Who needs to be most concerned with estate planning? What age group? Ask Iowans this question, and I’ll bet most would conjure up the image of a retiree who just spent 50+ years working hard to acquire significant assets. Of course, it’s important for this demographic to have a quality estate plan, that’s fairly obvious.
But, imagine a young, married couple. They both have good jobs, live in a fine starter home, and have a baby.
This young couple tries to put away a little bit of money for savings, in a 529 college fund, and for retirement. Why should they worry about estate planning?
The truth is, this young couple should be just as concerned–arguably, even more concerned–with estate planning as the retiree.
Here are four reasons why:
Choosing guardians for minor children. In an estate plan, you can choose the guardians of minor children (e.g., children under age 18). If you should become incapacitated, or even die without any estate plan, an Iowa court would have no choice but to appoint a guardian for your children – but it may not be who you wanted or would have chosen. Better to have plenty of time to consider and make a careful, well-reasoned choice.
Save on fees, court costs, and taxes. A good estate plan can save you and your estate money on fees, court costs, and taxes. These savings can be even more critically important for a smaller estate (more likely when you’re younger), than for larger estate (more likely as you grow older). Often, young folks actually have the greatest need to save money to pass along the greatest amount they possibly can to family and loved ones.
Help favorite charities. Having an estate plan means that you can put into place immensely helpful donations for your favorite charities. Without an estate plan there’s no opportunity for you to help your favorite charities
Life is uncertain. It may be awkward to talk about, but life isn’t guaranteed for any of us, young or old. There’s an old saying in estate planning circles that goes, “People don’t always die when they are supposed to.” Wives usually outlive their husbands, parents usually outlive their children, and so on, but not always. It is best to be prepared for anything and everything.
Who should be most concerned with estate planning? I actually think young people should be!
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/sweet-ice-cream-photography-250621.jpg37975696Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-11-28 11:44:422020-05-18 11:28:49Young People Should Be the Most Concerned with Estate Planning
Not exactly material for scintillating conversation. In fact, I’d bet most of us like to avoid this topic because it can be confusing, and requires lots of decision-making. And, well, yes, it forces one to think about one’s own mortality. Estate planning, after all, is a roadmap about what you want to happen after you move on from this life. While it may not be a fun topic, it is indeed a necessary one.
Estate plan: you almost surely need one
Almost everyone needs some kind of estate plan. If you’re young, healthy, unmarried, have no children, and have no significant or unusual assets…perhaps you could talk me into the idea that you don’t entirely need an estate plan. Even in such (rare) cases, I strongly recommend making sure your beneficiary designations are completed and up to date (for example, on your bank/credit union savings accounts and retirement benefit plan). But, if you are married, and/or have kids, and/or have significant or unusual assets, and/or own part or all of a business, you most definitely need an estate plan!
What IS an estate plan, anyway?
What do we talk about when we talk about estate planning? There are six documents that should be part of most everyone’s estate plan. Plus, you should keep them updated and current. Also, don’t forget about assets with your beneficiary designations. For most Iowans, that’s good – six documents, keeping them current, and also remembering about those assets with beneficiary designations.
Sure, estate planning is complicated, but not that complicated. I’ll show you.
Six “must have” documents of your estate plan
There are six documents that should be part of most everyone’s estate plan:
We’ll go through each document briefly, so you have a sense of what each entails.
Estate Plan Questionnaire
Estate planning involves facing heavy questions, and depending on the amount of assets and beneficiaries you have, may take quite a bit of time and thought. I recommend clients (and even those who aren’t my clients) complete an estate plan questionnaire.
An estate plan questionnaire is an easy way to get all of your information in one place, and it should help you understand and prioritize estate planning goals. (I must also admit a questionnaire makes it easier for your attorney to build your estate plan!)
As with any project, it helps “to begin with the end in mind.” A questionnaire can help get you there.
Last Will and Testament
Now let’s get to the will. The will is the bedrock document of every estate plan, and it’s a little more complicated than other documents.
