What to Expect at Your First Estate Planning Attorney Meeting
Thinking about what will happen after you pass away can be uncomfortable, but putting your affairs in order is crucial to protecting your family’s future. An experienced Dallas estate planning attorney can create a plan that meets your current needs and work with you to address any changes in your circumstances down the line.
Your first consultation with an estate planning lawyer gives you the opportunity to discuss your final wishes and concerns with a legal expert. This may seem a little daunting, but knowing what to expect can help ease your mind. Here, the professional team at Schultz and Kellar explains what awaits when you visit a Dallas estate planning attorney for the first time.
Your Family Situation
At the beginning of the consultation, the estate planning attorney will want to learn about you and your loved ones. The people that are important in your life can impact the type of plan you’ll need, and you’ll likely be asked the following:
Whether you’re married and if you have previous marriages
How many children and grandchildren are in the family
Whether you’re the caregiver of a loved one with special needs
If you have others you’d like to provide for in your estate plan
Your Financial Position
One of the goals in estate planning is to ensure that your assets are passed on to your chosen heirs in the most efficient and cost-effective manner possible. To that end, your attorney will want to discuss your finances.
While you can start by giving an estate planning attorney a rough idea of the assets you own and their approximate value, you’ll get more targeted advice if you’re more precise. Bringing any relevant records is a good idea, and be prepared to answer questions about:
Your bank accounts and investment accounts
The valuation of any real property you own
Retirement accounts and pension plans
Any interest you may have in a business
Artwork, jewelry and other high-ticket items
Your Personal Goals
The fundamental purpose of estate planning may be to protect your loved ones and preserve your legacy, but experts in this area of the law can also suggest strategies to help you achieve other objectives.
A well-planned estate can address a range of concerns, and your estate planning attorney will need to know about your priorities to cover all the bases. During your initial consultation, the two of you will discuss any additional goals you have for your estate plan, such as:
Protecting assets from creditors
Minimizing gift and estate taxes
Avoiding the Texas probate process
Organizing assets for retirement income
Planning for short- or long-term incapacity
Your Representatives
When it comes to estate planning, placing people you trust in key roles is an important step. Each of your personal representatives may need different skills, and you’ll want to choose the right person for each position.
Giving the matter careful thought is a must, as the decision on who to appoint is completely in your hands. Depending on your situation, your estate planning attorney may ask about your candidates for the following roles:
The executor, who will deal with the probate court and administer the estate
The trustee, or person responsible for administering any trusts you create
The guardian or caretaker of any minor children or incapacitated adult dependent
A power of attorney, or agent who can make financial and business decisions on your behalf
A medical power of attorney to make healthcare decisions for you in the event of incapacitation
Your Final Arrangements
While almost no one really wants to think about their own funeral, most of us have opinions on how we’d like things to be handled. Discussing your preferences with your loved ones is wise, but an attorney may suggest another approach.
Conversations aren’t legally binding, and having a discussion won’t prevent conflicts among the family. By making your final arrangements part of your estate plan, you can make sure that your wishes are known. As such, you and your estate planning attorney may talk about:
Whether you want to be buried or cremated
What type of memorial service you prefer
Your burial plot or what you’d like done with your ashes
If you have already paid for the funeral, burial or cremation
How much the estate should put toward your final arrangements
Making the Right Decision
The first consultation with an estate planning lawyer is typically free of charge and comes with no obligation. Having a chat can help you determine if the two of you can build a solid attorney-client relationship.
That being so, come prepared with a list of questions for the legal professional – treat the meeting like an interview, with the end goal of deciding if the estate planning attorney is one you want to hire. Here are few of the questions you may want to ask while you’re at the lawyer’s office:
What is your estate planning process?
How much do you charge for your services?
How do you communicate with clients?
Do you conduct periodic estate plan reviews?
How long will it take to create a comprehensive estate plan?
If you’re in the Dallas-Fort Worth metroplex area and are looking for an estate planning lawyer, Schultz and Kellar is the law firm to call. Our professional team has extensive expertise in asset protection, estate tax planning, financial planning and much more.
For a free, no-obligation consultation with a friendly and knowledgeable estate planning attorney, contact our law office in Southlake, Texas, today.
