Simple steps to start the estate planning process.
February 9th, 2024 by admin
A little-known fact is that more than half of adults in America do not have estate planning documents in place. Another little-known fact is that Americans spend more money on attorneys to find their way out of the challenges this creates than anyone can imagine.
After being asked to conduct 250 presentations to companies large and small, colleges, universities, non-profit organizations, bodies of faith, and everything in between, what is the main reason citizens do not take appropriate steps to prepare basic estate planning documents? They do not make an appointment to start the process.
Why?
Here is what experts tell us: Citizens do not know where to begin. And they do not know what it is going to cost.
What you may not know is the North Carolina Bar Association provides all citizens access to an attorney for a 30-minute conversation for $50. (919.677.8574). And often the attorney will not charge you at all.
An attorney who is an experienced estate planning attorney can tell you a lot about what you need to know in 30 minutes (often in a scheduled telephone conference):
- What do you need to bring to an initial meeting with an attorney
- What are the approximate costs to prepare basic documents
- What basic financial information will you need to bring to the attorney
- Will you need to bring documents (deeds, etc.) to an initial sit-down session?
Below are answers to these basic questions.
- What do you need to bring to that initial session? Not much. Citizens assume they will have to provide a specific listing of every detail. And they think everyone else, of course, has done this. NOT SO.Attorneys can often send you simple paperwork to complete by mail or to fill in online. General estimates of values are all that is necessary. It is helpful if you provide the names of individuals in your immediate family: your spouse or significant other; and your children (or close friends), including their mailing addresses and contact information. It is helpful if you have a good idea about whom you want to handle your estate when you pass away (executor of your will), and while you are living, whom you want to be your financial/general power of attorney (your designated financial agent), and whom you want to be your healthcare power of attorney agent, should you not be able to make those decisions.
- What is this going to cost you? The initial session is often without charge. The attorney can provide you with a set fee, depending on what documents need to be done. ($500 or more for a simple will, for example.) Which can be paid by check, credit card or debit card. (Many firms will accept one half to get started and the final half when the documents are executed.) The date to execute the documents will generally be in a matter of a few weeks.How long will the initial session take? Most times 30 minutes to an hour is all that is needed to get started. Attorneys can give a good overview of any next steps to move the process along after an initial session.
- What basic financial information will you need to bring to frame up a basic plan? A general summary of the value of each account/asset is sufficient.
- Will you have to bring copies of your various financial records? No.
In the next column we will discuss other helpful tips to begin and complete your planning.
Remember: An informed choice is a smart choice.
Mike Wells is a partner with Wells Law, PLLC in Winston-Salem. His email address is mike@wellslaw.us and his telephone number is 336.283.8700. His legal column has been published continuously since 2003.
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