50+ Lifestyles

Preparing for Estate Planning

By Ryan Denman
Duffy Law Office

Duffy Law Office is a member of the American Academy of Estate Planning Attorneys.

Once you decide that it’s time to handle your estate planning affairs, you will need to prepare for the planning process. Preparation makes it easier for you to work with your estate planning attorney, effectively and efficiently so all of your estate planning goals are achieved. Take a look at the following information, to learn more about how to better prepare for your estate planning consultation. If you have any questions, or if you’d like to begin your estate planning, contact an estate planning attorney.

Compile a list of your assets and debts

In order to plan properly, you will need to have a good idea of where you stand with your assets and debts. This will allow you to plan for the distribution of your assets and can also give you a better idea of your net worth. Your attorney will need this information to help determine what tools you should use in your plan. In addition, your estate planning attorney needs to know how you own your assets (i.e. in your individual name, jointly with a spouse, in trust, etc.)

Decide who your beneficiaries are and what assets they will be given

With an estate plan, you’re able to control your asset
distribution. Take some time to consider how you wish to divide your property after your death. Make sure that you have an idea of all of the people who you wish to benefit.

Consider your own personal goals

Your attorney will work with you to better understand your needs and goals; however, it’s a good idea to take some time to think about your goals before planning. Are you
hoping to achieve certain results?

Determine which individuals to name as trusted helpers

When planning, you will appoint trusted helpers to help you in various situations. This may include choosing a guardian for your minor children or naming a successor trustee to manage your trust.

By preparing for your planning ahead of time, you will make the planning process easier and less stressful. If you have any questions about the estate planning process, consult with a qualified estate planning attorney.

Ryan Denman is an attorney at Duffy Law Office. He can be reached at (563) 445-7400 or at info@duffylawoffice.com.