Preparation key to saving time and money with estate planning

| Dec 19, 2018 | Estate Planning

As with most things, preparing ahead of time for one’s initial meeting with an attorney can save both time and money. Estate planning encompasses a vast array of decisions which must be made and assets which must be addressed. By thinking through some of the basics and gathering the appropriate information, the Colorado resident can be prepared.

In addition to providing the attorney with one’s basic information, the attorney will need to know one’s marital status and if there are any children. Additionally, if there are children and one of them has borrowed from his or her portion of the estate or should be treated differently than any others, this should be noted. For example, one child may be estranged from the family, may be financially irresponsible or may have a disability that necessitates other considerations.

A listing of all assets, how they are held, where they are located and any relevant account numbers should also be provided. This will include real estate holdings, investment accounts, retirement accounts, insurance policies and all other valuable assets owned by the individual. It is also possible that the individual has acted in a lending capacity; if so, information related to this debt will need to be provided.

Estate planning is an important part of planning for the future. As such, it does require preparation time and effort. Prior to meeting with an attorney, the Colorado resident can get started by gathering the necessary information and gathering his or her thoughts regarding how his or her assets should be distributed when the time comes.