With your will, you’ll be answering three major questions:
Who do you want to have your stuff? A will provides orderly distribution of your property at death according to your wishes. Your property includes both tangible and intangible things. (An example of tangible items would be your coin collection. An example of an intangible asset would be stocks.)
Who do you want to be in charge of carrying out your wishes as expressed in the will? The “executor” is the person who will be responsible for making sure the will is carried out as written.
Who do you want to take care of your kids? If you have minor children (i.e., kids under age 18), you’ll want to designate a legal guardian(s) who will take care of your children until they are adults.
Power of Attorney for Health Care
A power of attorney for health care designates someone to handle your health care decisions for you if you become unable to make those decisions for yourself. This essentially gives another person the power to make decisions on your behalf. For example, if you don’t want to be kept alive with machines, you can clearly outline that in your power of attorney for health care. But keep in mind that power of attorney for health care isn’t just about end-of-life decisions – it can cover any medical situation.
Power of Attorney for Finances
The power of attorney for financial matters is similar, only your designated agent has the power to make decisions and act on your behalf when it comes to your finances. This gives them the authority to pay bills, settle debts, sell property, or anything else that needs to be done if you become incapacitated and unable to do this yourself.
It might be obvious by now, but I’ll say it just in case: choosing an agent for a power of attorney requires that you think long and hard about who would be best suited for the job and who you trust.
Disposition of Personal Property
Now, let’s get to the disposition of the personal property. This is where you get specific about items you want particular people to have. If you’re leaving everything to one or two people, then you may not need to fill this out. But, if you know you want your niece Suzie to have a specific piece of jewelry, and your nephew Karl to have that bookshelf he loved, then you’d say so in this document.
Disposition of Final Remains
We come to the disposition of final remains. This document is where you get to tell your loved ones exactly how you want your body to be treated after you pass away. If you want a marching band and fireworks shooting your ashes into the sky (that’s a thing, by the way), then this is where you make it known. It can be as general as simply saying “I want to be cremated,” or it can be specific and include details of plots you’ve already purchased or arrangements you’ve already made.
If you undergo a major life event, you may well want to revisit with your estate planning lawyer, to see if this life event requires changing your estate planning documents.
What do I mean by a major life event? Some common such events would include:
The birth or adoption of a child or grandchild
Marriage or divorce
Illness or disability of your spouse
Purchasing a home or other large asset
Moving to another state
Large increases or decreases in the value of assets, such as investments
If you or your spouse receives a large inheritance or gift
If any family member, or other heir dies, becomes ill, or becomes disabled
This is just a short list of life events that should cause you to re consider your estate plan. There are many others.
There are six “must have” estate planning documents, plus you need to keep them current. Also, don’t forget about your beneficiary designations. For example, savings and checking accounts, life insurance, annuities, 401(k)s, pensions, and IRAs are all transferred via beneficiary designations. These beneficiary designations actually trump your will.
Regarding assets with beneficiary designations, you must make sure that designations are correctly filled out and supplied to appropriate institution
What other documents might you need resides these six “must have” estate planning documents?
For most Iowans, probably the vast majority, what I’ve outlined above is enough. There may be folks who have more that $5 million in assets, or who have complex assets (for example, more than one piece of real estate), or own part or all of a robust business, or otherwise have unusual situations. In such cases, a trust may be helpful. But that will be more “advanced” estate planning. What I’ve described above is an excellent start.
See? That wasn’t so bad!
There it is in a nutshell. This is what goes into an estate plan.
Whether it’s complicated or simple, it does require some thought and time. But, it’s worth the investment – a proper estate plan can save you and your estate costs and fees; help your family and friends; and provide you peace of mind.
