Frequently Asked Question:
What is an Estate?

The property a person owns or controlled at their death is called their estate. The term estate can general (referring to all assets), particular to probate (the assets subject to probate are sometimes called the probatable estate), or particular to taxation (the assets includable in an estate tax return are called the taxable estate). These are the most common usages of the word estate. Other usages may apply.

Determining what constitutes the decedent's estate can be a tricky matter. At Waltz, Palmer & Dawson, LLC we are glad to assist clients with this question.

Initial Estate Planning Meeting:

At Waltz, Palmer & Dawson, LLC, we believe that personal service and attention to detail are crucial factors in preparing an estate plan that reflects the goals and family structure of the individual client. Because of that, our estate planning attorneys spend time getting to know the client. Initial estate planning meetings are held without charge.

In order to utilize our time most effectively, estate-planning clients are asked to bring the following to the initial meeting:

Names, addresses (and birth dates if minors) of children.
Names and addresses of guardians for minor children (three recommended).
Guardianship restrictions for minor children (e.g. can not move from US soil).
Names and addresses of trustees if a trust is utilized, (three recommended - may include spouse).
Names and addresses of executors of estate (three recommended - may include spouse- may be same as trustee).
Names and addresses of persons to act on power of attorney for healthcare and as successor agents for power of attorney for property.
Health care goals and services to be refused (e.g. what are your thoughts about assisted suicide, feeding tubes and organ donation).
Client should give thought to beneficiary scheme and to contingent beneficiaries in case primary beneficiaries pre-deceases the client.
Client should be able to discuss the nature and extent of their assets. Exact amounts and account numbers are not needed; however, it is necessary to know the general magnitude of assets and the type (e.g., approximately $50,000.00 in a Roth IRA). Assets may also include life insurance policies.
Clients should be determine, if at all possible, if they are the beneficiaries of another's estate (parent and grand parents, etc.) or if their children (if any) will receive legacies from these sources.
Prior estate plans and estate planning ancillary documents should be brought to the meeting.

Maybe you think this is a bit much to bite off? After all, in today's busy world who has time to sit and contemplate life and values? But, if you do not reflect on your life and capture your reflections on paper, who will do it for you? Take a minute today to start on your mission statement. It can be a legacy that will last through generations of your family. And who knows, you may find out a little bit about yourself in the process.

Frequently Asked Question: What is an Estate?

Initial Estate Planning Meeting:

Other estate planning topics include:

Frequently Asked Question:
What is an Estate?