Estate planning is something most every adult needs to go through. This process ensures their loved ones will not be burdened by final expenses should a death occur. Because most lawyers charge by the hour, it is imperative individuals are properly prepared so they do not waste any time in the process which will cause them to incur greater fees. With this information, individuals can be better prepared for the process of meeting with the Estate Planning Lawyer in Bainbridge Island.
It is a wise idea for individuals to sit down with their loved ones and go over their wishes before they begin the planning process. This can help to avoid confusion and hurt feelings later. It is also imperative individuals bring these items with them to the appointment:
- Individuals need to make sure they bring in a financial statement that includes information on any assets and liabilities. Each of them should be categorized correctly, have their rough estimated value, and it should be indicated whether they are owned individually or jointly.
- Those meeting with the lawyer need to bring information on any life insurance policies they hold. It is important to include the value and the policy number.
- If any individuals will be named in the will, it behooves a person to bring in the names and contact information for each person.
- A person needs to draw up a list of any specific items they want to leave to specific people.
- If there are children under the age of eighteen, it is important parents draw up information on who they want to be the guardian. It is wise to choose more than one guardian in case the first choice becomes unavailable.
- Parents of minors will want to consider setting up a trust. A person needs to be prepared to provide information on the inheritance they plan on leaving their child.
This list should help individuals to prepare for their meeting with the Estate Planning Lawyer in Bainbridge Island. Preparation will allow the process to proceed smoothly with as few interruptions as possible. If you have been putting off estate planning, now is the time to schedule the appointment.