The Estate Planning Process

The estate planning process begins with the initial consultation.  This is a fact-finding session in which I as the attorney obtain basic information about the clients.  Likewise, clients are able to obtain information about a variety of planning concepts, including the estate tax and the documents which are included in the typical estate plan, such as a revocable trust, pour over will, and powers of attorney for property and healthcare. The process is facilitated by a solid working relationship between the client and the attorney.  The clients are responsible for expressing their concerns and wishes.  This often requires the clients to be somewhat introspective.  Careful consideration  must be given to the choice of trustees, guardians etc., as well as the plan of distribution for the beneficiaries.  I assist them through this process by asking  pointed  questions, and encouraging the clients to explore various solutions.

Assuming the clients wish to proceed with the process, document drafts are prepared and initial funding considerations are addressed.  The documents are then sent to the clients for their review.

At the second consultation, I carefully explain the final draft documents and answer any questions that clients  may have.  Document execution then takes place.  Thereafter, a careful analysis of funding requirements is made, and funding documents are signed.

While this completes this phase of the estate planning process, I explain to my clients that this is not the end of the process, but rather the beginning.  In general most of the documents can be changed any time the client so wishes.  Also, trust funding must continue to be monitored.  An awareness of these future considerations is an essential part of an effective estate plan.

Joe