What to bring
Bring what you have; do not delay the meeting to hunt down every item. Copies are fine.
- Any existing will, trust, power of attorney, or health care directive
- Recent statements for bank, brokerage, and retirement accounts
- Current beneficiary designations for retirement accounts and life insurance
- Deeds for real estate, including cabins or property in other states
- Life insurance policy summaries (face amount, owner, beneficiary)
- Business documents: operating agreement, buy-sell agreement, partnership agreement
- A prenuptial or divorce decree, if either applies
- A list of debts: mortgages, loans, personal guarantees
What to think about in advance
These are the decisions the documents will record. You do not need final answers, but a first pass makes the meeting far more productive.
- Who inherits?
- Equal shares to children is the most common answer, but consider a child with special needs, a child who has helped more, a blended family, or gifts to grandchildren or charity.
- Who is in charge?
- Your personal representative, successor trustee, and attorney-in-fact should be organized and trustworthy. They need not be the same person, and they need not live nearby.
- Who raises the children?
- Name a guardian for minor children and an alternate. Decide whether the guardian should also manage the money, or whether a separate trustee should.
- Who makes medical decisions?
- Choose a health care agent who will follow your wishes under pressure, and think about how much life-sustaining treatment you would want.
- At what age should heirs receive an inheritance?
- Many parents stagger distributions (for example, at 25, 30, and 35) or leave assets in a lifetime trust for protection.
What happens in the meeting
- We listen. You describe your family, what you own, and what concerns you.
- We explain the options. Whether a will-based or trust-based plan fits, how your beneficiary designations interact with it, and whether estate tax or long-term care is a factor.
- We quote a fee. Most plans are a flat fee, quoted before any drafting begins.
- You go home with a plan. Drafts follow for review; the signing meeting is scheduled once you are satisfied.
Married couples usually meet together. If either spouse has children from a prior relationship or significant separate property, mention it early; it changes the design of the plan.
Questions clients often ask at the first meeting
- Do I need a trust, or is a will enough?
- Will my estate owe Minnesota estate tax?
- How do I keep my house out of probate?
- What happens to my retirement accounts?
- How do I protect an inheritance from a child's divorce?
- How often will I need to update this?
Our estate planning checklist and glossary are useful reading before you come in.
This guide is general information about Minnesota and federal law. It is not legal advice for your situation. Contact the office to discuss how these points apply to you.