What Do I Need In Order To Create a Will and Estate Plan?

You’ve taken the prudent step of working on your estate plans. Congratulations! You protect your children by organizing your affairs and preparing for your first Cincinnati estate planning attorney.

Believe it or not, that was the hard part. But how can you prepare for this first meeting? How can you save time, both for yourself and for your attorney? You can take a giant step forward by gathering the following eight types of documentation.

1. Information About Your Business(es)

Do you own a business or part of one? Or more than one? Gather tax details about the companies and their locations. Your attorney must know if they are limited liability partnerships (LLPs), sole proprietorships, family businesses, or S-corporations.

2. A List of Physical Assets

At first, this list may seem like the least important set of documents. But you’ll be considering each item’s liquidation—not replacement—value for tax purposes. These assets may include vehicles, jewelry, collections, books, media, furniture, and anything unrelated to an account.

3. Real Estate Documents

For each piece of real estate, you’ll need to know the outstanding mortgage balance, current market value, and ownership interest (e.g., sole ownership, joint ownership, or tenants-in-common). This list includes your primary residence, investment property, rental properties, vacation homes, or any other kind of property.

4. Life Insurance Details

Provide the name of your life insurance provider, account numbers, and precise death benefit. With this information, your Will and Trust professional can ensure your premiums continue to be paid in the event of your injury or incapacitation, avoiding the evaporation of those life insurance benefits. Even one missed payment could jeopardize the payout for your beneficiaries.

5. Your Inheritance Information

Are you still receiving funds from a family Trust? Could you possibly receive an inheritance from other family members? Whether or not you know that you’ll be named a beneficiary, you will want to list those possibilities.

6. Retirement Savings Information

Retirement accounts include those with employers or financial institutions and what types of accounts they are. If you have a pension, 401[k], an IRA, a Roth, a 457, or anything like that, be ready to list it. While providing the exact amounts isn’t necessary, knowing their approximate value is helpful.

7. Non-Retirement Assets

Non-retirement assets include mutual funds, stocks, bonds, treasury notes, annuities, and savings and checking accounts. The most important thing here is how these accounts are named. Which ones are only your name, and which do you share with a spouse or sibling?

8. Family Members’ Profiles

Bring complete contact information—full legal names, dates of birth, nicknames, addresses, phone numbers, email addresses, and more—for anyone you want to name in your estate. These can include children, stepchildren, grandchildren, siblings, cousins, nieces, nephews, parents, and more. Of course, don’t forget your current and/or former spouses.

Support from a Cincinnati Estate Planning Law Firm

At Donnellon, Donnellon & Miller, we congratulate you on taking the thoughtful and sensible step toward caring for your loved ones. Through our comprehensive estate planning services, we’ll work hard to incorporate your wishes and provide maximum protection to the loved ones you leave behind.