Estate Planning Documents: Basic Information To Prepare

By Thomas Rose | Mon, 3 Nov 2008

I could prepare for you a lengthy, detailed estate planning worksheet to complete.  But I've learned that more often than not my clients tend to freeze-up when they read the questions, they put the questionnaire aside for another day, and then never complete it ever.

So, if you are interested in sitting down with me and discussing wills, medical powers of attorney, revocable living trusts, and estate planning in general, it will be helpful for me if you come prepared with answers to most of the following questions:

• Names and birth dates of all family members;
• Is there a document preparation deadline (for example: a planned vacation or trip, or a scheduled surgery);
• Do any of your children have a permanent disability and/or who may depend upon outside support for as long as he or she may live;
• Names of trusted individuals who are qualified to serve as an executor of your estate or as the trustee of your trust;
• Names of trusted individuals who are qualified to serve as your personal representative for property and tax matters under your durable power of attorney;
• Names of trusted individuals who are qualified to serve as your personal representative for health care and termination of life decisions under your medical power of attorney;
• If any of your children are under eighteen years of age, the names of trusted individuals who are both willing and qualified to raise your minor children in your absence (but please do not delay your estate planning if this question poses difficulties; a separate guardianship declaration may always be prepared at a later date)
• Upon your death, who do you want to receive your property; and
• Your best estimate of the present value of your entire estate (all information will be held in strict confidence; this estimate should include the face value of all life insurance policies, annuities, IRAs, employee benefit and retirement plans, cash, securities, home, real property, automobiles, jewelry, the value of any business you may own, and anticipated inheritances)