Your Initial Estate Planning Consultation: How to Make the Most of It
By: Jason Simmons | Published August 31, 2016
So, you have been telling yourself that you need to get your estate planning documents in place, or possibly just have a few updates. You have taken the first step in making contact with Cripps & Simmons, and now have an appointment on your calendar.
During your call to schedule the appointment, our Receptionist collects some basic information, such as your name, your spouse’s name and your address. She has also asked why you are scheduling the appointment, and for purposes of this blog post, we are going to assume it is for estate planning. These questions are necessary as the next step will be for Cripps & Simmons to send you a Welcome Packet. The Welcome Packet includes a cover letter that will confirm your appointment time, but will also include a list of items to bring to your appointment and a Preliminary Client Information Sheet.
The items that you should bring to your first estate planning conference would include the following items:
• Any existing estate planning documents that you have in place (including trusts, wills, financial powers of attorney or healthcare powers of attorney;
• Real estate deeds (especially if not located in Boone County, Missouri); and
• List of assets
On the list of assets, it is important to let us know the approximate current value, how each asset is titled (is it owned jointly with someone else or individually, etc.) and whether there is any named beneficiary. Some common types of assets that people own include the following:
• Real estate (including home, farm or rental properties)
• Small business (such as a corporation or limited liability company)
• Checking & Savings Accounts
• Cars, trucks, motorcycles, RV’s, campers, ATV’s, boats, motors and trailers
• Life insurance
• Retirement accounts (401k, 403b, 457, Traditional IRA, Roth IRA, etc.)
• Brokerage Account
• Stocks, bonds and certificates of deposit (CDs)
• Collectibles (coins; artwork; firearms; etc.)
• Household goods
The Preliminary Client Information Sheet is also very important. This form requests information such as your full legal name, preferred name, contact information and other personal information. This sheet also asks about family members and other interested parties, along with their contact information. What we are looking for here is those persons who are your legal heirs or otherwise important to you, in that they will either be a beneficiary of your estate after your death, or serve as an alternate under a power of attorney, trust, or will. Oftentimes, if all of your children are adults, they will fill these positions. However, if you have minor children or no children, we would be looking for other family members or friends.
By bringing a completed Preliminary Client Information Sheet and list of assets, we are able to spend more time learning about your goals, identifying a proposed plan and getting the information necessary to prepare drafts of your documents. We look forward to meeting with you!