ciates, or to take revenge. Be careful while planning your estate to avoid unforeseen consequences that may result in litigation over your estate after your death. If you fear your estate will be embroiled in controversy, seek advice from a counselor or legal adviser.
3. Compile Information
Gathering information for estate planning is critical. Organization is extremely helpful. The following information
categories will help you start collecting and organizing
the estate information that an attorney or a tax adviser
needs. The list is very complete; don’t let it worry you. Just gather readily available information that can make your initial meeting with your professional adviser( s) more productive.
Organize asset, debt, and real estate information into files for your initial professional meeting. Delays in finding
and sharing information will waste time and cost you money.
Many attorneys, tax advisers, and financial advisers have their own forms that they will ask you to use when compiling this information prior to your initial meeting. Organizing and gathering information by the following categories can greatly facilitate that process.
Personal information. List everyone who has a legal right, or may believe that they have a legal right, to either part of your estate, your retirement, or other assets under
a divorce settlement, divorce decree, or a premarital agreement. Copies of any divorce settlements or decrees and any premarital agreements from your current or earlier
marriages should be included with this information. Make photocopies of your original documents to bring to your first meeting with a professional unless he or she specifically asks for originals.
Make a list of all family members. Include these names:
• Your children— adopted, natural, legitimate, and illegitimate.
Though stepchildren may be excluded as beneficiaries in a will, information on them should be included in this list.
• Your grandchildren.
• Your spouse, your spouse’s parents, and any ex- spouses.
Provide contact information for everyone on your family- member list, and include their birthdates, addresses,
e- mail addresses, telephone numbers ( including cell phone numbers), occupations, and Social Security numbers.
Any other relatives and friends who may play a role in your estate plan as an heir, executor, guardian, agent under a durable power of attorney, or health care agent under a health care power of attorney should be included in a separate list. Provide addresses, e- mail addresses, and telephone numbers for everyone on this list. Indicate the role he or she will play in your estate plan.
If you have illegitimate children or paramours that are unknown to your spouse, you must make your attorney aware of them. This means that you cannot use the same attorney as your spouse to develop your estate plan. If you do so, that attorney must, under legal rules of ethics,
reveal the names of any illegitimate children or paramours
to your spouse.
Adults who cannot care for themselves represent especially
challenging estate planning issues. Your personal information should include information about special needs children who may need help when they become adults. Also include information about parents or siblings who may need special provisions in your estate plan due to degenerative diseases or other conditions.
Bank accounts. Provide information for all bank and credit union accounts. Include the account number( s), the exact name( s) on each account, and the name and location
of the branch at which you do business. You should also provide the name and contact information for any beneficiary named on each account. For joint accounts, describe the form of ownership used to the extent that you know it and include a copy of the signature card or other document under which the account was created. Your attorney can usually determine the form of ownership
used from these documents.
Stocks and bonds. Include a description of all stocks and bonds, the years purchased, the number of shares or bonds, the exact name of the owner( s), the face value, the cost, and the name and contact information for the brokerage
firm, if any, that holds the shares or the bonds on your behalf.
Life insurance. List each company, contact information for each, the policy number( s), the type of life insurance ( such as term, universal life, whole life), the face amount, the cash value ( if any), and the exact name( s) of owner( s), the insured( s), and the beneficiary( ies) of each policy.
Trusts. List the type, contact information for the trustee( s), by whom the trust established was and when, the exact name( s) of beneficiary ( ies), the value, and the owner. You should also bring copies of supporting documents,
including the trust document.
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