Dear Jen: My spouse and I are newly married and beginning to plan for our future family. We know estate planning is something we should address, but we’ve been hesitant because we’re not sure what the process involves. We want to make thoughtful choices that protect our future and our family. If we decide to move forward with creating an estate plan, what can we expect from the process, and how can we ensure we’re making the best decisions for our family? Sincerely, A Future-Focused Family
Dear Future-Focused Family: First, let me assure you that you’re not alone. Many people delay estate planning because they associate it with aging or difficult conversations about death, when in reality, estate planning is about protecting the people you love and preparing for life’s uncertainties. This process is designed to help you think through important decisions and prepare for the future with confidence. Working with an experienced estate planning attorney can help you navigate these decisions thoughtfully and create a plan tailored to your family’s unique goals, values, and future needs.
To answer the question, let’s take a closer look at what clients can expect when they begin the estate planning process when they work with me as their trusted attorney.
While every estate planning attorney may approach the process differently, I follow a structured approach with each new client. I strive to make estate planning as straightforward and comfortable as possible, helping clients feel informed and confident every step of the way.
First Step of the Estate Planning Process
The first step of the estate planning process is information gathering. I begin by providing new clients with an Estate Planning Questionnaire (EPQ) which collects important background information, including basic details such as names, dates of birth, family relationships, and information about any children. It also includes questions about your assets, financial accounts, insurance policies, and other key aspects of your financial picture. Completing the EPQ in advance allows me to gain a better understanding of your unique circumstances and goals before our first meeting. This preparation helps ensure that our initial discussion is focused, productive, and tailored to your family’s specific needs. If this is not your first time through the process, I will also request copies of your prior estate planning documents.
What to Expect from an Introductory Estate Planning Meeting as a New Client
Once I have reviewed your completed EPQ (and prior estate planning documents, if applicable), we will schedule an introductory estate planning meeting to discuss your goals and begin building a tailored plan. During this meeting, I will walk you through my recommendations for your estate plan and explain the reasoning behind each one.
While all my clients have the similar goals of creating a plan that protects their loved ones, the journey for each differs. Some of the decisions estate planning clients can expect to make in this process include:
- Who would be best suited to serve as trustee and manage assets held in trust for your beneficiaries?
- Who would you want to make healthcare decisions on your behalf if you are unable to do so yourself?
- Who would you choose to care for your minor children or dependents in the event of your untimely death?
- How and when would you like your assets distributed to your beneficiaries?
- Are there any special circumstances or concerns that should be addressed in your plan, such as blended families, beneficiaries with special needs, or family-owned businesses?
Drawing from the information you provided in your EPQ and our conversation, I can offer guidance to help you make informed and confident decisions. My ultimate goal is to ensure your wishes and goals are carried out after your death. But I also strive to minimize taxes at your death, protect the assets against outsiders, and confirm that your family and loved ones avoid the costly process of probate.
Following our introductory meeting, I will provide you with a detailed follow-up letter summarizing our discussion, my recommendations, and any decisions that still need to be made. This gives you and your family an opportunity to reflect on the information at your own pace and ensures you have a clear roadmap for the next steps in the estate planning process.
Estate Plan Document Drafting
Once we finalize your decisions, my team and I will begin the drafting phase of the estate planning process. This involves carefully translating the choices you have made, along with your broader goals and personal wishes, into a comprehensive estate plan. After your documents have been drafted, you will receive copies of the plan along with an easy-to-understand summary that highlights the key provisions and explains how your plan works in practice.
Finalizing Your Estate Plan
After we send you drafts of your documents, we will schedule a meeting to review your plan together in detail. During this meeting, we will walk through each document, address any questions you may have, and discuss any revisions you would like to make. This collaborative review ensures that your final documents accurately reflect your wishes and provide you with full confidence in your plan.
Once your estate planning documents are finalized and executed, you will take comfort in knowing this important step is complete. While the process can sometimes feel overwhelming or emotional, finalizing your plan provides lasting peace of mind knowing your wishes are documented and your loved ones are protected.
Revisit Your Estate Plan Regularly
Estate planning is not a one-time event; rather, it is an ongoing process that should evolve alongside your life. As your circumstances change, your estate plan should be updated to reflect your goals, protect your loved ones, and align with your current wishes. I recommend reviewing your plan periodically, as well as after major life events such as marriage, divorce, the birth or adoption of a child, changes in financial circumstances, or the passing of a loved one. By working together to create and maintain your plan, we can help ensure your wishes are clearly documented and carried out, while providing your loved ones with clarity, stability, and peace of mind for the future.
For more information or to seek counsel from our Trusts & Estates practice group, please reach out to request a consultation or call us at 216-696-1422.
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This information is provided for general informational purposes only and should not be construed as legal advice. Readers should consult with qualified legal counsel regarding their specific circumstances before taking any action based on the information presented.
