Estate planning is one of the most important legal steps any American can take to protect themselves and their family. As you begin the process of making your plans, much of the work will be done by your attorney. However, before you meet with them, make sure you gather these seven lists of information that will make the process smooth and successful.
1. A List of Beneficiaries
When they arrive at the estate planner's office, most people have an idea to whom they want to leave their assets. However, do you have the necessary identity details of all your beneficiaries and heirs? This includes their full legal names, nicknames, Social Security numbers, and current addresses. Don't overlook backup heirs as well. Bring the same information about contingent beneficiaries.
2. A List of Financial Assets
Your financial assets are those intangible assets that represent the cash and cash-like items in your estate. The most common financial assets include checking and savings accounts, retirement accounts, and investment or brokerage accounts. Be sure to include any life insurance policies as well, no matter how small.
The good news is that getting the details for these accounts is usually just a matter of printing out statements. Don't worry too much about the date as long as it's recent. The bad news is that old accounts easily get forgotten, so be diligent to ensure nothing is left behind.
3. A List of Other Large Assets
Next, write down your large hard assets. For most Americans, this is their home and vehicles. Large physical assets like these usually have a deed or title that clearly identifies them. Locating these also gives you the chance to make sure that the title or deed is accurate and legal before your heirs need to use it. If no title or deed is available, include any identifying information such as make and model, location, description, and serial numbers.
4. A List of Personal Property
Gathering the needed information about personal property - smaller assets scattered throughout your property - can be challenging for several reasons. First, it's difficult to determine what you own and where it all is. Second, you may not know which items to include and where to draw the line. Finally, figuring an accurate value is usually more challenging than other asset groups.
When listing personal property, don't try to cover everything. Your attorney will make arrangements for unnamed items within the will's wording. Focus, instead, on items of more financial value or those which you specifically want to leave to a person or organization. Describe them in detail, and take photos for identification. Value these using market rates rather than what you paid.
5. A List of Animals
Don't forget about your furry friends. List your pets by name and include descriptions if you own multiple pets. For livestock or farm animals, you may need to use identification numbers or other markers to specify certain animals that you want to go to different heirs or which should be managed separately from the farm, flock, or herd.
6. A List of Debts
Unfortunately, estate planning isn't just about your assets. Your estate must also deal with legal obligations that remain when you pass. Bring statements showing the current status of loans, credit cards, mortgages, and personal debts as well as creditors' addresses and account numbers.
7. A List of Questions
Finally, write down your questions. Estate planning is new to most people, so it's natural to have many questions both general and specific. And the best way to get the answers you need is to ensure you don't forget any subjects by writing them down in advance. Remember, this is your estate plan and so you should understand it as fully as possible.
Where To Start
Want to know more about preparing for your estate planning session? Start by making an appointment with Donald B Linsky & Associate PA today. We will put our 40+ years of legal experience in Florida to work for you no matter what your estate's makeup or needs.
