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Steps in the M&D Estate Planning Process
1. Gather relevant family and financial information.
2. Determine your overall estate planning intent and objectives. In other words, what do you want to happen if you ever become incapacitated during your life and eventually upon your death (i.e., when you are no longer able to directly control your affairs).
3. Determine the extent that wealth transfer taxes (including estate, gift and generation skipping transfer taxes) are an issue.
4. Determine how to structure your various estate planning documents to fulfill your overall estate planning intent and objectives with the least cost and hassle, which may include the reduction or avoidance of the wealth transfer taxes.
5. Determine who you want to serve in the various fiduciary roles, including Executor, Trustee (if one or more trusts are contemplated), Guardian (for minor children, if any), attorney-in-fact under your Power Of Attorney (for financial and property affairs) and your health care agent under your Durable Power of Attorney For Health Care (different states use different names for this document). You will want to choose your initial selection and at least one, but preferably at least two, successors in case the other(s) can not or do not want to serve.
6. The attorney drafts the needed documents, you review them, the attorney makes any needed amendments and then has you sign them as required under state law to ensure that they are legally valid.
7. You should review, and possibly update, your estate planning documents at least every 3 years to ensure that the documents still fulfill your estate planning intent and objectives after considering changes in your life, your finances and any changes in the state and federal laws involved.