Perhaps most importantly, through proper estate planning, you can help your favorite charities in ways large and small. Really, without estate planning, it’s not possible, at your death, to help nonprofits you care about.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/gflf-estate-plan.png494803Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-11-27 12:00:452020-05-18 11:28:50What We Talk About When We Talk About Estate Planning
If I haven’t yet fully convinced you that you need an estate plan, consider many other reputable sources. Following the brutal infighting over his estate, Prince would probably tell you to make an estate plan. So would these other celebrities who died without a plan. Fox Business emphasizes the critical importance of an estate plan, adding, “[y]ou don’t have to be rich to plan for your death.” U.S. News & World Report notes both the financial and emotional pain inflicted on loved ones when folks fail to plan. Fidelity cautions that too often estate planning is a neglected, but important, part of overall financial planning. Forbes reminds us that, “Plain and simple, estate planning helps protect your family in the event that something bad happens to you.”
So, an estate plan is clearly critically important, but where to start? Keep reading for an easy five-step guide to get you where you need to go.
Estate Plan, Not Just a Will
Before I discuss the five easy steps, let’s get our terminology straight. Remember a will is NOT the same as an estate plan. While these two terms are (mistakenly) used interchangeably all the time, they are quite different.
An estate plan consists of several legal documents to prepare for your death or disability. Your will is just one of those documents, albeit a very important one. You need more than a will; you need an estate plan. With that settled, let’s discuss the five-step process of how I can craft your very own, individualized estate plan.
Honesty and Transparency
I work with my clients from a place of complete honesty and transparency. I’m upfront and open about my process of developing clients’ estate plans.
I’m always sure to inform potential clients of my five-step process:
A great place for you to start is by filling out my free estate plan questionnaire. It’s completely free, with no obligation.
You can print off my estate plan questionnaire and either fill it out by hand, or type in your information digitally. If filling it out on a computer, tablet, or smartphone, remember to “save” often and regularly. The estate plan questionnaire collects essential information needed to craft a quality estate plan. This information includes contact information about your family and your professional advisors, assets, family, and specific property items.
Looking at the different options, you may be confused as to which estate plan package is right for you. “Do you need a revocable living trust? Or would a simple will package be enough?” To which I say, relax. We’ll figure it out together.
There is no such thing as a “one-size-fits-all” estate plan. Estate plans – their terms, coverages, ins and outs – depend on a myriad of individual circumstances and indeed preferences.
This is why filling out my estate plan questionnaire is such a great first step. You can gather your own individual important and relevant information, all in one place, and think through decisions you’ll need to make when building your estate plan. Then, I can see from your responses what you might want and need. Once your estate plan questionnaire is complete, we’ll meet for a free one-hour consultation.
STEP TWO: Free, One-Hour Consultation
In the free, one-hour consultation, we’ll talk about your estate plan questionnaire you completed. I usually meet clients in my office, but I’ve also met folks at coffee shops, restaurants, hospitals, and their houses. (I do make house calls!) I’ll listen carefully as you describe your intentions. I’ll answer all your questions. I’ll address all your concerns. Once we are both satisfied we understand each other, I’ll give you my recommendations. I’ll tell you in plain language what I think you need and why I think you need it. I’ll also tell you the exact cost. As you can see from my fee schedule above, I use a flat fee approach. So, you’ll get a 100% reliable figure.
STEP THREE: First Drafts of Estate Plan Documents
Once you and I agree about what documents and what terms in those documents should be included in your estate plan, I get to work. I draft a set of documents, unique to you and your needs. Once completed, I share this first draft with you.
How I share the draft with you depends entirely on your preference, which I ask about in the estate plan questionnaire. Most folks are good with email. Some clients don’t have email, or don’t want these sorts documents sent through email. In such cases I would either snail mail the documents, or have the client could pick them up at my office.
However you receive the documents, you’ll spend time reviewing the first draft of your estate plan. You’ll make changes, ask questions, and raise concerns. This is all on your time frame. You take as much, or as little time, as you feel you need. I will move at the speed you want. We can go through one draft or we can go through twenty. The important thing is we won’t continue to the next step until you are completely satisfied with your estate plan in all aspects. Only when you are completely, totally, and 100 percent satisfied do we execute the documents.
STEP FOUR: Executing Your Estate Plan
We’ll set up an appointment to meet (again, usually my office, but could be another place you choose). We’ll need two witnesses. I’m a notary. We’ll go through and properly sign and notarize all the documents.
