Estate Planning – 7 Keys to Success – Take Action Now

Key 7: Take Action Now

John and Jillian, both in their 30s, were going on vacation. They were leaving behind Heather, their five-year old daughter, for the first time.

Suddenly they realized that they had no will, guardian, or trust set up for their daughter. They needed to do something immediately.

Key #7 to estate planning success requires that you act on what you have learned.

Taking action involves these three steps:

Step 1 – Get professional guidance

Prepare a list of concerns that you need to address:

Lawyers should be able to help clarify your choice for:

Doing a little homework now will save you time and money. Consider reading Estate to the Heart, the fastest and easiest guide to estate planning.

Step 2 – Find an estate planning lawyer by referral

Ask friends, accountants, and lawyers for referrals.

Search law firm websites to find lawyers with estate experience.

Interview the lawyers that you’re considering. You may do this by e-mail, telephone, or in person.

Inquire about the lawyer’s qualifications, working arrangements, and availability for an appointment within seven to ten days.

Bring your background documents (e.g., separation or shareholder agreements) to the appointment, with a list of your questions.

Confirm with your lawyer when draft estate planning documents will be prepared. Be sure to review documents before your appointment to sign.

Confirm how your follow-up questions will be dealt with, either by a further meeting or by telephone conversations.

Step 3 – Sign your estate planning documents

Sign your documents and arrange for proper storage of all original signed documents. Advise those involved where documents can be found.

All of the above steps can be completed within two to four weeks from start to finish.

What Does It Cost to Create an Estate Plan?

Legal fees will depend on:

  • the experience of your legal advisors
  • the complexity of your circumstances
  • the fees charged in your local area

You should be able to find a capable lawyer in most price ranges.

Congratulations! You have learned the 7 keys to estate planning success. Share your thoughts by commenting below.

To get all the keys now, download Estate Planning: 7 Keys to Success.