual whom you wish to receive money and other assets upon your passing.
- A trustee for your trust: this may be an individual whom you trust to administer the assets held in your trust to your designated beneficiaries upon your passing.
- An agent for a medical power of attorney: this may be an individual whom you trust to make healthcare decisions on your behalf should you become incapable of doing so yourself or pass on.
- An agent for a financial power of attorney: this may be an individual whom you trust to manage your finances and property should you become incapable of doing so yourself or pass on.
Also worth mentioning, you may want to first have discussions with the individuals you are considering for these aforementioned roles. This is so they may prepare for this responsibility, give their consent, and even share their preferences. It makes it all the more complicated if you have to go back and edit an already-established estate plan.
What other facets should I consider?
There is much more to estate planning than naming individuals to manage your assets, receive your assets, or make medical or financial decisions on your behalf. That is, there is much more to discuss with an estate planning lawyer. Before your meeting, you should also consider the following discussion points:
- You should consider creating an inventory of the tangible and intangible assets you wish to distribute through your estate plan.
- You should consider the necessity of assigning guardianships over your minor children and pets, if applicable.
- You should consider the consequences your assets may face after being subject to federal estate taxes, if applicable.
- You should consider the existence of your insurance policy and retirement plan and how they align with your estate plan.
- You should consider the existence of certain estate planning documents and whether you need to revisit them.
You must be proactive in pursuing a valid and enforceable estate plan. This starts with retaining the services of a talented Broward County estate lawyer. Contact The Probate Lawyers today.
