- Estate Planning
- 7 mins
Meeting with an estate planning attorney is an important first step toward protecting your family, your assets, and your peace of mind. Whether you are creating an estate plan for the first time, or updating a previous plan, being prepared for your initial consultation can make the process smoother, more efficient, and more productive.
At Lane, Lane & Kelly, we strive to make the estate planning process transparent, approachable, and as efficient as possible. To help our clients feel confident and prepared before their consultation, we provide a comprehensive estate planning questionnaire that guides you through the information we will need to develop an effective and personalized estate plan. By filling out this questionnaire to the best of your abilities before meeting with the Attorney, this ensures that your consultation will be as efficient and productive as possible. It also allows the Attorney to use the meeting time to gather any missing information that may be needed to begin drafting your plan.
We strongly believe that estate planning does not need to be an intimidating process. While thinking about your demise is never easy, our Attorneys strive to give you the ultimate peace of mind, and work with you every step of the way from your initial consultation all the way through the signing and execution of your plan.
Below is an overview of the key documents and information that you should gather and prepare before meeting with your estate planning Attorney.
Personal and Family Information
Before your initial consultation, it is helpful to have basic personal details readily available, including:
- Your full legal name and contact information;
- Your spouse’s or partner’s information (if applicable);
- Names and birthdates of children, grandchildren, or other beneficiaries;
- Information regarding prior marriages, blended families, or dependents with special needs;
- Your family dynamic, including any distant relatives or people you may want to specifically omit from your plan;
- Contact information for any person that you select to serve in a fiduciary capacity (Personal Representative, Trustee, Power of Attorney, Health Care Proxy, etc.). For a full overview of the different roles and responsibilities of the fiduciaries that you select for your plan, you can read our full “Who’s Who of Estate Planning” legal blog here.
Understanding your family structure and dynamic is essential in crafting an estate plan that reflects your wishes and avoids unintended consequences.
A List of Your Assets (and Approximate Values)
You do not need to bring official appraisals or perfect figures, but having a general understanding of what you own as well as the total value of your estate is crucial. The right estate plan may differ based on your overall net worth and the types of assets that you own. Special considerations must be made for individuals that have a gross estate valued over $2 Million dollars. This is because the current Massachusetts estate tax exemption amount is set at $2 Million. This means that if you are a resident of Massachusetts and pass away with over this $2 Million dollar exemption amount in total assets, your estate will owe money to the Commonwealth.
Our attorneys have expertise in helping clients with over $2 Million dollars in total assets reduce their overall taxable estate. Through proactive and comprehensive planning, our Attorneys can help you reduce any potential estate tax that may be due after your death, or possibly even eliminate it altogether in certain circumstances.
Whether you believe your total estate is valued above or below this $2 Million exemption amount, our Attorneys will ensure that we create the right plan for you. In preparing for your meeting, you should inventory and prepare all of your assets, including but not limited to:
- Real estate (primary residence, vacation homes, rental properties). For a full overview of whether out of state property counts towards your $2 Million Massachusetts estate tax exemption amount, please read our full legal blog here.
- Bank accounts (Checking accounts, savings accounts, Certificates of Deposit);
- Investment accounts and brokerage accounts;
- Retirement accounts (IRAs, 401(k)s, pensions);
- Life insurance policies;
- Business interests;
- Vehicles;
- Valuable personal property such as artwork, antiques, family heirlooms, collectibles, etc.
Full disclosure of your assets allows your attorney to recommend the right estate planning strategies that fit your unique circumstances. It will also allow the Attorney to share important tactics that you can use to avoid any probate court intervention in your affair, and streamline the transfer of your assets to your intended beneficiaries.
Existing Estate Planning Documents
If you already have estate planning documents, be sure to bring the originals, as well as any copies, to your meeting, including:
- A previously executed Last Will and Testament;
- Any Codicils to your Last Will and Testament;
- Any previously executed Trust documents;
- Any amendments to a Revocable Trust;
- Power of attorney;
- Health care proxy or advanced directive;
If you own real estate, be sure to share the property address with your Attorney prior to your consultation. The Attorney can pull the deed of record from the appropriate registry of deeds or district of the land court and do a brief title search to better understand how legal title is held.
Even if these documents are outdated or no longer reflect your present intentions, they provide important context and help guide the next steps. Just as importantly, your Attorney can assist you with the destruction of your old documents once your new plan is properly signed and executed. This is an important step to ensure that your old documents, which are no longer legally binding after the execution of your updated plan, ever get found. This could cause confusion, delays, or potential disputes in the administration of your estate if different sets of conflicting documents are found by your loved ones after your death.
Dispositive Provisions: How You Want Your Assets Distributed
One of the most important things to think about before your meeting is who you want to inherit your assets. This can also include any restrictions or contingencies that must be met in order for a beneficiary to inherit. Consider:
- Who should receive the assets in your estate, and in what percentages;
- Whether distributions should occur outright or over time;
- At what age your beneficiaries can receive distributions (this is especially important if you plan on leaving assets to minors);
- If you own investment property or a vacation home, whether you want these properties to continue to be held by a family member, or if they should be sold;
- Contingent beneficiaries if a primary beneficiary predeceases you;
- Whether you want to leave specific bequests to certain individuals or charitable organizations;
- Special planning for minor children or beneficiaries with special needs that receive or may receive government assistance. For an overview of a Supplemental/Special Needs trust and why they may be needed, you can read our full legal blog here.
You do not need to have everything finalized ahead of time, but having a general plan in mind helps shape the conversation and ensures your estate plan aligns with your goals. Keep in mind that following your initial consultation with the attorney, you will be in regular communication throughout the entire estate planning process as drafts are shared and changes are made. Our attorneys use a client-focused approach, and are available to answer all of your questions throughout the entire process.
Fiduciary Appointments: Who You Trust to Carry Out Your Plan
Estate planning also involves choosing individuals to serve in fiduciary roles, such as:
- The Personal Representative of your estate (named in your Will);
- Trustee of any Trust documents you create;
- Attorney-in-fact under a Durable Power of Attorney;
- Health Care Agent under a Health Care Proxy;
- Guardian & Conservator for any of your minor children.
For a full list of all the fiduciaries that you will name in your plan and their responsibilities, you can read our “Who’s Who of Estate Planning” in our legal blog here. These nominations are important decisions. Before your meeting, consider who you trust to act responsibly, communicate effectively, and handle financial or medical decisions on your behalf.
How Lane, Lane & Kelly Makes the Process Easier
At Lane, Lane & Kelly, our estate planning questionnaire is designed to walk you through all of these topics in a clear and organized way. It helps ensure nothing is overlooked and allows our attorneys to focus on providing tailored legal advice during your meeting, rather than simply information gathering.
The questionnaire is not meant to be overwhelming. Instead, it serves as a helpful roadmap, giving you time to think through important decisions at your own pace before sitting down with an experienced estate planning attorney.
Schedule a Free, No-Obligation Estate Planning Consultation Today
If you have been putting off estate planning because you are unsure where to start, we are here to help. Lane, Lane & Kelly offers a completely free, no-obligation estate planning consultation so you can meet with an attorney, ask questions, and understand all of the different options that are available to you based on your own personal circumstances.
Preparing in advance makes the process smoother, but you do not need to have all the answers before your first meeting. Our goal is to guide you every step of the way. With our client-centric approach, we are here to make the process as seamless as possible, and ensure that you leave with the ultimate peace of mind.
Contact Lane, Lane & Kelly today to schedule your complimentary estate planning consultation and start planning with confidence.
This blog is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By reading this blog you understand that there is no attorney client relationship between you and Lane, Lane & Kelly, LLP.