Five Questions to Ask Yourself Before Meeting with An Estate Planning Attorney

Here are five questions you should think about before meeting with an Estate Planning Attorney: :

1. Concerning your wealth after you pass, what is most important to you?
   Is it creating or maintaining generational wealth, educational funding for future generations, charitable giving, or a little bit of all of these? It is important to set financial goals for after you are gone.
   
   
2. Who do you want to inherit your wealth?
   Be specific about whom you want to be left with your assets and in what proportion. Determine the specific individuals and/or entities along with their amounts. Take time to legally identify and carefully consider the items on your personal statement of net worth and determine how you want these distributed upon your passing.
   
   
3. Do you have unique circumstances that need to be considered?
   There is not a one-size-fits-all method to estate planning. There may be a familial disability that requires additional attention, a previous marriage to plan around, or a farm within the family. Take time to carefully process what your unique situation is and what needs to be addressed.
   
   
4. If you have minor children, who would you want to take care of them? When would you want your children to inherit your wealth if that is your wish?
   Age of majority in most states is 18. If you have children under the age of 18, it is important to name someone you trust to be their guardian and care for their needs if something happens to you. When your children reach age of majority, you also must consider whether you would like them to inherit the full share of their inheritance or certain percentages at different ages throughout their adult lives.
   
   
5. Who would you trust to make health and financial decisions on your behalf if you are unable to do so?
   Often, this is your spouse or a trusted family member. If your spouse is unable to do so, consider a child or other individual you would trust to make these decisions if you are incapacitated.

Estate planning requires time, thought, and effort, but it is a critical piece to your financial plan. It ensures that your wealth will be distributed as you wish upon passing. It also helps minimize estate taxes. An Estate Planning Attorney will walk you through the legal process. Discussing the five questions above prior to meeting with your attorney can help maximize your time.