Now that you’re ready to set up an estate plan to protect your family, you might be wondering, “What’s the next step? What should I do?”
Here at Speedwell Law, we understand that the process of estate planning can seem overwhelming, so we’ve broken down three important first steps you should take when you’re starting your estate planning journey.
Step 1 – Gather Your Financial Information
Estate planning involves identifying what assets you own so you can decide who gets what. So the first step is to compile a list of all your financial accounts, which includes your checking, savings, brokerage & investment accounts, as well as your retirement accounts.
One of the biggest mistakes parents make is providing their estate planning attorney with an incomplete list of their financial accounts. It would be much more difficult for your children to find missing accounts if something happens to you. They may not be able to inherit all of your cash and investments if you do not identify and include them in your estate plan.
We encourage you to list out all of your financial accounts on your estate planning attorney’s intake form so the information is organized in one document. If you’d like a copy of our intake form, please email us at [email protected] and we’ll send it to you right away so you can start the process.
Step 2 – Gather Your Real Estate Deeds
One of the goals of estate planning is to ensure that your family inherits your assets without having to spend years and tens of thousands of dollars in probate court. The most valuable asset you own is probably your house and other real properties. So when you become a client at Speedwell Law, we’ll help you make sure your real properties are placed inside your revocable living trust to avoid probate and ensure a smooth transition.
Before you meet with us, please find a copy of the deed to your house and other real estate. This legal document identifies you and/or your spouse as the owners of your real estate. Sometimes this document is called the quitclaim deed or the deed of bargain and sale.
If you kept the closing documents from your realtor when you purchased your house, your deed may be in there. If it’s not, here’s a few things you can do to find your deed:
- Ask your realtor if they can get you a copy.
- Contact a title company. They’ll be able to retrieve a copy for you electronically for a small fee.
- Contact your local county recorder’s office or the local court house where your real property is located. They offer affordable deed retrieval and printing services.
It’s important that you have the deed on hand because your estate planning attorney will ask for it. At our law firm, we help our clients prepare the new deed to transfer your real property into your revocable living trust. You must do this to avoid probate court.
Step 3 – Choose Your Estate Planning Attorney
What’s your favorite ice cream flavor? Is it chocolate? Vanilla? Rocky Road? Everyone has different preferences when it comes to ice creams and it’s the same when hiring an estate planning attorney.
Every estate planning attorney is a different flavor. We have different processes, ways of communication, and how we treat our clients. So it’s essential that you choose an attorney who reflects your personal preferences and can do the job to your satisfaction.
Here are a few useful ways to hire the perfect estate planning attorney:
1. 5-Star Online Reviews
You want an attorney who has clients praising his quality of work and the way he treats his clients. Our law firm has more 5-star online reviews than any other estate planning law firm in our area. We’re not telling you this to boast, but to show you that we care about giving our clients exceptional service.
2. A Helpful Website with Videos and Articles
An attorney who cares about their reputation and image to the public will have a website that shows how they can help your family in a personal way. Estate planning is an act of care and compassion towards the ones you love, so you want an attorney who reflects those values.
On our website, you can find blog articles and videos to learn about the estate planning process and the legal issues that may affect your family when you’re gone. We do our best to educate our clients so you can make the best decisions for your family’s future. Please check out our content at www.speedwelllaw.com.
3. An Office That’s Conveniently Located or Offers Virtual Services
Would you want to travel an hour to meet with your estate planning attorney, or wait weeks to get a first appointment? You want an attorney who is conveniently located near where you live and offer a welcoming office space to advise you through the process.
However, like most people during the COVID-19 pandemic, you may want to meet with your attorney virtually by phone or video conference, and not have to leave the safety of your home to get your estate plan done. At our law firm, we offer virtual consultations by phone and video conference to our clients to make it easy for them.
4. A Straightforward Process and Reasonable Fees
Many attorneys practice multiple types of law. For example, an attorney may help families set up estate plans and also handle car accident cases. You want an attorney who focuses their entire practice on estate planning. Why? Because you probably want someone who knows what they’re doing and has a streamlined process to get your estate plan done efficiently so you can have peace of mind knowing you did it right.
When you speak with an attorney, ask about their process. An estate planning attorney should have a well-defined process that removes hurdles for you to go through the estate planning process. At Speedwell Law, we’ve designed a proven process that’s focused on making your estate planning experience simple yet detailed. We’ll address all of your family’s unique needs and you’ll have a complete estate plan in weeks.
Also, ask about how much they charge. Ask whether they offer a flat fee or hourly rate. Our law firm usually help clients on a flat fee basis, which means we give you a quote upfront so you know exactly how much your estate plan will cost. This removes barriers to get what you want. It creates candor, trust and transparency.
Alternatively, some attorneys charge on an hourly basis, which means they charge you by the hour for the work they do. Hourly billing may be required if the scope of work is unknown from the beginning. So it’s important to get a general idea from your attorney as to how many hours it will take for them to set up your estate plan, or it might cost you much more than you expected.
Schedule Your Free Consultation Today
We understand that you have many options when it comes to hiring an estate planning attorney. So we’re very grateful for each client who allows us to serve their family.
If you’d like to see if we’re a good fit for your family, schedule a free phone consultation with us. The call is complementary. I like to introduce myself, learn a little bit more about you, and answer your initial questions with this call. I can also provide a price quote during the call. In addition, I’ll share my representation overview so you can get a sense of our process. I look forward to speaking with you soon.