Only Then, My Bill
I talked about the cost of an estate plan, but I haven’t yet mentioned a bill. That’s because I don’t present you with a bill until the end of the process. Only once you have a fully executed (i.e., signed, notarized, and witnessed) estate plan, then and only then do I provide you my bill for legal services. The bill total will exactly match the figure I provided you earlier, during our free consultation. If it doesn’t match, frankly, you could simply not pay the bill. (I might keep the estate planning documents, though). Some clients write a check right on the spot. Other clients want to pay along with all their other bills, so they remit payment later. Yes, you may take the estate plan documents without paying—I trust you’ll pay me.
Yes, YOU Get the Original Documents
Some lawyers keep the original, signed documents. I don’t. I give you the original documents to keep safely. I can make copies (electronic, paper, or both) for you if you’d like. I do keep both a paper and electronic copy of the signed version of your estate plan. Copies of estate plans are great, just in case, but it’s the original that counts.
Short Client Satisfaction Survey
I may send you an online client satisfaction survey via email. The survey is super short, optional, confidential, and anonymous. The questions center on your satisfaction with me, the process, and the product. The survey allows you to voice your opinion on working with me and helps me improve and maintain a high-quality level of service.
STEP FIVE: Annual Follow-Up
The only constant in life? Change. As your life inevitably changes, your estate plan must adapt.
How often should you revisit your estate plan? I like to check in with my clients on an annual basis.
Some clients like revisiting their estate plan at the start of the year. Others prefer to review on a significant date, like a birthday or wedding anniversary. Some pick a random date we agree upon. The “default” date would be the annual anniversary of executing the estate planning documents.
At our decided-upon date, I’ll just do a quick check-in; typically, this is just a quick series of short emails. Only if there’s been a major life event, death of an heir or fiduciary; drastic change in health; significant change in assets; or the like, will we need to have a longer discussion. Of course, you don’t have to change anything you don’t want. I’ll simply provide advice.
You know you need an estate plan, and as you can see above, this five-step process isn’t so bad! So, cast those excuses aside and get started on checking off step one of your checklist.
https://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/Screen-Shot-2017-05-18-at-2.25.23-PM.png6961052Gordon Fischerhttps://www.gordonfischerlawfirm.com/wp-content/uploads/2017/05/GFLF-logo-300x141.pngGordon Fischer2018-11-25 17:19:522020-05-18 11:28:50Estate Planning: Just Five Easy Steps from Start to Finish
Young People Should Be the Most Concerned with Estate Planning
Estates & Estate Planning, Powers of Attorney, Taxes & Finance, Trusts, Wills, Wills, Trusts & EstatesSo, WHO needs an estate plan, anyway?
Who needs to be most concerned with estate planning? What age group? Ask Iowans this question, and I’ll bet most would conjure up the image of a retiree who just spent 50+ years working hard to acquire significant assets. Of course, it’s important for this demographic to have a quality estate plan, that’s fairly obvious.
But, imagine a young, married couple. They both have good jobs, live in a fine starter home, and have a baby.
This young couple tries to put away a little bit of money for savings, in a 529 college fund, and for retirement. Why should they worry about estate planning?
The truth is, this young couple should be just as concerned–arguably, even more concerned–with estate planning as the retiree.
Here are four reasons why:
Who should be most concerned with estate planning? I actually think young people should be!
Whatever your age, if you are interested in estate planning (as everyone should want to check it off their list), a good place to start is my free Estate Planning Questionnaire. Questions? Want to discuss you personal situation? Contact me for a free consult!
What We Talk About When We Talk About Estate Planning
Estates & Estate Planning, Wills, Trusts & EstatesEstate planning.
Not exactly material for scintillating conversation. In fact, I’d bet most of us like to avoid this topic because it can be confusing, and requires lots of decision-making. And, well, yes, it forces one to think about one’s own mortality. Estate planning, after all, is a roadmap about what you want to happen after you move on from this life. While it may not be a fun topic, it is indeed a necessary one.
