Estate Planning Checklist: What to Do Before You Meet an Attorney

Guide to Meeting an Estate Planning Attorney

An estate planning attorney is there to answer all of your questions, but attorneys are expensive. If you’re not prepared, you won’t be able to get the most out of your counsel. You might end up paying a lot more for your estate plan or cause delays and confusion.

In this guide, we will go over what to organize before meeting with an estate planning attorney, documents to bring, and ways to ensure your estate plan reflects your wishes.

Step 1: Understand What an Estate Plan Includes

Core documents for estate plans

Will: Your will specifies who inherits your assets and what you want to happen after you pass away. It can also name guardians for minor children and other dependents. Assets will be distributed following the probate process. Note that these probate court records can be accessed by the public, which can reveal asset inventories, debts, and other personal information.

Trusts: Trusts are legal entities used to manage, protect, and distribute assets privately. Trusts can also help reduce tax burdens.

Power of Attorney: If you grant someone power of attorney, they will be given the legal authority to handle finances, real estate, or other important matters if you become incapacitated or are unreachable. This is crucial to have because otherwise,

Healthcare Directive: A healthcare directive lets you outline your medical preferences and appoint a healthcare proxy to make decisions on your behalf (if you, for example, fall into a coma). Healthcare directives are crucial for ensuring your medical treatment wishes are followed. Your relatives may not be able to make healthcare decisions for you.

Life Insurance Policy: Life insurance policies can provide liquidity, equalize inheritances, and ensure your loved ones have financial support if you pass away. Ethos offers affordable, convenient life insurance policies that you can review for a better idea of what there is.

Pro tip: Knowing what’s included helps you identify what you want and need to discuss with your attorney. This saves time and money, and gives your attorney basics to work with.

Step 2: Take Inventory of Your Assets and Debts

List your major assets

Everyone thinks of how to distribute their wealth and protect their heirs after they pass away. So, for your estate plan, you need to list your most important and valuable assets. Examples include:

• Real estate (e.g. rental properties, land, houses)
• Bank accounts and CDs
• Investments and accounts (e.g. stocks, bonds, or mutual funds)
• Retirement accounts like 401(k) or IRA
• Life insurance policies (like those from Ethos
• Business interests or partnerships
• Sentimental or other valuables (e.g. jewelry, art, collectibles)
• Vehicles

Don’t forget about digital assets, like cryptocurrency and social media accounts.

List your debts and financial obligations

Common debts include:

• Mortgages
• Personal loans
• Credit card balances

Any co-signed debts or financial obligations should be marked.

Why does taking inventory matter?

Estate planning involves a significant amount of going over asset distribution options, tax requirements, and other financial assessments. If you don’t have a clear inventory of your assets and debts, your attorney will have to tell you to create one. If you go to the meeting with a list of assets and debts prepared, it can save a lot of time and get you onto the next step of estate planning faster.

Step 3: Decide Who Should Inherit What

Telling your attorney who inherits what lets them uncover the ideal ways to distribute assets and avoid tax or financial complications.

Identify your beneficiaries

Your beneficiaries and heirs can be anyone, or even an organization like a charity. Family, friends, or charities are common choices.

Be specific to avoid confusion. If you say “my sister”, referring to your beloved sister, but have an estranged sister you dislike, the estate plan is too vague. It can cause delays in the asset distribution process, confusion between your loved ones, and stress.

Consider special instructions

You may want to leave a letter or special instructions regarding heirlooms, sentimental items, or choices that may be confusing to your heirs.

Education, housing, or wedding funds for children also often need to be granted over time or at a certain age. You can list special instructions, especially if you have a dependent with a disability.

Think about contingencies

The primary beneficiary of an asset is set to receive it first. But if they are unwilling or unable to inherit, then the successor beneficiary will get the asset. It is important to add contingencies for inheritances because otherwise the court will decide, and it may not reflect your true wishes.

Plus, think about this: Who will inherit if your primary beneficiary passes before or at the same time as you? It is a painful question, but a practical one that you may want to consider when creating your estate plan.

Pro tip: Create a written list so your attorney can easily translate your wishes into legal terms.

Step 4: Choose the Key People in Your Estate Plan

Executor (Personal Representative)

Your executor or co-executors will work to manage your estate, pay debts, and distribute assets. The executor does not need to be related to you–some people opt for a professional if their loved ones are not financially responsible or organized.

Guardian for Minor Children or Dependents

Select someone who shares your values and has the means to provide care.

Power of Attorney

Who you choose to have power of attorney will be able to handle your finances, property, or healthcare choices in the case you’re unable to.

Healthcare Proxy

You can list a healthcare proxy who has medical power of attorney. They will make healthcare decisions on your behalf and ensure your healthcare treatment wishes are followed.

Trustee (if applicable)

Plan to establish a trust? Then you probably need a trustee who can manage the trust assets according to your instructions.

