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You worked hard to build your wealth. But have you wondered what happens to your assets if you become ill or when you pass? We believe everyone should have an estate plan to resolve this uncertainty. An estate plan is a comprehensive set of legal documents that outlines how your assets, including real estate, retirement accounts and digital assets, will be managed and distributed, and names individuals to help manage your assets and health care if you are unable to do so yourself. It helps protect your beneficiaries and ensures your wishes are honored. Whether you're considering creating a revocable living trust or need advice on estate tax implications, your financial planner can help guide you through the estate planning process in advance of a meeting with an experienced estate planning attorney. If you don’t have an attorney, talk to an 91��̳ Engines planner, and we can provide you with a list of professionals near you.

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Getting Started

Before you meet with an estate planning attorney, it’s useful to consider several questions that can help speed up the development of your estate plan. It’s important to understand that attorneys are there for the legal mechanics, but they won’t necessarily ask the questions that address important family dynamics you may need to consider. Before your first meeting with your estate planning attorney, consider talking with your financial advisor, who can act as an objective sounding board to discuss who gets what, when, how and why. Engaging with a financial advisor can help educate you in the complexities of estate planning documents and the overall estate planning process. They can assist you in understanding various aspects are integral to your financial plan such as asset protection, beneficiary designations and potential tax liabilities, including estate tax and inheritance tax. Then, you can walk into your attorney’s office with a general vision of your estate plan, making the overall process to execute easier and quicker. By addressing these estate planning questions early, you can create a more comprehensive estate plan.

Here are three questions you could discuss with your planner:

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Who Will Be Your Executor?

If you are creating a will, you will need an executor to administer the estate. Obviously, the person needs to be trustworthy but being an executor is a skilled job with time commitments. They need to have the bandwidth to oversee the estate. Your heirs also need to view the executor as unbiased. If a family member or friend doesn’t fit the bill, consider hiring a professional fiduciary such as a trust company or a bank with trust powers. You might also want to give some consideration to naming an alternate executor – the person who will serve if your first choice isn’t able to do so for any reason.

Choosing your executor carefully is an important step. In cases involving complex assets or family dynamics, an experienced financial advisor and estate planning attorney can provide guidance on selecting the appropriate individual or institution. Additionally, consider how the chosen executor will coordinate estate administration to help ensure a smooth process for your beneficiaries, including a surviving spouse or children.

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How Will You Divide Your Assets?

When you meet with your planner, he or she can help you objectively think through who should get what and why. Perhaps you are thinking about delaying your children’s inheritance until a certain age. Maybe you would like to leave something to your grandchildren or a specific charity. Your attorney may not ask you these questions. A planner may offer a different and comprehensive perspective you need to make these decisions.

Discussing your assets, including real estate, retirement accounts, life insurance policies and digital assets with your financial advisor can help you understand any potential issues and how it impacts your overall financial plan.

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Who Will Be Your Attorney-in-Fact and Health Care Representative?

Estate planning is more than dividing your assets at death. To have an integrated estate plan, you need to appoint someone to legally act on your behalf in medical matters if you become unable to do so yourself. This person is known as a health care representative and is appointed in a health care power of attorney.

In addition to the health care power of attorney, a comprehensive estate plan also includes a durable power of attorney, which is the document in which you designate a person to make financial and other non-health care decisions for you. This person is an “attorney-in-fact.” ������

Many people may default to their spouse or oldest child when naming an attorney-in-fact. However, like an executor, necessary criteria extend beyond the person’s trustworthiness. He or she needs to have the bandwidth for the role and should be trusted by your other loved ones. When choosing a healthcare representative, consider how far the person lives from you, as the role may involve getting to your local hospital or doctor’s office quickly.

And as with your executor, you may wish to consider naming an alternate attorney-in-fact and an alternate health care representative.

There is a lot to consider. If you would like to first discuss these topics with your planner, it could help set you up for success when you create the actual estate plan with your attorney. Your financial planner can also assist with other aspects of planning, such as business succession planning if you own a business. By collaborating with your financial advisor and estate planning attorney, you can help ensure all aspects of your estate and legal affairs are in order.

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