Estate plan: you almost surely need one
Almost everyone needs some kind of estate plan. If you’re young, healthy, unmarried, have no children, and have no significant or unusual assets…perhaps you could talk me into the idea that you don’t entirely need an estate plan. Even in such (rare) cases, I strongly recommend making sure your beneficiary designations are completed and up to date (for example, on your bank/credit union savings accounts and retirement benefit plan). But, if you are married, and/or have kids, and/or have significant or unusual assets, and/or own part or all of a business, you most definitely need an estate plan!
What IS an estate plan, anyway?
What do we talk about when we talk about estate planning? There are six documents that should be part of most everyone’s estate plan. Plus, you should keep them updated and current. Also, don’t forget about assets with your beneficiary designations. For most Iowans, that’s good – six documents, keeping them current, and also remembering about those assets with beneficiary designations.
Sure, estate planning is complicated, but not that complicated. I’ll show you.
Six “must have” documents of your estate plan
There are six documents that should be part of most everyone’s estate plan:
We’ll go through each document briefly, so you have a sense of what each entails.
Estate Plan Questionnaire
Estate planning involves facing heavy questions, and depending on the amount of assets and beneficiaries you have, may take quite a bit of time and thought. I recommend clients (and even those who aren’t my clients) complete an estate plan questionnaire.
An estate plan questionnaire is an easy way to get all of your information in one place, and it should help you understand and prioritize estate planning goals. (I must also admit a questionnaire makes it easier for your attorney to build your estate plan!)
As with any project, it helps “to begin with the end in mind.” A questionnaire can help get you there.
Last Will and Testament
Now let’s get to the will. The will is the bedrock document of every estate plan, and it’s a little more complicated than other documents.
With your will, you’ll be answering three major questions:
Power of Attorney for Health Care
A power of attorney for health care designates someone to handle your health care decisions for you if you become unable to make those decisions for yourself. This essentially gives another person the power to make decisions on your behalf. For example, if you don’t want to be kept alive with machines, you can clearly outline that in your power of attorney for health care. But keep in mind that power of attorney for health care isn’t just about end-of-life decisions – it can cover any medical situation.
Power of Attorney for Finances
The power of attorney for financial matters is similar, only your designated agent has the power to make decisions and act on your behalf when it comes to your finances. This gives them the authority to pay bills, settle debts, sell property, or anything else that needs to be done if you become incapacitated and unable to do this yourself.
It might be obvious by now, but I’ll say it just in case: choosing an agent for a power of attorney requires that you think long and hard about who would be best suited for the job and who you trust.
Disposition of Personal Property
Now, let’s get to the disposition of the personal property. This is where you get specific about items you want particular people to have. If you’re leaving everything to one or two people, then you may not need to fill this out. But, if you know you want your niece Suzie to have a specific piece of jewelry, and your nephew Karl to have that bookshelf he loved, then you’d say so in this document.
Disposition of Final Remains
We come to the disposition of final remains. This document is where you get to tell your loved ones exactly how you want your body to be treated after you pass away. If you want a marching band and fireworks shooting your ashes into the sky (that’s a thing, by the way), then this is where you make it known. It can be as general as simply saying “I want to be cremated,” or it can be specific and include details of plots you’ve already purchased or arrangements you’ve already made.
Keep updated and current
OK, so you’ve gone to an estate planning lawyer, and these six “must have” estate planning documents have been drafted and signed. What else? You need to keep these documents updated and current.
If you undergo a major life event, you may well want to revisit with your estate planning lawyer, to see if this life event requires changing your estate planning documents.
What do I mean by a major life event? Some common such events would include:
This is just a short list of life events that should cause you to re consider your estate plan. There are many others.
Don’t forget about your beneficiary designations
There are six “must have” estate planning documents, plus you need to keep them current. Also, don’t forget about your beneficiary designations. For example, savings and checking accounts, life insurance, annuities, 401(k)s, pensions, and IRAs are all transferred via beneficiary designations. These beneficiary designations actually trump your will.
