How do I Create an Estate Plan?
Creating a bulletproof estate plan is one of the most important things you can do for yourself and your family. But estate planning is not a “one size fits all” proposition. A well-crafted estate plan takes into account factors such as whether you are married or have kids, your assets, your health, your finances, and more.
With all the complexities of estate planning, you may find yourself asking:
“Where do I even start?”
Some law firms prepare a copy-and-paste form estate plan and send you on your way. But at Postic & Bates, our attorneys walk you through every decision in the estate planning process so that you get an estate plan that works for you. Here’s what that process looks:
You can scroll down to continue reading, or click on one of the links above to skip to a particular section.
STEP ONE: Download our FREE resources
At Postic & Bates, we believe in educating our clients so they can make informed decisions about their estate plan.
That’s why we created an Estate Planning Guide with 60+ pages of important estate planning information. The guide covers basics such as the differences between Wills and Trusts, as well as more advanced topics such as Special Needs Planning.
But what if you come across words or phrases you don’t understand?
Let’s face it, “legalese” can make it difficult to understand even the simplest estate plan.
To fix that probate, we made a Glossary of Estate Planning Terms with definitions for common estate planning terms, in addition to explanations of legal concepts thatyou may see in your estate plan.
And the best part?
We are giving away these resources FOR FREE.
Simply click here for our Estate Planning Guide… and click here for our Glossary of Estate Planning Terms.
STEP TWO: Schedule a consultation
The best way to learn about estate planning is to talk with one of our experienced estate planning attorneys.
Although many firms charge $200+ if you simply walk in the door, the attorneys at Postic & Bates offer FREE consultations to help you decide if we are the right fit for you. Simply click the button below and either call or email us to set up an appointment:
During this initial appointment, we will talk about your estate planning goals, explain the options available to you, and discuss any other issues or questions that you have. And if it doesn’t feel like a good fit, look to another attorney.
You should also download and fill out our estate planning client information form. That way, we will have all the information we need to get started on your documents right away.
STEP THREE: Review and sign documents
Once you decide on what estate planning options are right for you, our attorneys will draft your estate plan. The length of time it takes to prepare those drafts depends on the complexity of your plan and whether you need to provide additional information.
When the drafts are ready, we will send you copies to review, along with explanations to help you understand your documents.
Read your document drafts closely to make sure all the information is correct.
We will make any necessary corrections or changes until you are happy with your estate plan.
After that, call us to schedule an appointment where you will sign your documents. The signing ceremony usually takes place in the Postic & Bates office, in which case we can provide the necessary witnesses and/or Notary Public.
If you need to sign outside our office, discuss that matter with us as soon as possible.
After the signing ceremony, you are done with the formal estate planning process! However, as a there is also an informal side of estate planning that your attorney cannot do for you…
STEP FOUR: Organize your personal affairs
The estate planning process is not over when you sign your documents.
Even if your plan avoids probate, it can still be very difficult to administer your estate after your death. Hundreds and hundreds of questions arise with even the simplest of estates.
To make administering your estate as easy as possible on your representative, you should consider taking the following steps:
Funding your trust – Your trust helps you avoid probate only if your assets get transferred to your trust. This process of re-titling assets into the name of your trust is known as “funding” the trust.
Writing a “letter of instruction” – This letter guides your representatives through administering your estate. It should include information such as where you keep your assets, how to access accounts, lists of advisors, funeral plans, etc.
Inventorying your assets – Do you have a safe deposit box? Do you have pre-paid funeral arrangements? Where are your insurance policies? What retirement benefits, death benefits, or other payments or annuities are to be paid to your estate after your death?
Creating a digital estate plan – What happens to your digital assets after your death? What happens to your memories on Facebook, your photos on Flickr, your family videos on YouTube, and all your other online accounts? A digital estate plan helps your representative access and dispose of those accounts according to your wishes.
Listing services to cancel – What memberships, services, recurring bills, or other expenses need to be stopped after your death? Keep a list of pest services, lawn services, newspaper, cable/Internet, telephone, or other regular expenses that your representatives should cancel after you die.
Holding a “fire drill” – Even if you have an estate plan, do your loved ones or other representatives know where it is and what it says? We recommend that you pretend you have died, and then walk your family through the process of what they must do to set your affairs in order.
Your attorneys will talk to you about these and other useful planning techniques that you can do on your own.
What else do I need to know?
All of this information can be overwhelming. However, our goal at Postic & Bates is to make the estate planning process as simple as possible. In fact, we regularly hear clients say “That was painless!” or “That wasn’t so bad!” after completing their plan.
Just remember: we will be by your side every step of the way.
To discuss creating or updating your estate plan, contact the experienced Oklahoma City estate planning attorneys at Postic & Bates today for a free, no-obligation consultation appointment by clicking the button below:
[As with all our blog posts and other publications and resources, the contents of this article do not constitute legal advice and are subject to our site-wide disclaimer.]