Estate Planning Process - Explained
Coming straight to the topic, the following is the complete process involved in Estate Planning.
1. Find a Qualified Estate Planning Attorney: Getting a referral is good but when in doubt look for a California Certified Specialist in Estate Planning, Trust and Probate Law.
2. Determine you have a need for an Estate Plan: Do you have family, friends or a charity you care about? Do you have assets? Then you probably need an estate plan.
3. Plan a Meeting with your estate planning attorney: This is first important… GET STARTED! Call your attorney and get on their calendar. Until you do that the process can not start! Many estate planning attorneys will offer free consultations.
4. Discuss How a Trust works with your attorney: At that initial meeting talk with an attorney about how wills and trusts work, how probate is a good thing to avoid, and how taxes work.
5. Talk about the specifics of your family and assets: At that initial meeting, or a subsequent meeting, talk about all the particulars of YOU. Talk about your assets, talk about your family, talk about the options for how things can be set up for your family after you die, and go through an in-depth estate planning questionnaire with your attorney.
6. Review Rough Draft: Once you and your attorney have gone through the questionnaire together the attorney will prepare a rough draft and send to you for review.
7. Questions and Answers: Review the rough draft carefully and then go over questions and answers with the attorney to make sure you understand the plan.
8. Sign the Documents: Make an appointment with the attorney to sign the documents. This will usually be done in the attorney's office as they can provide two witnesses for the will and a notary for the other documents.
9. Fund the Trust: One of the most often missed steps in the estate planning process is FUNDING THE TRUST! Failure to properly fund the trust can create a huge void in the plan which will often require a trip to the probate Court after death.
10. Put the documents in a safe place: A safe deposit box at a bank is good but a fire proof box at home may be in even better. Also consider giving a copy to the trusted people named in the documents.
There may be different methods followed; but this is probably representative of most. All told these ten steps complete the estate planning process from start to finish.
1. Find a Qualified Estate Planning Attorney: Getting a referral is good but when in doubt look for a California Certified Specialist in Estate Planning, Trust and Probate Law.
2. Determine you have a need for an Estate Plan: Do you have family, friends or a charity you care about? Do you have assets? Then you probably need an estate plan.
3. Plan a Meeting with your estate planning attorney: This is first important… GET STARTED! Call your attorney and get on their calendar. Until you do that the process can not start! Many estate planning attorneys will offer free consultations.
4. Discuss How a Trust works with your attorney: At that initial meeting talk with an attorney about how wills and trusts work, how probate is a good thing to avoid, and how taxes work.
5. Talk about the specifics of your family and assets: At that initial meeting, or a subsequent meeting, talk about all the particulars of YOU. Talk about your assets, talk about your family, talk about the options for how things can be set up for your family after you die, and go through an in-depth estate planning questionnaire with your attorney.
6. Review Rough Draft: Once you and your attorney have gone through the questionnaire together the attorney will prepare a rough draft and send to you for review.
7. Questions and Answers: Review the rough draft carefully and then go over questions and answers with the attorney to make sure you understand the plan.
8. Sign the Documents: Make an appointment with the attorney to sign the documents. This will usually be done in the attorney's office as they can provide two witnesses for the will and a notary for the other documents.
9. Fund the Trust: One of the most often missed steps in the estate planning process is FUNDING THE TRUST! Failure to properly fund the trust can create a huge void in the plan which will often require a trip to the probate Court after death.
10. Put the documents in a safe place: A safe deposit box at a bank is good but a fire proof box at home may be in even better. Also consider giving a copy to the trusted people named in the documents.
There may be different methods followed; but this is probably representative of most. All told these ten steps complete the estate planning process from start to finish.
Source...