Important: Discuss the roles with your designated people beforehand to confirm their willingness to serve. Some people may not be willing and it is better to know in advance.

Step 5: Gather Essential Documents

Your attorney will probably give you a checklist for what documents they need. Gathering it in advance allows you to save time and procure copies in case you cannot find one.

Personal information

• Government IDs (e.g. passport, birth certificate)
• Social Security card
• Marriage/divorce certificates
• Adoption papers

If you don’t have a document, you may need to prove your identity and get a copy from the government, a process that can take months.

Financial and property records

• Bank, investment, and retirement account statements
• Property deeds, mortgage papers, or titles
• Recent tax returns

Life insurance policies

If you have any life insurance policies, they should be included. Your attorney may have special instructions to help you maximize the effectiveness of life insurance, such as adding a trust as the policy beneficiary.

Business documents

Partnership agreements, ownership certificates, operating documents, and other business-related documents should be organized for your attorney to review.

Digital asset information

Many people forget about their digital assets. Online accounts, passwords, and digital asset instructions should be noted down securely.

Step 6: Clarify Your Healthcare and End-of-Life Wishes

Healthcare treatment can be controversial. What you believe and want for yourself may not be what your loved ones or physicians choose. It is necessary to provide medical directives so you can decide for yourself on what treatments you do or do not want. Examples to clarify include:

• Resuscitation
• Life support, ventilation, and feeding tubes
• Organ donation
• Mental health treatment preferences

Appoint a healthcare proxy

A healthcare proxy should ideally be someone who understands and respects your preferences or a professional third party who can carry out your wishes on your behalf.

Funeral and burial preferences

It is a good idea to also include your end-of-life wishes. Do you want a traditional burial according to your culture? Cremation? A budget funeral? By clarifying in written words, you can alleviate the stress upon your loved ones later on.

Pro tip: Your estate planning attorney can help you formalize these wishes in a living will or advance healthcare directive.

Step 7: Consider Tax and Trust Strategies

There are both federal and state tax requirements for estates. If you exceed the thresholds, your estate may be taxed (estate tax) or your heirs may be taxed (inheritance tax). These taxes can be significant, up to 40% of the asset value. Parts of your estate may even need to be sold to make up for taxes and debts before the asset distribution can happen. You don’t want your heirs to inherit less because of avoidable tax burdens.

Ask your attorney about

Revocable vs. irrevocable trusts: Irrevocable trusts can be used for better tax protection, but they are very hard to modify and shouldn’t be carelessly created. Revocable trusts are good for privacy and special instructions.

Gifting strategies: You can use gifts and other strategies to reduce your taxable estate size.

Charitable trusts: Have something you believe in? You can use a charitable trust to achieve your philanthropic goals and leave a legacy of generosity. Plus, charitable trusts provide additional tax benefits.

State vs federal estate tax: States have their own estate tax and inheritance tax rules.

Dynasty trusts: Have a particularly large estate and want to leave wealth that lasts for generations? Some states allow you to create dynasty trusts.

Pro tip: Bring up your total estate value so your attorney can create tailored strategies that minimize taxes (while staying legally compliant).

Step 8: Think About Life Insurance and Financial Protection

Life insurance provides immediate liquidity to cover taxes, debts, or living expenses for dependents. You can also use life insurance to add a layer of tax-advantaged income and security for yourself and your loved ones.

Life insurance is divided into two major categories: term or whole life. You can purchase affordable life insurance policies from providers like Ethos to simplify the process and obtain quick life insurance coverage for your family.

If you have a large life insurance policy and estate, your attorney can help you structure it into an Irrevocable Life Insurance Trust (ILIT) to reduce the taxable estate value.

Tip: Review existing insurance policies and plans with your attorney to ensure they align with the rest of your estate plan.

Step 9: Prepare Questions for Your Attorney

Make a list of questions you want to ask your attorney. It’s common for people to forget when they’re in the meeting. Sample questions to bring to your meeting:

• What documents do I need based on my state’s laws?
• Should I set up a trust, or is a will sufficient?
• How can I minimize estate and inheritance taxes (if applicable)
• What happens if I move to another state?

Having these questions ready helps you get the most out of your consultation so you don’t need to pay extra costs for questions that could have been asked earlier.

Step 10: Decide How You’ll Store and Update Your Plan

Storage options

Choose storage options that your executor, trustee, attorney, and other trusted ones are able to access. This may involve giving them account access, passwords, links, or physical directions.

• Fireproof safe at home
• Safe deposit box
• Secure online storage offered by platforms like LegalZoom

Review timeline

Every 3 to 5 years, or after major life events such as marriage, divorce, new child, and home purchases, you should review your estate plan. Your attorney can notify you so you don’t forget.

Conclusion: A Little Preparation Goes a Long Way

Estate planning attorneys are valuable but undeniably expensive. The more you prepare beforehand, the more time and cost you can save. So gather your information, make your beneficiary choices, and walk into your meeting ready with documents and questions.