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Step 1
Discuss with your spouse the way you both want your estate to be handled, if both of you die at the same time or one precedes the other in death. Both scenarios need to be clearly defined in the planning meeting.
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Step 2
Determine if you want your estate to stay in your bloodline. If your son or daughter dies after having children and his or her spouse remarries, do you want the new spouse and any children to be included in the estate?
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Step 3
Decide if your children should inherit everything at the time of your death, or if you want your estate to provide an ongoing income. To set up an ongoing income, you must decide on the amount and frequency of payout.
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Step 4
Discuss your thoughts about the division of the estate to your new spouse if you remarry. Will everything go to your children and grandchildren, or will the new spouse be included?
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Step 5
Talk about giving to charity. Some couples prefer to give a large portion of their estate to charity, especially if the estate is substantial. If you want to give to charity, come to an agreement about the charity and donation amount as you prepare for an estate-planning meeting with your attorney.
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Step 6
Include your vacation home or any other major assets in your estate planning. You should decide if any additional properties are to be sold and included in the assets as cash, or if any property should remain available for the family.
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Step 7
Think about the need for designating a financial adviser and a trustee to handle the affairs of the estate upon your and your spouse's demise. This is especially important in the case of children who are minors. You may consider putting a requirement for both a financial adviser and trustee until the children reach an age designated by you.
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Step 8
Prepare for an estate-planning meeting by discussing the possibilities of setting up a charitable trust in your name or a scholarship fund in your family's name.
