How to Properly Prepare for a Meeting with an Attorney

1) Define Your Goals

An attorney is a wonderful resource to help you navigate the law and create legal documents and structures to accomplish your goals. However, they can only do so you know your goals. 

Before meeting with an attorney, you should take time to think through your situation and what you would like to happen in the event of incapacity or death. Think of it like a big game of “if this, then that”. 

Consider questions like the following and write down your thoughts to share with the attorney. The last thing you want is to have a great question in mind then forget it when you’re in the meeting with the attorney (“I had a brilliant idea but now it’s gone”).

• What assets do you want to include in your plan?
• Who are your intended beneficiaries? Are there any special situations your beneficiaries are in that you want to address (financial stress, spendthrift, etc)
• What are your family dynamics and are there any relational items you want to address.
• Are there specific charitable causes you want to support?
• Do you have minor children? Who would you want to be their guardian?
• Are there specific healthcare wishes you want to communicate?
• What happens if those identified in my plan such as a beneficiary or executor are deceased?
• Are there any concerns you have about the estate settlement process? Privacy concerns, business continuity concerns, etc. 
• Are there any special assets you want to ensure make it to certain beneficiaries?

2) Gather Relevant Information

Pull together essential documents that your attorney may need to understand your financial situation and wishes. These might include:

• Current wills, trusts, or any existing estate planning documents.
• Lists of assets (real estate, bank accounts, investments, retirement accounts, life insurance policies, etc.). Particularly what is the titling of the asset (Individual, Joint with Rights of Survivorship, Individual Retirement Arrangement, etc)
• Debt information (mortgages, loans, credit card balances).
• Health insurance information and advance healthcare directives, if any.

If you are able to summarize these in a concise manner, or work with an advisor who does this for you, it will make it easier for the attorney to review and know what strategies to consider.

3) Identify Decision Makers

Determine who will be responsible for key roles in your estate plan and discuss this decision with them to determine if they are willing to act in that capacity.

• Executors: Individuals responsible acting on your behalf in probate and executing the Last Will and Testament.
• Trustees: Those who manage and distribute assets within Trusts.
• Agents for powers of attorney: Individuals who will make financial and healthcare decisions on your behalf if you’re unable to.

4) Consider Tax Implications

There may be ways to structure your estate plans to minimize taxes. A qualified attorney, accountant, and comprehensive financial advisor can help you understand any tax implications of your estate plans and develop a plan to address them. 

5) Share The Information before the Meeting

Finally, sharing all of the above information with your attorney before the meeting will help them be more prepared and maximize the face-to-face time you have with them. Rather than spending time outlining the above in the meeting, you can jump in to clarify any of the above, review strategies, and talk solutions.