If you have never sat down with an estate planning attorney before, you may be a bit uncomfortable during your initial meeting. Because of the nature of the consultation and objectives, your estate planning attorney is likely to ask you some rather personal questions. Along with knowing that your conversation with your estate planning attorney is completely confidential, it may help to understand why he or she needs to ask these questions.
Your attorney will probably want to know about your current marital status as well as past marriages or relationships that resulted in the birth of a child. Current and former spouses, as well as children could be heirs to your estate and/or could be listed as beneficiaries on estate assets. Because of this, your attorney needs a complete picture so that he or she can ensure that no one ends up with estate assets that you did not intend to have them.
You may also be asked about any current or future plans for children. If you plan to have children then your estate plan should reflect that by assuming that they will exist in the future. Furthermore, if you are currently undergoing any fertility treatments, you may have stored genetic material that also needs to be addressed in your estate plan.
Business and family relationship will also be explored to give your attorney an idea of what to expect in the event of your death. Business interests must be handled in detail in any estate plan. Family relationships are relevant, not just to identify potential heirs but also to anticipate potential challenges to your estate plan.
- Common Mistakes in Estate Planning – Part III - June 7, 2023
- The Not-So Transparent Corporate Transparency Act - May 30, 2023
- How Tax and Non-Tax Considerations Impact Estate Planning – Part II - May 25, 2023
