Cynthia Leach

Accountant & Estate Planner

You should gather a variety of information in preparation for your meeting with your attorney and think about estate planning issues.

1. Bring summarized data about you, your family, and intended beneficiaries, including complete names, addresses, social security numbers, and dates of birth.
   
   
2. Bring the following documents to the meeting, if available: your current will(s), if any; financial statement listing assets, liabilities, and ownership; life insurance policies and related beneficiary designations; retirement and other employee benefits and related beneficiary designations; and deeds indicating how your real property is titled. If the actual documents are not available, a brief summary or description of each of the above should be prepared. In addition, you should provide information regarding any potential inheritances.
   
   
3. Begin to focus on what you want your will to accomplish for you. Who do you want to receive your assets? How? When? Who do you want to act as your executor or trustee to hold and administer your assets for the benefit of your beneficiary(ies)? If you have minor children, do you have a guardian in mind?
   
   
4. Determine who you want to handle your affairs in the event of disability or incapacity.
   
   
5. Be prepared to discuss your intentions regarding health care decisions.
   
   

What types of questions might the attorney ask in our first meeting?

The attorney will begin by reviewing the information that you bring with you, both financial and personal, and will try to gain an understanding of your overall estate planning goals. Remember, your will and other estate planning documents are your opportunity to direct how you want your estate to be managed and distributed. Questions about your beneficiaries and their needs will be asked. The attorney will also need to know about the people or entities that you want to act in the administration of your estate. The will also covers the powers and authority of your named representatives. Therefore, the attorney will want to discuss the range of powers you want to grant your representative. Finally, the attorney will address issues regarding particular assets: personal effects and household goods, business interests, partnerships, collections, and so forth.

My wife and I do not want to leave our assets to our children in the same way. Can our wills address these differences?

Your will deals with the disposition of your property. Thus, your will and your spouse's will do not have to be the same. However, it is important, whenever possible, that your wills be coordinated to create an effective overall estate plan for your entire family.

Do I have to name my spouse as the executor of my estate? As my agent in my power of attorney?

You can name any legally competent individual(s) or corporate entity as your executor. Any individual(s) can be named as your agent in a power of attorney. You should focus on naming someone who is competent to fulfill the fiduciary duties and who you feel comfortable will carry out your wishes.

Where should my estate planning documents be kept?

The original copies of your estate planning documents should be kept in a safe, secure place that can be accessed when needed. Your attorney may provide security for a will in a vault in his or her office. The originals of your documents may also be kept in your safe-deposit box at your bank. However, you should be aware that laws in many states may restrict access to your safe-deposit box after your death. Copies should be kept with other important personal documents in your home and should also be given to your named representatives.

I want each of my children to have one of the family heirlooms should I list these in my will?

It is not generally recommended to include an extensive list of personal assets in your will. The items and your wishes may change over time, potentially causing the amending or rewriting of your will. Instead, you should consider directing your executor to follow the instructions you have outlined by separate letter regarding specific bequests of personal effects. Such a letter is generally not binding on the executor, however; it is a letter of guidance that your executor will consider when distributing your personal assets.

I want to leave specific instructions about my funeral. Whom do I tell and how?

You should inform family members or your named representatives now of any special instructions or intentions. These instructions should generally not be a part of your will because it may not be accessed and read until after the funeral.

My spouse and I just moved into our new home from another state. Do we need to reconsider our wills and other estate planning documents?

State law establishes many of the rules regarding the management and disposition of your property at death or in the event of disability. At the very least, you should have your documents reviewed by an attorney qualified to practice in your new state of residence. Your move is an opportunity to review your entire estate plan for changes in your goals and circumstances. The determination of property ownership is largely set out by the law of the state in which you lived when you acquired the property. A later move to another state can have implications concerning ownership. This is particularly true if you move to or from a community property state.

My spouse and I placed our assets in a living trust several years ago. After one of us dies, can the survivor change the distribution of assets in the living trust?

The surviving spouse can change or alter the distribution of assets in the living trust provided the deceased spouse gave the survivor either a general or limited power of appointment over the assets in the trust. Giving an individual the power to appoint property is an important decision that should be discussed with your attorney.