How does the estate planning process typically work?

Minnesota estate planning attorney Karen Schlotthauer explains the basics of how the estate planning process typically works.

Contact Karen Schlotthauer

Email: [email protected]

Phone: (612) 336-9324

Transcript:

How does the estate-planning process work? When I get a call from a prospective client, the first thing I’m going to talk about is my estate planning questionnaire. It’s a document I send out that helps me gather all the relevant information I need to make a good recommendation for them. We’re gonna set our first meeting on the calendar, we’re gonna get together and talk about that client’s goals and objectives. If you’re married, I really want your spouse to be there too because everyone needs full disclosure. And then the client would say, “Hey, Karen, yeah, I want to move forward and have you start drafting my documents.” So I go into that drafting phase, and we get back together at our generally second meeting where the drafts are reviewed, and 99 percent of the time they’re signed at that second meeting.

And then after that, there might be follow-up because I’m very concerned about beneficiary designations. Those are just as important as someone’s will, frankly. They have to be brought up to speed with the overall plan. If the client’s using a revocable trust, I’m gonna help them to fund their trust appropriately too because you don’t want to utilize a trust and not have it funded appropriately.