What to Expect from the Estate Planning Process

The estate planning process requires a substantial amount of time and brainstorming. It is also an on-going process created for people in all walks of life. Proper estate planning is key for your family’s financial security even if you are a single person, a single parent, a married couple, part of the LGBT community, a Millennial with no children, a senior, or a person who will retire soon.

Estate Planning Process Expectations with an attorney in Nashville, TN

An estate plan secures assets and properties be distributed to its rightful beneficiaries – whether it is for the children, spouse, brother, sister, relative or even for a chosen charity. Because the entire estate planning process involves sensitive information and legal documentation, it is best to consult with a reputable attorney.  

Overview of Estate Planning

estate planning processA comprehensive estate plan requires preparation for the person and the family involved. Throughout our years of service, we make sure that the first meeting is fruitful in discussing the overall plan.

To help you prepare, we offer the following steps in developing an Estate Plan so you can familiarize yourself with the process and the needed information to draft and execute a comprehensive estate plan. We recommend you download one of our free Estate Planning Workbooks for further information.

1. Itemize your Assets for Estate Planning.

Write a comprehensive list of all your assets and liabilities on a sheet of paper or notebook. Include all important information needed such as bank account numbers, contact information, etc. Compile them under one folder with your important documents (land titles as an example) and keep it in a safe place. Having instant access to all of the properties and debts will make the process of drafting trusts and wills much easier.

2. Create a draft of your estate plan, will or trust.

With our guidance, you may create an estate plan draft that holds information about your family’s finances and current situation. You can also include your goals and aspirations on how the Will should be written. This enables us to get an understanding of your intentions with regard to how your assets should be distributed and your wishes executed.

3. Consultation and assessment for advanced estate planning.

The process of estate planning is complex and is situational. Because an estate lawyer is an expert in what they do, they can help you assess if you and your family need an advanced estate plan.

4. Maintaining, updating and safekeeping your estate documents.

Once the estate planning documents are signed and released. It’s up to the owner to keep it and store it in an accessible yet secure place. It is the owner’s responsibility to maintain and update their wills every after a few years or whenever necessary. You need to assess if your current estate plan still fits your family’s situation and fulfill your needs and goals. If it requires changes, schedule a meeting with an attorney to help you update your wills and trusts.