Proper estate planning involves a plan that is carefully designed to meet your goals. It requires a cooperative effort between you, your attorney, and other appropriate members of your estate planning "team," such as a financial planner, a life insurance agent, and a CPA. The plan should not be thought of as a series of transactions whereby the financial adviser provides (sells) investments, the insurance agent provides (sells) insurance, and the attorney provides (sells) a trust or a will. In my view, that is the wrong approach.

Instead of taking the transaction, i.e., product oriented, approach, you should view estate planning as an ongoing process that evolves as your needs, goals, and family change, as the laws change, and as new estate planning tools and techniques are developed. It is a process of continually evolving entrance, growth, maintenance, and exit strategies. Proper planning requires professional thoroughness which respects the overall well-being of you and your family.

Your goals should include the following:

• Your control of your assets during your life.
• A business exit strategy if you have an ownership interest in a business.
• Providing instructions for your care and the management of your assets for you and your family if you become incompetent.
• Protecting the assets that you leave to your spouse and children from creditors and unscrupulous persons.
• A plan of distribution that will leave your assets to whom you want, when you want, and with whatever controls you want.
• Avoiding probate
• Saving the greatest amount of taxes and post death administrative costs possibly--not only in your own estate, but in the estates of your spouse and your descendants.

Proper estate planning begins with a call to your attorney to schedule a meeting. The attorney may or may not charge for the initial meeting. You should ask if the meeting will be with the attorney or with a paralegal. If the initial meeting is only with a paralegal, you may be dealing with a "trust mill" office. If the initial meeting is with both the attorney and a paralegal, or with just the attorney, you will probably be better served. Also, ask if the attorney will want you to provide information about your finances and your family in advance, so that the attorney can prepare for the initial meeting. In our office we always send a questionnaire to new estate planning clients which the client must return before our initial meeting; that way some advance preparation for the meeting can be done by the attorney. You should ask how long the meeting will take. If you are told that it will be for no more than ½ half hour, you might want to consider another the attorney. Even with advance preparation meetings often take between 1 ½ to 2 ½ hours.

After the initial meeting, documents will be prepared for your review. Those should consist of, at least, a revocable "living" trust, a "pour-over" will, a certificate of trust, a durable power of attorney for asset management in the event of disability, a health care power of attorney, and a physician's directive. Another meeting should then be held. At that meeting the attorney should thoroughly explain the documents to you. You should then be given an opportunity to thoroughly review the documents before you sign them.

Once your plan has been done, it must be maintained. I recommend estate plan review conferences not less than every two years. If there are changes in your family, your desires, or your financial situation, you should always contact your attorney to see if your plan should be changed.

Upon the death of a family member who has either a will or a revocable "living" trust, it is extremely important to consult your attorney as soon as possible. Even if there will be no probate and/or estate tax to pay, there are many estate administration issues that must be considered and addressed.

Proper Estate Planning Requirements

In summary, proper estate planning requires:

• Your control of your assets during your life.
• A business exit strategy if you have an ownership interest in a business.
• Providing instructions for your care and the management of your assets for you and your family if you become incompetent.
• Protecting the assets that you leave to your spouse and children from creditors and unscrupulous persons.
• A plan of distribution that will leave your assets to whom you want, when you want, and with whatever controls you want.
• Avoiding probate
• Saving the greatest amount of taxes and post death administrative costs possibly--not only in your own estate, but in the estates of your spouse and your descendants.

By Lorin Castleman, Attorney-at-Law