As you might guess, ‟bespoke” also involves a high degree of control by the client. The estate plan is ‟built” to client specifications, tailored to very individual needs. Just as the person who purchases a ‟bespoke” garment, our clients have a great deal of control and input over what goes into the ‛fabric’ of the estate plan. Whether the estate planning document is a Will, a Trust or a Power of Attorney, a high degree of involvement by the client is critical to fit the document to the client’s circumstances. Issues are identified and discussed, solutions are proposed and evaluated, and decisions are implemented. Questions of federal, state and tax law are researched and analyzed to assure that the final document complies with requirements of the law and the current legal climate.
The essential aspects of the estate planning process can be described in four steps:
Step One – This is the fact-finding and information sharing stage. Since estate planning is “all about the client” and his or her family, this is where our client shares with us what he or she wants to achieve in the estate plan. Our client might express a desire to preserve assets for the benefit of his or her spouse, children, and future generations and along the way, provide some asset protection for the assets. There might be a family member who has special needs for which particular planning is desired. Reducing taxes might be another objective. We learn about our client’s assets so that we can work together to ensure the development of a plan that is coordinated and works for all of our client’s assets.
Step Two – This is the design stage. Equipped with the information gathered and shared in Step One, we outline options for the design of the estate plan. We meet with our client, discuss proposals and assist the client in the decision-making process. We share our recommendations for the design that matches our client’s goals and objectives. Fees are discussed and typically we offer the estate planning work on a “fixed fee” basis. Fixed fees enable our clients to communicate with us as needed in order to achieve the result they desire, without concerning themselves about the “clock running” and legal costs mounting at each minute. We enter into a written fee agreement with our client and then move onward to Step Three.
Step Three – This is the implementation stage. We prepare the legal documents for the plan selected by our client. We send the draft documents to our client together with a “document map” or executive summary of the document. We describe how the estate plan will work and confirm goals and objectives. We work together with our client to make sure that all beneficiary designations for life insurance policies, individual retirement accounts, 401(k) accounts and similar retirement assets are up to date and consistent with the plan. If slight revisions are needed to the documents, we make those changes. Once everything is approved, the documents are finalized and we meet to sign the documents.
Step Four – This is the maintenance stage of the estate planning process. As we all know, “stuff happens.” The estate plan is not static. Rather, the estate plan may need some “nips” and “tucks” or new fabric to respond to the dynamics of the family, changes in asset holdings and values, tax and estate law changes, shifts in needs and desires and a host of other issues that our client may encounter over time. As a result, we recommend that estate plans be reviewed every few years, perhaps more frequently depending upon the nature of the changes that have occurred. We have designed a maintenance program for our estate planning clients to make it easy and cost effective for our clients to have their estate plan periodically reviewed and updated.
When these four steps are followed, our client “owns” a customized estate plan fitted to his or her individual needs, goals and objectives and has a “partner” willing to assist with necessary updates and reviews as warranted. Truly “bespoke!”
Working to Preserve Your Wealth and Protect Your Future in a Constantly Changing World.
This post has been brought to you by the Law Office of Barbara Ann Dalvano. This information is provided for educational purposes only and to generate ideas, provoke thought and facilitate conversation. It is not intended to create an attorney-client relationship. Each person’s situation is different and this information should not be relied upon and cannot be relied upon as legal, tax, accounting or investment advice.
Barbara Ann Dalvano, Esq.
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