How to Prepare for Estate Planning & Questions to Ask Your Attorney
Planning for the future is one of the most thoughtful things you can do for yourself and your loved ones, and estate planning plays a crucial role in that process. Whether you’re looking to protect your assets, ensure your family’s financial security, or make your wishes crystal clear, a well-crafted estate plan provides peace of mind.
This article will guide you through the essential steps to get started, from understanding what documents you’ll need to selecting the right estate planning attorney. By taking these steps, you’re not just planning for the unexpected—you’re creating a lasting legacy.
Jump to article sections:
- Article Summary
- The First Steps to Take When Starting Your Estate Plan
- What to Consider When Preparing for Estate Planning
- Important Questions to Ask Your Estate Planning Attorney
- Choosing the Right Estate Planning Attorney
- Anticipating Changing Life Circumstances
- The Benefits of Reviewing Your Estate Plan Regularly
- Wauwatosa Estate Planning with Margerie Law
1. Article Summary
- Before you begin your estate planning journey, organize your assets and make a list of your beneficiaries.
- Consider your goals for estate planning, such as asset protection or providing for dependents.
- Questions to ask an estate planning lawyer include inquiries about their experience, fees, and communication style.
- When choosing an estate planning attorney, look for someone with expertise in the specific areas of law you need and who makes you feel comfortable discussing personal matters.
- Anticipate life changes that may affect your estate plan, such as marriage, divorce, births or deaths in the family, or changes in financial status.
2. The First Steps to Take When Starting Your Estate Plan
When starting your estate plan, the first steps are all about organization and clarity. Begin by gathering all your financial documents, such as bank statements, retirement accounts, and property deeds. Having these at your fingertips gives you a clear picture of your assets and liabilities.
Next, create a comprehensive list of your assets, including physical property, financial accounts, and valuable possessions. Don’t forget to consider digital assets, like online accounts and cryptocurrencies, if applicable.
Once you have a full inventory, identify your goals—think about who you want to inherit your assets, whether you need to plan for dependents, or if charitable giving is part of your vision. These steps not only ease the estate planning process but also ensure your attorney has the information needed to design a plan that reflects your wishes and protects your legacy.
3. What to Consider When Preparing for Estate Planning
When preparing for estate planning, it is important to gather all necessary documents and information beforehand. This includes:
- A list of all assets, both tangible and intangible (bank accounts, investments, real estate)
- Beneficiary designations on retirement accounts or life insurance policies
- A list of potential beneficiaries and their current contact information
- Information about any debts or liabilities you may have
- A list of individuals you trust to make important decisions on your behalf (power of attorney, healthcare proxy)
4. Important Questions to Ask Your Estate Planning Attorney
In addition to gathering necessary documents and information, it is also important to ask your estate planning attorney the right questions. Here are some examples:
- What type of estate planning documents do I need?
- How often should I review and update my estate plan?
- How can I minimize taxes for my beneficiaries?
- What happens if I become incapacitated and cannot make decisions for myself?
- How can I protect my assets from potential creditors or lawsuits?
- Who will oversee the distribution of my assets after I pass away?
- How can I ensure my minor children are taken care of if something happens to me?
It is also important to find an experienced and reputable estate planning attorney who understands your specific needs and goals. By asking the right questions and working with a knowledgeable attorney, you can ensure that your estate planning is comprehensive and effective.
5. Choosing the Right Estate Planning Attorney
Choosing the right estate planning attorney is a critical step in ensuring your plan is thorough and effective. Start by looking for attorneys who specialize in estate planning rather than general practice—this ensures they have the expertise to handle complex legal and financial considerations.
Experience matters too, so inquire about their years of practice and the types of clients they typically serve. Client reviews and testimonials can provide valuable insight into their reputation and the quality of their work.
Pay close attention to how they communicate during your consultation; an attorney who listens carefully, answers your questions clearly, and explains legal terms in plain language is key to a smooth and stress-free process. Additionally, discuss fees upfront to avoid surprises later.
6. Anticipating Changing Life Circumstances
Life is full of changes, and your estate plan should grow and adapt with them. Major life events, such as getting married, going through a divorce, welcoming children, or transitioning into retirement, can significantly impact your financial and personal priorities.
For instance, a new marriage might mean updating beneficiary designations, while the birth of a child or grandchild could prompt you to establish a trust or revise guardianship plans. Similarly, approaching retirement may lead to re-evaluating long-term care needs or tax strategies. Flexibility is essential—an estate plan shouldn’t be a “set it and forget it” document.
A common misconception about estate planning is that you only need to draft your plan once, but regularly reviewing and updating your documents is crucial to ensure they reflect your current wishes and circumstances.
7. The Benefits of Reviewing Your Estate Plan Regularly
Regularly reviewing your estate plan is essential to keeping it effective and aligned with your life. Changes in laws, such as tax regulations or estate planning legislation, might require updates to ensure your plan remains compliant and beneficial.
Additionally, personal milestones—like new family members, marriage, divorce, or shifts in financial goals—can impact your original intentions. Without periodic reviews, outdated details could lead to unintended consequences for your loved ones, such as misallocated assets or overlooked dependents.
8. Wauwatosa Estate Planning with Margerie Law
At Margerie Law, we are committed to guiding families in Wauwatosa and the surrounding areas through the estate planning process. Our experienced Wauwatosa estate planning lawyers understand the importance of creating a comprehensive plan that reflects your unique needs and priorities.
Through careful consideration and regular reviews, we can help you anticipate life changes and adapt your plan accordingly. Contact us today to schedule a free consultation and start protecting your legacy for generations to come.
By Paul Margerie, Owner of Margerie Law
Paul Margerie of Margerie Law is a knowledgeable and experienced estate planning attorney based in Wauwatosa, WI. With years of experience helping families and individuals with their estate plans, he offers a gentle touch that puts his clients at ease. He understands the sensitive nature of this work and ensures that all details are taken care of with precision and accuracy. He strives to help each client achieve peace of mind that their future is protected by providing personalized advice and creating tailor-made solutions that fit their individual needs.
