Create an Estate Plan

An estate plan is a comprehensive roadmap outlining how you want your assets to be distributed and your affairs handled after your death or incapacitation. It encompasses legal documents, strategies, and designations that ensure your wishes are carried out and your loved ones are protected. 

An estate planning session is a meeting between an individual or family and an WMFA estate planner to discuss the individual's or family's assets, liabilities, and wishes for their estate. The attorney will use this information to create a comprehensive estate plan that will help the individual or family achieve their goals.

What to expect during an estate planning session:

1. Gathering information: The attorney will start by gathering information about the individual's or family's assets, liabilities, and wishes for their estate. This may include information about their property, investments, debts, beneficiaries, and any specific instructions they have for their estate.

2. Identifying goals: The WMFA estate planner will then work with the individual or family to identify their goals for their estate plan. This may include ensuring that their assets are distributed according to their wishes, minimizing taxes, and providing for the care of their minor children or dependents.

3. Reviewing existing documents: The WMFA estate planner will review any existing estate planning documents, such as wills, trusts, and powers of attorney, to ensure that they are up-to-date and reflect the individual's or family's current wishes.

4. Creating or updating estate planning documents: The WMFA estate planner will draft or update any necessary estate planning documents, such as wills, trusts, powers of attorney, and beneficiary designations. These documents will outline the individual's or family's wishes for the distribution of their assets, the care of their minor children or dependents, and the management of their estate.

5. Reviewing and executing documents: The WMFA estate planner will review the estate planning documents with the individual or family to ensure that they understand the terms and that the documents accurately reflect their wishes. Once the documents are finalized, the individual or family will execute them in the presence of witnesses and a notary public.

Topics that may be covered in an estate planning session:

Wills: A will is a legal document that outlines how an individual's assets will be distributed after their death.

Trusts: A trust is a legal arrangement in which an individual (the grantor) transfers assets to a trustee to manage for the benefit of beneficiaries.

Powers of attorney: A power of attorney is a legal document that allows an individual to appoint someone else to make decisions on their behalf, such as managing their finances or making medical decisions.

Beneficiary designations: Beneficiary designations are instructions that specify who will receive the proceeds of certain assets, such as life insurance policies and retirement accounts.

Guardianship: Guardianship is a legal arrangement in which a court appoints someone to care for a minor child or an incapacitated adult.

Tax planning: Estate planning attorneys can help individuals and families minimize the taxes that will be due upon their death.

Benefits of estate planning sessions:

Ensures that assets are distributed according to wishes: Estate planning helps to ensure that an individual's or family's assets are distributed according to their wishes after their death.

Minimizes taxes: Estate planning can help individuals and families minimize the taxes that will be due upon their death.

Provides for the care of minor children or dependents: Estate planning can help to provide for the care of minor children or dependents in the event of the death of a parent or guardian.

Reduces stress and anxiety: Having an estate plan in place can help to reduce stress and anxiety for individuals and families, as they know that their wishes will be carried out after their death.

Who should consider having an estate planning session:

Adults with assets: Any adult who has assets, regardless of the value, should consider having an estate plan.

Adults with minor children or dependents: Adults with minor children or dependents should have an estate plan in place to provide for the care of their children in the event of their death or incapacity.

Adults with complex financial situations: Adults with complex financial situations, such as those with businesses or significant investments, should consider having an estate plan to ensure that their assets are managed and distributed properly.

Adults who are concerned about their health: Adults who are concerned about their health should consider having an estate plan in place to ensure that their wishes are carried out in the event of their incapacity or death.

Tips for preparing for an estate planning session:

Gather your financial information: Gather all of your relevant financial documents, such as bank statements, investment statements, and insurance policies.

Consider your wishes: Think about how you want your assets to be distributed after your death and who you want to care for your minor children or dependents.

Make a list of questions: Make a list of questions that you have for the attorney about estate planning.

Be prepared to discuss your personal situation: Be prepared to discuss your personal situation, including your family, your assets, and your wishes for your estate.

Estate planning is an important part of overall financial planning, and an estate.