Starting a will or trust begins with gathering information about your property, identifying the people you want to benefit, and deciding who should act on your behalf. You do not need to make every decision before meeting with an attorney, but thoughtful preparation can make the planning process more productive.
Use this seven-step checklist to organize what you know, identify open questions, and prepare for your consultation.
1. List the Assets You Own
Create a general inventory of your property. Exact balances are helpful, but estimates are usually enough to begin the conversation. Include assets such as:
- Homes and other real estate
- Bank and investment accounts
- Retirement accounts and life insurance
- Business interests
- Vehicles and valuable personal property
- Digital assets, including cryptocurrency
Note how each asset is owned. For example, property may be held individually, jointly, or through a business. Ownership affects how an asset can be transferred and whether it may belong in a trust.
2. Review Your Debts and Financial Obligations
Your attorney also needs a broad picture of what you owe. Gather information about mortgages, business loans, personal loans, and other substantial obligations.
Consider ongoing responsibilities as well. Do you financially support a parent, adult child, or another relative? Are there business commitments that would continue if you became incapacitated or died? These details can affect how your plan should be structured.
3. Decide Who Should Receive Your Property
Make a preliminary list of your beneficiaries and what you would like each person or organization to receive. Beneficiaries may include family members, friends, or charities.
You can leave particular assets to named recipients or divide the remainder of your estate by percentages. Also choose contingent beneficiaries in case someone dies before you. If a beneficiary is a minor, has a disability, or may need help managing money, flag that issue for your attorney rather than relying on an outright distribution.
4. Choose Your Decision-Makers
A California estate plan may require several trusted people to serve in different roles. Think about whom you would appoint as:
- Executor to administer your estate under your will
- Successor trustee to manage and distribute trust assets
- Agent under a financial power of attorney
- Health care agent to make medical decisions
- Guardian for your minor children
Choose at least one alternate for important positions. Before naming someone, consider whether the person is dependable, communicates well, and can handle the responsibilities involved. One person can serve in more than one role, although dividing the responsibilities may be more appropriate for your family and circumstances.
5. Gather Existing Legal and Financial Documents
Bring copies of any current wills, trusts, powers of attorney, advance health care directives, property deeds, and marital agreements. Beneficiary designation forms and recent account statements may also be useful.
If you already have an estate plan, do not assume you must start over. An attorney can review the documents and determine whether amendments, a trust restatement, or replacement documents would better reflect your current circumstances.
6. Identify Your Goals and Family Concerns
Consider what you want your plan to accomplish beyond dividing property. You may want to help your family avoid probate, provide for minor children, plan for incapacity, or establish conditions for an inheritance.
Tell your attorney about circumstances that may require added planning, including a blended family, a beneficiary receiving public benefits, family conflict, business ownership, or property located outside California. You should also raise questions about long-term care and potential tax consequences when they apply.
7. Prepare for Your Estate Planning Consultation
Complete the appropriate client forms before your appointment. We offer separate forms for married couples and single individuals. Providing this information in advance helps your attorney understand your assets, family circumstances, and planning goals.
Bring a list of questions and note any concerns that may affect your plan, such as providing for a minor child, managing property in another state, or choosing someone to handle your affairs. Reviewing the firm’s estate planning process beforehand can help you understand what information will be discussed and what happens after your first meeting.
Turn Your Checklist Into a Working Estate Plan
Preparation gives your attorney a clearer view of your family, finances, and priorities. You do not need to arrive with every answer. We can explain your options, address gaps, and help you create documents suited to your goals.
Contact OC Wills & Trust Attorneys to schedule a consultation and begin developing your California estate plan.
