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Preparing for Your First Meeting with an Estate Planning Attorney

Estate Planning

Indianapolis estate planning attorney

Having an estate plan in place is one of the best gifts you can give to yourself and to your loved ones. Having never worked on an estate plan before, however, you may feel a little intimidated about your upcoming appointment. To help put you at ease, and to make the most out of your appointment, the Indianapolis estate planning lawyers at Frank & Kraft offer you the following tips on preparing for your upcoming consultation.

  • Define your goals –  when you think about estate planning, you likely focus on executing your Last Will and Testament to ensure that your estate assets are distributed according to your wishes. Your Will may serve as the foundation for your estate plan; however, a comprehensive estate plan can accomplish much more than just the division of your estate assets when you are gone. What other estate planning goals do you wish to include? Common goals include:
    • Incapacity planning
    • Asset protection
    • Probate avoidance
    • Retirement planning
    • Strategies for parents with minor children
  • Know your assets and debts –  you likely have a fairly good idea of where you stand financially; however, when it comes time to create your estate plan you need very detaile information. Make a list of all assets, including current fair market value (FMV) for each, and any identifying information such as account numbers, login and passwords, and/or the asset’s location. Make another corresponding list of debts and liabilities.
  • Gather documents –  your estate planning lawyer will probably need to look at, and/or gather information from, a number of documents you likely have in your possession. By putting these together ahead of time your initial consultation will be more productive. Examples of documents you should gather, if you have them, include:
    • Any previous Wills
    • Birth certificates
    • Marriage and divorce documents
    • Trust agreements
    • Living Will
    • Power of attorney
    • Life insurance policies
    • Business documents for incorporation/partnership/buy-sell agreements etc.
    • Ownership documents for major assets
  • Contemplate roles within your estate plan –  you probably already know who your major beneficiaries will be; however, there are a number of other important roles within your estate plan that you should be contemplating right now. Fiduciary roles, in particular, should be given considerable though so you can avoid a problem down the road. Who do you want to appoint as the Executor of your estate, for instance? Do not make the common mistake of appointing a spouse, friend, or family member without considering the duties and responsibilities involved in overseeing the probate of an estate. Likewise, if you decide to include a trust in your plan, you will need to appoint a Trustee. Your Trustee will not only be responsible for managing and investing your assets, but will also be responsible for protecting your beneficiaries.
  • Prepare questions – since this is the first time you have created an estate plan, you are certain to have questions. To ensure that you do not forget to ask any of them, take the time now to write them down. That way you will be prepared when the time comes. In addition, you may only have a short period of time during your initial consultation, so the better prepared you are, the more productive the meeting will be in general.

Contact Indianapolis Estate Planning Attorneys

For more information, please join us for an upcoming FREE seminar. If you are ready to get started with your estate plan, contact the experienced Indianapolis estate planning attorneys at Frank & Kraft by calling (317) 684-1100 to schedule an appointment.

Paul A. Kraft, Estate Planning Attorney
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