Estate Planning - Ask Yourself These Questions

It’s not uncommon for new clients to be undecided on what type of estate planning vehicle will work best for their situation. A good attorney will listen carefully to a client’s needs and wants to suggest the ideal estate plan to achieve a client’s goals (or explain why those goals are unrealistic or unachievable).

To help you prepare for your initial visit with your estate planning attorney, we’ve put together some of the questions you should consider before your meeting. This list isn’t comprehensive, but if you can answer most of these questions, your attorney will be better able to guide you toward the type of estate plan that will best serve your needs. 

• Who would you want to act as your agent for healthcare and financial purposes if you were incapacitated?
• Who would you want to be in charge of your estate after your death?
• Are you planning for distributions to minor children?
  • If yes, do any of these children have special needs that cause you concern, such as a disability or health condition?
  • Have you selected guardians and conservators to care for those minor children in the event of your death?
• Are you planning for distributions to adult children?
  • If yes, do any of these children have special needs or circumstances that cause you concern, such as creditor issues, substance abuse, rocky relationships, etc.?
  • Is there any conflict between the children that causes you concern?
• If you are married, do you have any concerns you wish to address regarding distributions to your surviving spouse? (ie…restrictions on property transfer if remarriage occurs, liquidation of property, etc.)
• Do you want your estate details to remain private after your death?
• Are you concerned about the speed of the distributions to your heirs after your death?
• Do you own a business outright or as a partner/shareholder?
  • If yes, do you already have a succession plan and a dissolution plan?
  • Do any of your children work with you in the business?
• Do you own real estate, wind energy, or minerals?
  • If yes, is/are the real estate, wind energy, or minerals located in Kansas or in another state?
  • Are the minerals and wind energy currently producing?
  • How is ownership currently titled? (jointly with spouse, tenants in common, sole owner)
• Do you have a taxable estate? ($11,580,000 for married couples in 2020)
• Are you concerned about capital gains taxes?
• If you are a single person with no children who would you like your property to go to after your death?
• Are you interested in supporting or establishing a charitable organization after your death?
• Are you concerned about preserving your assets for your beneficiaries in the event you need long-term nursing home care?
• Is life insurance or long-term care insurance part of your plan?

​If you have questions about Kansas estate planning, contact Davis & McCann, P.A., Dodge City, Kansas at 620-225-1674. We are members of Wealth Counsel, a national consortium of Estate Planning Attorneys and the National Academy of Elder Law Attorneys (NAELA). We focus our practice on providing clients with the best legal advice on Estate Planning, Medicaid and Long-term Care Planning, Special Needs Planning, Family Business/Small Business Succession Planning, Probate, Trust Administration, Real Estate, 1031 Exchanges, and related matters.

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