What is an Estate Plan?

What is an Estate Plan

What is an Estate PlanWhat is an estate plan?  An estate plan is a process to uncover your goals and wishes then to memorialize them int a set of documents.  Estate planning is about more than just writing a Will.

The planning process consists of several steps:

  1. The discovery session or initial consultation.  In this meeting, the attorney will work with you to uncover your goals and wishes for a plan.
  2. Homework.  You will be sent home with a packet to complete which gives the attorney the information he needs to create the planning documents.
  3. Draft. The attorney will create the documents and capture your wishes and goals on paper.
  4. Review.  The attorney will present the important parts of the plan to you for review.  This process will continue until all is correct.  It is an iterative process.  It may take 1 time or it may take more.
  5. Signing.  You will meet with the attorney, notary public, and two witnesses to sign all the documents.
  6. Funding. You need to fund your trust if you created one.  If you are using a Will, there is other work you may need to do.
  7. Maintenance.  No plan is ever complete.  From time to time you need to review the plan to make sure it still meets your goals.

As you can see, an estate plan is more than just a Will or a Trust.  It takes a lot of time and expertise by a skilled attorney to create a plan that meets your goals.

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