Nashville natives, Todd and Debbie felt too overwhelmed by decisions and delayed making a will. When they passed, their children went through eighteen months of probate court and spent around $12,000 in fees. Navigating grief and loss made the process all the more difficult.
This story is a common one. Many families experience regret from not creating an estate plan, and one of the top reasons why it never gets done is overwhelm.
Whether it is from information overload or fear of making the wrong decisions, there are plenty of reasons why estate planning feels overwhelming and complicated. If you feel this way, you are not alone!
Because we know how overwhelming this process can feel, we have compiled a short checklist of the essentials that can help you prepare for estate planning. If you complete these three steps before meeting with your estate planning attorney, you will be ahead of the game and feel more in control of your future.
Here are three simple steps you can take to overcome the analysis paralysis of estate planning (and we guarantee they are easier to complete than you might think!)
Step #1: Inventory Your Assets and Liabilities
One of the best things that you can do to prepare for estate planning is to make a comprehensive list of your assets. Some of the things that the list can include is real estate, bank accounts, investments, retirement accounts, life insurance, business interests, and personal valuables. It is also helpful if you can note any outstanding debts (mortgages, loans, credit cards). This helps the attorney understand the size and structure of your estate.
At Linville Estate Law, we’ve built in this step for new clients by sending them an intake questionnaire. So, if you are planning to make your estate plan with us, you can skip this step and wait to receive an email with a link to complete the questionnaire. It only takes about 15 minutes!
Step #2: Gather Key Documents
If you have not made an estate plan before, the following documents might be helpful for you to collect if you have them: deeds, titles, account statements, insurance policies, and business agreements.
If you have created an estate plan before, for example in another state, or many years ago that needs to be updated, you can bring existing wills, trusts, or powers of attorney with you when you meet with an estate planning attorney.
These are helpful for attorneys to evaluate your current situation, and better assist you plan for the future.
If you do not have all the documents in this list, no worries. Your attorney will be able to tell you exactly what they need.
Step #3: Think About Your Goals and Wishes
Creating an estate plan requires you to make some important decisions. It is very common for people to have the fear that they’ll “mess it up” or pick the wrong person, so they do nothing instead.
You will have to think through some considerations, and ask questions such as: Who should be the executor of my will? Who should care for the kids? What do I want to leave to whom? Are there any special considerations that will affect my planning, such as a child with special needs or blended family issues? These might be difficult to answer if you have never asked them before, but they are important and will save you time if you have thought through them before meeting with an attorney.
There is also good news that most estate planning documents can be changed while you are living, so if you change your mind on any decisions you’ve made, it is easy to update your plan accordingly.
Bonus Step #4: Book a Free Discovery Call
Whether you found this checklist to be helpful or not, something that we guarantee will reduce stress when it comes to estate planning is talking to someone who can help. We offer free discovery calls with our clients services team so that you can get your questions answered and feel confident and equipped to take this important step for your family. If you are ready to overcome the obstacle of procrastination and take your family’s future back in your own hands, click here to schedule a free discovery call. If you don’t do anything else on this list, this one step will still set you up for success!
“They made such a complicated and confusing process so easy! … Don’t waste your time trying to ‘do it yourself’ through an online estate planner, because it WILL not cover everything as thoroughly as they do…” -Elizabeth
