What information do I need to give you to start my estate plan?

Our New York City Estate Planning Lawyers Explain the Information Needed to Start an Estate Plan

Making big decisions about inheritances and health care proxies can raise uncomfortable questions. Many people feel the first steps toward making an estate plan are the most difficult. After all, writing a will or structuring a trust typically necessitates having a solid understanding of how your assets interact with your liabilities—an understanding that is rarely intuitive or easy to reach.

You don’t have to take on the burden of planning your legacy alone. The experienced estate planning attorneys at Landskind & Ricaforte Law Group, P.C. have spent years helping New Yorkers protect their peace of mind. But, to find the best solutions for your family, we’ll need to know a little about you, your loved ones, and your financial circumstances. Here, we discuss what to expect at your initial consultation with us and the information we’ll need to get started.

Preparing to Create a NY Estate Plan

Your estate plan is your family’s first line of financial defense against the unexpected. By writing a will or funding a trust, you can better ensure the following:

• The most important people in your life receive the inheritances they deserve
• Your family can understand your legacy without having to debate its details
• Your assets remain safe from bad-faith lawsuits and invalid creditor claims  
• Decisions about your health and physical well-being stay in your own hands

Here’s the type of information New York City estate planning lawyers usually need to get started on your plan:

Basic Demographic Information

We’ll need to know a bit of general information about you to begin recommending the best possible solutions for your estate planning needs. Most of this general information constitutes basic information about you—information you won’t have to think twice about, like your full name, your address, and your phone number.

Your Family Characteristics

Your family characteristics are an essential part of your estate plan. During your consultation, your attorney may ask for information about:

• Marital status
• Name of your spouse, if applicable
• Names and ages of your children, if applicable
• Names and ages of other close living relatives

By asking questions about your family characteristics, your lawyer will have a better understanding of how inheritances can be divided and what types of obstacles could arise if an heir decides to dispute the terms of their inheritance.

Details of an Existing Estate Plan

Estate planning lawyers help New Yorkers both with building brand-new estate plans and with revising existing ones. If you already have an estate plan—even if it’s made up of an old will or a list of your beneficiary designations—your attorney will need some basic information on its particulars. You should typically be prepared to answer questions about:

• If you already have a will, a trust, or powers of attorney
• If you have already appointed a health care proxy or approved an advance care directive
• If you have long-term care insurance, an IRA, or a retirement savings account

Seeing a New York City estate planning lawyer doesn’t always mean having to start from the ground up, but it does present a great opportunity to review the protections you already have in place. Changes in circumstances, like getting married or having a child, are changes that need to be reflected in your estate plan. Any ambiguities or incongruencies could provide good cause for a disgruntled heir to file a lawsuit.

Overview of Your Income and Assets

You don’t have to come to your initial consultation with a comprehensive list of every item you’ve ever owned, but it helps to review your sources of income as well as know your assets. Spend a few minutes thinking about these questions, and consider writing down your answers:

• How much money do you earn in a typical month?
• Do you own a home or any other real estate?
• Do you own any titled property, like a car or a boat?
• Do you have any bank accounts or cash deposit accounts?
• Do you have any retirement funds, including IRAs and 401ks?
• Do you own any stocks or bonds?
• Do you have any life insurance policies or annuities?
• Do you own or hold interest in a business, corporation, or other enterprise?
• Do you have any collectibles, including art collections, coin collections, or firearm collections?
• Do you have a safe deposit box?

Your income and your assets can impact your estate plan in many ways. If you own a great many possessions, you may need to create a comprehensive inventory for your executor. And if you have complex investments, your estate may have to hire somebody to manage them. People with high net worths must also anticipate federal estate taxes, which can be levied at rates as high as 40%.

On a smaller scale, some assets have to be dealt with differently than others. Bank accounts and life insurance policies often have beneficiary designations, which actually take legal precedence over the terms of your last will and testament. Some types of art and coin collections may have to be appraised, while firearms may have to be registered with the New York City Police Department before they can be transferred to an heir.

When We Know You, We Better Understand Your Goals and Interests

The New York City estate planning lawyers at Landskind & Ricaforte Law Group, P.C. will recommend and implement solutions that not only fit your budget but reflect your unique goals and aspirations. Although you shouldn’t feel any pressure to have an answer to every possible question, you should take a little time to think about why you want an estate plan and what you hope one could accomplish for yourself and for your family. We are committed to creating an estate plan that carries out your legacy and protects your friends and family after you’re gone.