Our Estate Planning Process
Estate planning is a big step and can be a confusing process. At Luckenbill Law Firm, we strive to make this process as simple as possible, so we’ve laid out our step-by-step process so you know what you can expect.
Step One: Contacting an Estate Planning Attorney
The first step is to call or email Luckenbill Law Firm. Resist the temptation to put estate planning off any longer. It’s an important aspect of life, and the best estate plan is the one you have in place before you need it.
Step Two: Scheduling Your Consultation
The next step is to schedule a face-to-face meeting. Most competent attorneys will want to meet with potential clients in person, and, assuming that the consultation is for estate planning, the first meeting is at no cost or obligation. At this consultation, you will discuss the estate planning tools and strategies that are available and appropriate for you as well as the fees associated with them. For example, most clients decide that a living trust is inappropriate for their needs, and, after further discussion, feel that a last will and testament is adequate. As you might expect, the time involved and legal fees associated with a living trust tend to be higher than those associated with a will, but your needs and not the price tag should be at the forefront here. These are important documents that will serve you for years to come.
At the point you decide to hire Luckenbill Law Firm, a deposit will be required. The attorney-client relationship is not established till a fee is collected.
Step Three: Factfinding
This step consists of two parts: documenting what you own and making decisions about who will have responsibilities in your estate plan.
Documenting what you own, such as bank accounts, investments, real and personal property, life insurance, and nursing home insurance, is what most people think of first when it comes to estate planning. It’s important that everything you own is documented in your will or living trust. If you own real estate in Boone County, Luckenbill Law Firm can access the records associated with that; outside of Boone County, the attorney will need copies of deeds that you provide.
Decisionmaking is the other part of factfinding. This is the time to decide who will be your healthcare agent, executor or personal representative, successor trustee, or guardian of your minor children. This is also the time to decide who will inherit specific property from you. These are important decisions that need to be documented in your estate planning so that the people you choose have the authority to carry out your wishes. Luckenbill Law Firm encourages you to keep anyone named in your estate planning documents informed of their role in order to manage their expectations and avoid surprises.
Step Four: Drafting the Documents
Once the attorney has all the information from factfinding, he will draft the actual estate planning documents. These documents will be emailed to you for approval, and any changes that need to be made will be addressed at this time.
Step Five: Executing the Documents
Executing the documents requires an in-person meeting to sign the documents. These signatures will be made in front of two witnesses, who will also sign the documents. All signatures will be notarized by a notary public.
Step Six: Filing the Documents
During this step, any signed and notarized documents that need to be filed with county government are filed by the attorney.
Step Seven: Retaining the Documents
At this time, the originals of all documents as well as copies are provided to the client. A copy is also retained by the firm for recordkeeping purposes.
Step Eight: Updating Beneficiary Designations
After the documents are executed and filed, the client should update the beneficiary designations and transfer instructions on all relevant property, including bank accounts, investments, real and personal property, and insurance policies. This is an especially important step, as it helps to avoid a costly probate process and affirms that the decisions made in your estate planning are, in fact, what you want to happen.
Step Nine: Reviewing and Updating your Estate Planning Documents
Periodically, you should review your documents to ensure that they still reflect your wishes. A general rule of thumb is to review your documents and make changes if needed every five years. It’s also a good time to review and update if someone named in your documents has died or become incapacitated, or if you’ve experienced a material change in your family circumstances.
What Should I Do if I Move Out of State?
If you move outside the borders of Missouri, you may wish to redo your estate planning documents entirely. Other states will do their best to enforce plans written under the laws of the State of Missouri, but some states don’t have the same tools in their legal structure. If this is the case, it’s a good idea to contact an estate planning attorney in the state to which you moved and see how best to update your estate plan.