3 Things To Brainstorm Before Meeting With An Estate Planning Attorney
Working with an estate planning professional is the best way to ensure that your wishes are followed after you pass away. But estate planning is often focused on practicalities like bank accounts, asset transfers, and legal documents. Before you jump into these, you should take the time to brainstorm about some less practical, but equally important, subjects. Here are three to consider.
1. Your Goals
What do you want to achieve through estate planning? This question is not about the specific dollar amounts or division of assets. It's about what you want to accomplish. What are your objectives for using your assets?
Start by defining some large-scale goals. A parent might want to use their estate to help ensure their children have lifelong financial stability. In some cases, that may simply mean giving an equal sum to each child. However, it might also take the form of giving someone with less earning power more than another with more self-reliance. Or you may decide to use a trust to structure annual income for a spendthrift heir.
2. Your Values
Good planning aligns your values with what you do with your money. But first, you need to figure out what your values really are. Then, this informs how you and your planner structure your estate to uphold them.
How might this work? Perhaps education is important to you. There are many ways to work this into your estate plan. You might give money to each child or grandchild specifically to be used for higher education. Or maybe you want to pay off an heir's student loan balance. Or you could donate to your alma mater. Any of these choices honor your values.
3. Your Relationships
Finally, think about your various relationships—the people, organizations, and causes that bring meaning to your life. While most people leave most or all of their estate to immediate family members, this isn't mandatory. You might want to include a bequest for your favorite cousin, a dear friend, or a charity you've supported for years.
On the other hand, family dynamics are unique to each person. You may not want to give an equal amount to an estranged sibling or toxic parent. In that case, you and your planner will need to be careful in designing the will so that you can make that potentially controversial choice.
Where to Start
Do you want help brainstorming in any of these areas? It can be hard to quantify many of these ephemeral and emotional elements, so there's no shame in getting professional assistance. Meet with an estate planning attorney in your state to learn more.