So, I have a meeting with a San Jose estate planning attorney. I felt it’s time to get a grip on “what if” scenarios that could transpire should I pass away. Today I’ll blog about what I took away from the experience and hopefully help some of you who are looking at this situation. It’s not fun, it isn’t always cheap, but it’s very smart.
What Is Included In An Estate Planning Meeting?
Estate planning and management is no easy feat as a lot of planning and decision making is involved in the process. Estate planning meetings determine the outcome of many possibilities. The main member of the meeting is an attorney who has experience with setting up wills, trusts and other domains involved in the process.
Planning for your assets involves a lot of ground work and certain other elements that should be handled well before time. For a successful estate planning meeting with an attorney, you need to figure out the following things on your own with your spouse.
How do you and your spouse want to handle your assets? There are certain factors that you need to take into account such as if you both die at the same time what happens to your estate? Moreover, another scenario could involve death of one spouse before another. Both these things need to be discussed and clearly defined in the meeting.
Another important factor to take into account in handling is determining whether your estate will stay in your bloodline or not. For instance, if one of your children dies after having a baby and their spouse remarries, would you want the new spouse and your child’s baby to be a part of the estate or not.
Inheritance is another crucial element of estate planning. In the meeting, you should clearly determine whether you want your children to get everything at the time you die or if you want them to get a consistent and ongoing income from your assets. If you are looking to set up means of ongoing income, you should determine the amount that they should receive and the frequency of payments.
You must also discuss your estate and its division to your new spouse in case you decide to remarry. Will your spouse be getting any of your assets or everything will go to your grandchildren and children?
Include Everything In Your Estate
You must include everything you own in your total assets when planning. For example, if you have any other asset such as a vacation home, you must include that in your estate planning. You should also decide on any extra properties that must be included. Moreover, you must also not forget to discuss all the other major assets with the attorney in the planning meeting.