When you’re beginning your estate plan, you may have questions about how the entire process will work. It’s important to note that estate planning is not something that can be done overnight. You will work alongside an estate planning attorney to create a plan that fits all of your estate planning needs.
Take a look at the information below to learn what to expect during the creation of your estate plan.
- Before starting your planning, your attorney will give you several planning sheets that you will fill out. These worksheets will help your attorney better understand your goals as well as your financial and family situation. It’s important to be honest when answering questions because this will help to create the best plan possible.
- Your estate planning attorney will also meet with you to discuss the information that you have outlined. You will likely need to expand upon certain desires and goals. Your attorney will want to make sure that he or she fully understands all of your needs before creating your plan.
- You and your attorney will decide on the best estate plan options that fit your needs. This will include the type of estate planning documents that will be used and how you will go about your individual planning. Your estate planning attorney will then create your plan.
- Your attorney will have you review and sign all of your documents. Your documents will be fully explained before you sign them so that you know you’re making the right decision. If you have any questions about your estate plan, it’s important to communicate with your attorney.
- Once your planning is complete, it’s important not to forget about it. Not only should you tell your loved ones that you’ve done your planning, but you should also remember to update your plan as needed.
Everyone should update his or her plan every 3 to 5 years. If you experience significant life changes, you may need to update sooner. If you’re unsure, speak with your attorney to see how the changes in your life may impact your overall planning.