Question 1

What Are the Basic Estate Planning Documents?

Accepted Answer

An estate plan consists of a series of documents that ensure the legal protection of you, your family, and your assets. An estate plan usually consists of several documents, each of which serves a distinct and important purpose. Some common estate planning documents include: Will: A will, also called a last will and testament, details your last wishes regarding your assets, debts, and expenses. When you pass away, an executor will carry out your will’s instructions. Trust: A trust provides guidelines for the management and transfer of certain assets. A trust is a great way to avoid probate administration, which is the process by which your assets are distributed by the court system. Probate can be very time consuming and expensive, so avoiding it is imperative. Healthcare directive: A healthcare directive details your wishes regarding healthcare in the event that you become incapacitated. Durable power of attorney: A durable power of attorney is an estate planning document that gives a person the authority to make certain decisions on your behalf.

Question 2

How Do I Choose an Estate Planning Lawyer?

Accepted Answer

When choosing an estate planning lawyer, there are several things to consider, including: Specialization: When choosing an estate planning attorney, specialization is important. In other words, you should choose an attorney who focuses almost exclusively on estate planning. Experience: Next, the attorney you choose should have plenty of estate planning experience. Generally speaking, the more experience in this area an attorney has, the better. Cost and payment structure: Let’s face it—when it comes to estate planning, cost matters. Before you hire an attorney, be sure you understand his or her cost and fee structure. However, cost shouldn’t be the only factor you consider when choosing an estate planning lawyer. Remember, you get what you pay for Communication: Finally, the attorney you choose should be willing to communicate with you openly and treat you as an active participant in the estate planning process. One way to gauge this is by asking the attorney during your initial consultation whether he or she is willing to share your estate planning documentation with you as it is prepared. Estate planning should be a collaborative process!

Question 3

What Questions Should I Ask an Estate Planning Attorney?

Accepted Answer

If you plan to speak with several estate planning attorneys before choosing one, these questions can be helpful in assessing their services: “How much of your practice is devoted to estate planning?” Although a prospective attorney doesn’t have to devote 100% of his or her practice to estate planning, it should comprise a significant portion of his or her business. “How much estate planning experience do you have?” Even if an attorney devotes all his or her practice to estate planning, this doesn’t mean much if he or she doesn’t have years of estate planning experience. “What happens if I need to get a quick question answered and you’re unavailable?” While attorneys of any kind cannot be on call 24/7, it’s reasonable to ask how your needs can be met when you need information. “Will you update my estate plan?” No matter how solid your estate plan is, it will need to be periodically reviewed and updated, especially if you experience any major life changes or new laws are passed. The attorney you choose should have a system in place for reviewing and be willing to update your estate plan as often as is necessary. “Are all of your fees flat fees? How do you charge for ongoing work after the initial completion of my estate plan documents?” Although money shouldn’t be the only factor you consider when choosing an estate planning lawyer, you should ask about fee structures and how you may be charged if you have questions years later or questions about something other than your estate plan during your initial consultation. It’s important for you and your attorney to be on the same page when it comes to fees. “Can you prepare comprehensive plans for my children’s care if something happens to me?” If you have children, it’s important to have an estate planning lawyer to expertly manage the process of naming both short- and long-term guardians, as well as creating specific instructions to all guardians and caregivers. You’ll also want to understand if your estate plan can be structured so that the assets you leave to your children are protected in the event of a lawsuit or divorce in the future. “Do you have a team in place to work on my estate planning or is it just you?” Depending on the size of the attorney’s practice, you may have more than one person creating your estate plan. If so, you will want to know who will be on the team. If you’re working with a single attorney, ask what plans he or she has in place if they retire or something happens to them. Estate planning is an ongoing process as you go through the stages of your life, and continuity may be important in the future.

Question 4

What Should I Bring to an Estate Planning Meeting?

Accepted Answer

At Morgan Law Group, we provide a package of information with full instructions on how to prepare for your Family Wealth Planning session. These are just a few examples of the documents and information you will need to provide: Current financial statements; Investment, bank, and retirement account statements; The deed to your home or other property you own; Current estate planning documents; Prenuptial or marital agreements; Retirement plan and annuity contracts; Life insurance policies; Contact information for your professional advisors, including your CPA, general practice attorney, insurance professionals, and financial advisors; Contact information for your healthcare providers; Contact information for family members, those you name in positions of authority (such as trustees, guardians, executors, and agents under a power of attorney), and clergy members; List of potential guardians, trustees, executors, and agents under a power of attorney.

Question 5

Should I Periodically Update My Estate Plan?

Accepted Answer

After you’ve established an estate plan, you should periodically review it to ensure that it offers you and your family the maximum level of protection. Unfortunately, at most estate planning law firms, the relationship ends when you sign your final documents. At Morgan Law Group, however, we view the signing of your estate planning documents as the beginning of our relationship with your family. Our experienced attorneys understand that your estate plan should evolve with you and your family. Therefore, when you become one of our valued estate planning clients, we offer a no-charge, three-year review to ensure that as your life changes, so does your estate plan.

Question 6

Can I DIY My Estate Plan?

Accepted Answer

People often attempt to draft their own estate plans or use one-size-fits-all estate planning software to save money. Unfortunately, however, drafting your own estate plan can ultimately have the opposite effect. Even small mistakes made during the estate planning process can cost you—big time. When it comes to estate planning, there is simply no substitute for working with an experienced and knowledgeable estate planning lawyer.

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