The Estate Planning Process in Cary, North Carolina

What Does the Estate Planning Process Look Like?

The Process of Estate Planning Usually Is Made up Of 4 Phases:

Phase 1 - Discovery

Phase 2 - Drafting

Phase 3 - Execution/signing

Phase 4 - Instructions

Lifetime Support

Continue reading below for a more detailed

Phase 1 - Discovery

The first phase sets the tone for the rest of the phases. You and your attorney need to share a lot of information. You will be asked questions by the attorney so that the attorney can thoroughly and efficiently help you. These questions find out what your goals are, what you want to achieve, what worries you, and your risk tolerance. The questions also pull out who your trust, and who you want in position to help you and distribute your estate to your chosen beneficiaries. You should be educated on how all this works. You need to have a clear picture so you can make informed decisions. Through these discussions, you will decide, with your attorney's advice, what documents you need. This phase is often consisted of you gathering financial information, filling out a questionnaire, and having a meeting (or multiple meetings if necessary) with your attorney. This meeting typically lasts an hour to an hour and a half. At the end of this meeting, your attorney will schedule your next meeting and explain when the next phases will occur. First payment for the legal services is usually taken during this phase.

Phase 2 - Drafting

The second phase is your chance to take a break and make sure you do not have any second thoughts. Your attorney will draft the documents agreed upon during Phase 1. The drafts are sent, in a convenient way, to you to review, usually a week or two before your signing meeting (Phase 3). If you have any changes or different thoughts this is the time to communicate them to your attorney. Your attorney discusses any questions and makes all appropriate revisions needed.

Phase 3 - Execution-Signing

The third phase is the day all your documents come to life! You will come into the attorney's office and go over all your documents with your attorney. Your attorney will make sure you understand all you need to know and answer any questions you may have. You will then sign the documents in front of a notary and two witnesses as each document requires. Your signing meeting usually occurs 3 or 4 weeks after your initial Phase 1 meeting. If needed, arrangements can be made for your signing meeting to occur in your home or another place that is convenient for you and accessible to your attorney, notary, and witnesses.

Phase 4 - Instructions

The fourth and final phase of the Estate Planning Process is an instructional meeting with your attorney. It is typically the last scheduled appointment with your attorney. Your attorney will have had an Estate Planning Portfolio made which contains your original signed documents and copies, as well as many other instructions and organizational advice on how to finish off a great plan. If you set up a trust, your attorney will have begun funding it with the things your attorney can do. Your attorney will also give you a clear "to-do checklist" to complete the funding process. Of course, your attorney will continue answering any questions you may have at this time. Following these instructions, particularly ensuring your Trust is completely funded, is vital to make your plan work the way it is intended.

Lifetime Support

Palmer Estate Planning wants to be your lifetime Lawyer! Palmer Estate Planning attorneys and our office continue taking questions about funding and completing our clients' "to-do checklist" and answering questions about documents our office created for our clients. We make quick revisions or changes to our clients' documents. We also keep our clients up-to-date and informed of any legal or law changes that may impact their Estate Plan for the remainder of their lives. We are also available to our clients' family or friends they named in their documents after their death should they need us.