How the Process Works

Even if you've done a lot of thinking about your estate plan on your own, don't just expect to pile some papers on your lawyer's desk and have a will or trust magically appear in a few weeks. Preparing these documents is seldom as simple as filling in blanks on a form. Most people will meet with their lawyer twice in the process, with more complicated estates requiring more consultations.

At the first meeting, you would probably discuss your financial situation and estate planning goals. Be prepared to tell your lawyer about some rather intimate details of your life: how much money you have, how many more children you plan to have, which relatives you want to get more or less of your assets.

Your lawyer will review any documents you've brought in and ask questions that will help you think through various issues and possibilities. Then, he or she will probably outline some of the options the law provides for accomplishing your goals. Though certain methods may be recommended over others, depending on your circumstances, it will still be up to you to make your own choices from among those options.

Then, based on the choices you have made, your lawyer will draft a will or trust. At a second meeting, he or she will review that document with you. If it meets with your approval, it can be signed then and there.

For more complicated estates, you may have some long phone conversations with your lawyer, and perhaps have to review several drafts of various estate planning documents, before everything is settled.

You should review your estate plan periodically (see chapter 23), so you'll want to stay in touch with your lawyer. Don't think of estate planning as a one-time retail transaction, but an occasional process that works best when you have a continuing relationship with your professional advisors.

The Information You Need

In planning your estate, it's helpful to have as much of the following information on hand as possible.

• The names, addresses, and birth dates of your spouse, children, and other relatives whom you might want to include in your will. List any disabilities or other special needs they may have.
• The names, addresses, and phone numbers of possible guardians (if you have young children) and executors or trustees.
• The amount and sources of your income, including interest, dividends, and other household income, such as your spouse's salary or income your children bring home, if they live with you.
• The amounts and sources of all your debts, including mortgages, installment loans, leases, and business debts.
• The amounts, sources and beneficiaries of any retirement benefits, including IRAs, pensions, Keogh accounts, government benefits, and profit sharing plans.
• The amounts, sources, and account numbers of other financial assets, including bank accounts, annuities, outstanding loans, etc., and names of any joint owners or pay-on-death designees.
• A list of life insurance policies, including the account balances, issuer, owner, beneficiaries, and any amounts borrowed against the policies.
• A list (with approximate values) of valuable property you own, including real estate, jewelry, furniture, jointly owned property (name the co-owner), collections, heirlooms and other assets. This list could be cross-referenced with the names of the people you might want to leave each item to.
• The names, trustees, and assets of any trusts held for your benefit.
• Any documents that might affect your estate plan, including prenuptial agreements, marriage certificates, divorce decrees, recent tax returns, existing wills and trusts, property deeds, and so on.