Estate planning document checklist4/14/2024 If the prospective estate client got your name from some other source, tell them a bit about yourself. If this is a referral from another client of yours, same thing. That common contact is your link to each other, be sure to talk about it. If this is a referral from a business contact of yours, be sure to ask how they met and how long they know each other. They don’t need the technical details at this point - most clients want price, process, and the chance to get to know you. You might not be a professional salesperson, but you need to act like you have the answers and guide the prospect in the initial stage. If they email you, ask if they’re open to having a 10-minute call. If you aren’t set up for inbound referrals yet, make sure you’re not missing anything by reading “How to Start an Estate Planning Practice”. Most engagements will start with a prospective client reaching out to you, either by phone or email. I invite you to port this information into your own practice, adjust it to your workflow, and use it to help you be more efficient and effective. Have an Interim Document Review Meeting.Give Them an Estate Planning Questionnaire.It’s been through iteration after iteration, and I’ve collected all of the steps into an estate planning checklist below. It can be tempting to shorten your process with certain clients, but in my experience approaching each client with the same degree of thoroughness is always worth it. It’s these differences, and the opportunity to provide creative solutions, that keep estate planning careers, including my own these past 25 years, particularly interesting.īut despite these differences, it’s important and helpful to define a vetted process so you don’t miss anything. Each client has different types and amounts of assets, different family dynamics, and different attitudes. Main Difference – A Last Will and Testament must undergo the probate process while a Living Trust does not.If you’ve practiced estate law even for just a few years, you know every client is unique in some way. Although, it’s recommended the creator (the ‘Grantor’) authorize the attached Self-Proving Affidavit which acknowledges the signature in front of either two (2) witnesses and a notary public. Signing Requirements – No witnesses required by State law.Afterward, the successor trustees become the owners of the trust. Therefore, the creator benefits from the assets in the trust until their death. Living Trust (Revocable) – Creates an entity with the creator being the trustee and the beneficiaries being the successor trustees. Signing Requirements – Required to be signed in the presence of two (2) witnesses. The estate will still have to go through the probate process which usually takes 6-8 months if no one contests. Last Will and Testament (‘Will’) – The most traditional way to transfer an estate after death. Benefits from Governmental Programs or Civil or Military Service ĭepending on the preference of the individual, a document will need to be created that allows the transfer assets and property in the estate to the beneficiaries.Estates, Trusts, and other Beneficial Interests.Banks and Other Financial Institutions.Signing Requirements – Must be authorized with the principal and agent(s) in the presence of a notary public.The financial agent will have the ability to handle all assets, if requested, of the principal.ĭurable (Financial) Power of Attorney – Allows an individual (the ‘Principal’) to select someone else to handle all or a portion of their financial activity. Most often, this agent is the same person as the health care proxy. For the same reasons an individual should want a health care agent (‘health care proxy’), a financial agent should be selected as well.
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