One of the most frequent questions I get from new clients is "What do I need to bring to the initial meeting." This is a very important question and one I typically raise on my own if the client has not already asked. The answer to this question is anything that I need to see or will allow that meeting to be shorter. Because, as we all know - time is (your) money.
There is some basic information that I will need that you can put together in advance. This will save the time of gathering the information during the meeting. This generally includes the following:
1. Names and ages of you, your spouse and all of your children (and grandchildren, etc.). Also, if it is not obvious from your child's name, please indicate whether your child is a boy or girl. (In today's world, it is VERY common for girls to have names that were traditionally reserved for boys). A complete family tree would also be nice, especially if you have a more complicated family (second marriage, step-children, etc.)
2. A financial statement. This is very important. Sometimes clients will not bring this (even though I request it) and I suspect that it is because they don't want to spend the time pulling all the information together. Fight this urge. I will need a good sense of your finances before I can prepare your will, and if you don't prepare it prior to the meeting, then we will have to prepare it at the meeting.
On the financial statement, it also important to understand what I need. It is not important for me to know that you have exactly $10,512.63 in your checking account. If you tell me "about $10,000", that is close enough. What is important for me to know is that it is a checking account, as opposed to a retirement account (401(k), IRA, etc.) or an insurance policy or something else. Also, it is important for me to know how it is owned. Ownership is very important. Whether it is titled in your name or jointly with a spouse or someone else can have drastic consequences when it comes to the distribution of your estate, and I need to know that.
3. Think about who should be in charge of settling your estate if you should die. There are several important people that are appointed in your will - executor, trustee, guardian and power of attorney. You may not know exactly what each of these persons does prior to our meeting, but that is okay. It helps though to at least have thought about the people who you would consider for these jobs.
4. Should you bring previous wills? It is certainly okay to bring them. More information is better than not enough. But, if you bring all the other information above, then previous wills are probably not needed.
I have a questionnaire that I send to clients in advance of our meeting that helps them pull this information together. Fill it out. It is important and will save you time and money. This also something that a financial planner, if you have one, can help with.
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