Regarding assets with beneficiary designations, you must make sure that designations are correctly filled out and supplied to appropriate institution
What other documents might you need resides these six “must have” estate planning documents?
For most Iowans, probably the vast majority, what I’ve outlined above is enough. There may be folks who have more that $5 million in assets, or who have complex assets (for example, more than one piece of real estate), or own part or all of a robust business, or otherwise have unusual situations. In such cases, a trust may be helpful. But that will be more “advanced” estate planning. What I’ve described above is an excellent start.
See? That wasn’t so bad!
There it is in a nutshell. This is what goes into an estate plan.
Whether it’s complicated or simple, it does require some thought and time. But, it’s worth the investment – a proper estate plan can save you and your estate costs and fees; help your family and friends; and provide you peace of mind.
Perhaps most importantly, through proper estate planning, you can help your favorite charities in ways large and small. Really, without estate planning, it’s not possible, at your death, to help nonprofits you care about.
Begin today
Why not start right now on your own plan for the future with my free estate plan questionnaire? It’s provided to you free, without any obligation. I would love to discuss your estate plan with you; reach out at any time by email, gordon@gordonfischerlawfirm.com, or cell phone, 515-371-6077.
Estate Planning: Just Five Easy Steps from Start to Finish
Estates & Estate PlanningYou need an estate plan. You need an estate plan.
If I haven’t yet fully convinced you that you need an estate plan, consider many other reputable sources. Following the brutal infighting over his estate, Prince would probably tell you to make an estate plan. So would these other celebrities who died without a plan. Fox Business emphasizes the critical importance of an estate plan, adding, “[y]ou don’t have to be rich to plan for your death.” U.S. News & World Report notes both the financial and emotional pain inflicted on loved ones when folks fail to plan. Fidelity cautions that too often estate planning is a neglected, but important, part of overall financial planning. Forbes reminds us that, “Plain and simple, estate planning helps protect your family in the event that something bad happens to you.”
So, an estate plan is clearly critically important, but where to start? Keep reading for an easy five-step guide to get you where you need to go.
Estate Plan, Not Just a Will
Before I discuss the five easy steps, let’s get our terminology straight. Remember a will is NOT the same as an estate plan. While these two terms are (mistakenly) used interchangeably all the time, they are quite different.
An estate plan consists of several legal documents to prepare for your death or disability. Your will is just one of those documents, albeit a very important one. You need more than a will; you need an estate plan. With that settled, let’s discuss the five-step process of how I can craft your very own, individualized estate plan.
Honesty and Transparency
I work with my clients from a place of complete honesty and transparency. I’m upfront and open about my process of developing clients’ estate plans.
I’m always sure to inform potential clients of my five-step process:
That’s it. That’s really all there is to it.
STEP ONE: Estate Plan Questionnaire
A great place for you to start is by filling out my free estate plan questionnaire. It’s completely free, with no obligation.
You can print off my estate plan questionnaire and either fill it out by hand, or type in your information digitally. If filling it out on a computer, tablet, or smartphone, remember to “save” often and regularly. The estate plan questionnaire collects essential information needed to craft a quality estate plan. This information includes contact information about your family and your professional advisors, assets, family, and specific property items.
Cost of an Estate Plan
People thinking about completing an estate plan are often, quite understandably, concerned about its cost. No matter who you hire to draft or update your estate plan, make sure they’re completely up front with you about what it will cost. My own fees couldn’t be more obvious, as seen here from this rate sheet.
Looking at the different options, you may be confused as to which estate plan package is right for you. “Do you need a revocable living trust? Or would a simple will package be enough?” To which I say, relax. We’ll figure it out together.
There is no such thing as a “one-size-fits-all” estate plan. Estate plans – their terms, coverages, ins and outs – depend on a myriad of individual circumstances and indeed preferences.
This is why filling out my estate plan questionnaire is such a great first step. You can gather your own individual important and relevant information, all in one place, and think through decisions you’ll need to make when building your estate plan. Then, I can see from your responses what you might want and need. Once your estate plan questionnaire is complete, we’ll meet for a free one-hour consultation.
STEP TWO: Free, One-Hour Consultation
In the free, one-hour consultation, we’ll talk about your estate plan questionnaire you completed. I usually meet clients in my office, but I’ve also met folks at coffee shops, restaurants, hospitals, and their houses. (I do make house calls!) I’ll listen carefully as you describe your intentions. I’ll answer all your questions. I’ll address all your concerns. Once we are both satisfied we understand each other, I’ll give you my recommendations. I’ll tell you in plain language what I think you need and why I think you need it. I’ll also tell you the exact cost. As you can see from my fee schedule above, I use a flat fee approach. So, you’ll get a 100% reliable figure.
STEP THREE: First Drafts of Estate Plan Documents
Once you and I agree about what documents and what terms in those documents should be included in your estate plan, I get to work. I draft a set of documents, unique to you and your needs. Once completed, I share this first draft with you.
How I share the draft with you depends entirely on your preference, which I ask about in the estate plan questionnaire. Most folks are good with email. Some clients don’t have email, or don’t want these sorts documents sent through email. In such cases I would either snail mail the documents, or have the client could pick them up at my office.
However you receive the documents, you’ll spend time reviewing the first draft of your estate plan. You’ll make changes, ask questions, and raise concerns. This is all on your time frame. You take as much, or as little time, as you feel you need. I will move at the speed you want. We can go through one draft or we can go through twenty. The important thing is we won’t continue to the next step until you are completely satisfied with your estate plan in all aspects. Only when you are completely, totally, and 100 percent satisfied do we execute the documents.
STEP FOUR: Executing Your Estate Plan
We’ll set up an appointment to meet (again, usually my office, but could be another place you choose). We’ll need two witnesses. I’m a notary. We’ll go through and properly sign and notarize all the documents.
Only Then, My Bill
I talked about the cost of an estate plan, but I haven’t yet mentioned a bill. That’s because I don’t present you with a bill until the end of the process. Only once you have a fully executed (i.e., signed, notarized, and witnessed) estate plan, then and only then do I provide you my bill for legal services. The bill total will exactly match the figure I provided you earlier, during our free consultation. If it doesn’t match, frankly, you could simply not pay the bill. (I might keep the estate planning documents, though). Some clients write a check right on the spot. Other clients want to pay along with all their other bills, so they remit payment later. Yes, you may take the estate plan documents without paying—I trust you’ll pay me.
Yes, YOU Get the Original Documents
Some lawyers keep the original, signed documents. I don’t. I give you the original documents to keep safely. I can make copies (electronic, paper, or both) for you if you’d like. I do keep both a paper and electronic copy of the signed version of your estate plan. Copies of estate plans are great, just in case, but it’s the original that counts.
Short Client Satisfaction Survey
I may send you an online client satisfaction survey via email. The survey is super short, optional, confidential, and anonymous. The questions center on your satisfaction with me, the process, and the product. The survey allows you to voice your opinion on working with me and helps me improve and maintain a high-quality level of service.
STEP FIVE: Annual Follow-Up
The only constant in life? Change. As your life inevitably changes, your estate plan must adapt.
How often should you revisit your estate plan? I like to check in with my clients on an annual basis.
Some clients like revisiting their estate plan at the start of the year. Others prefer to review on a significant date, like a birthday or wedding anniversary. Some pick a random date we agree upon. The “default” date would be the annual anniversary of executing the estate planning documents.
At our decided-upon date, I’ll just do a quick check-in; typically, this is just a quick series of short emails. Only if there’s been a major life event, death of an heir or fiduciary; drastic change in health; significant change in assets; or the like, will we need to have a longer discussion. Of course, you don’t have to change anything you don’t want. I’ll simply provide advice.
You know you need an estate plan, and as you can see above, this five-step process isn’t so bad! So, cast those excuses aside and get started on checking off step one of your checklist.
If you have any questions or concerns about estate planning in your situation, please contact me any time. I can always be reached via email, gordon@gordonfischerlawfirm.com, or my cell phone, 515-371-6077.