Estate Planning
Estate Planning is a term frequently used but rarely understood. Typically, Estate Planning focuses on putting one’s financial affairs in order to answer the question of, “What happens to our property when we die?” Subsequently, the conversation focuses on a one-size fits all document commonly called a living trust. Such a limited perspective changes what should be a comprehensive and dynamic planning session into a narrow and brief discussion about which set of cookie-cutter documents avoids probate for the least amount of money. The end game becomes avoiding a court process called probate. Having handled numerous probate court matters since 1989, we agree that avoiding court proceedings is a very good goal, but it is NOT the end-all.
We believe the more critical questions are:
- “What if we don’t die, but become seriously ill and/or incapacitated?” and
- “How can our legacy pass to our loved ones so that it does more good than harm?”
Therefore, we believe Estate Planning should meet the following definition:
“We want to maintain control of our assets while we are alive and well (our favorite season);
Take care of ourselves and our loved ones should one or both of us become seriously ill or incapacitated (our most dreaded season);
Upon our passing (the inevitable) we want to:
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- Give what we have,
- To whom we want,
- When we want,
- In the way we want so our loved ones are protected and provided for;
In the most efficient manner while avoiding the hassles and delays of court involvement (Probate Court); and, All at the lowest overall cost to us and those we love.”
In short, Estate Planning is about planning for the different seasons of life so you and your loved ones are prepared for the more difficult, but inevitable later seasons of life. Planning that is personalized and comprehensive provides peace of mind to our clients and their loved ones.
Personalized and tailored planning that meets the comprehensive definition above and that truly provides peace of mind, takes time, energy and commitment, by us and our clients. However, our clients and their families find the effort worthwhile as they journey through the later seasons of life.
Whether you are looking to create your estate plan for the first time or to update your existing plan, our unique planning process described below can help you fully answer the following critical questions of:
- “What happens to our property when we die?”
- “What if we don’t die, but become seriously ill and/or incapacitated?” and
- “How can our legacy pass to our loved ones so that it does more good than harm?”
Welcome Packet
Once you schedule an appointment, we will mail you a Welcome Packet which will include an overview letter with several enclosures to help you prepare for your time with Mr. Chavers. The letter and enclosures will give you an overview of our signature approach of being people driven instead of document driven.
Your initial meeting will consist of two distinct aspects: (1) the Initial Consultation and if you choose to proceed (2) a Design Meeting.
We realize that many people find meeting with an attorney intimidating. However, we are absolutely confident that you will find your time with Mr. Chavers quite informal while being very informative. Mr. Chavers primary method of simplifying the complex is through storytelling and what he calls “arts and crafts”, so come prepared to be informed in a light-hearted atmosphere.
Initial Consultation Meeting
Your Initial Consultation Meeting will last approximately 1 hour. The primary focus will be (1) for you and Mr. Chavers to become acquainted to see if you feel comfortable working with one another in the years ahead, (2) to discover your goals and concerns, (3) for you to educate Mr. Chavers about you and your family, and (4) for Mr. Chavers to determine whether he can help you achieve your goals and address your concerns.
In our Welcome Letter, a questionnaire was enclosed, which we ask you to complete as much as possible, and to bring with you to the Initial Consultation Meeting. Therefore, Mr. Chavers will review your Confidential Personal and Family Questionnaire with you and ask you to educate him about you, your family, your goals and concerns, and your assets (aka your stuff). Once that has been accomplished, Mr. Chavers will discuss the range of fees for the legal services necessary to accomplish your goals and to address your concerns so you can achieve peace of mind.
Plan Design Meeting
Once you and Mr. Chavers determine that you are a “good match”, you will then move into the Plan Design Meeting. Because we emphasize personal counseling and a custom design for your estate [and long-term care] plan, the Plan Design Meeting will last approximately 1 to 1 ½ hours. Depending upon your specific circumstances and questions, it may require additional time or an additional meeting.
Mr. Chavers will gather additional information from you, especially in regards to your goals and concerns, you and your loved ones, your family dynamics and your assets. He will walk you through your current plan, and if not, the plan created for you by California and federal law. Next, Mr. Chavers will counsel you through numerous planning solutions to help you determine which are right for you and your family. This process results in a comprehensive estate [and long-term care] plan that is custom-designed to achieve each of your goals and to satisfy your concerns.
After reviewing the plan selected by you, a fixed fee amount will be quoted to draft and implement the plan, including the clarifications you have selected. Once Mr. Chavers is clear on the work to be done to achieve your goals and satisfy your concerns, he can discuss any specific fees. The decision to go forward with drafting and implementing the plan is a “Yes” or “No” decision. Mr. Chavers does not like pressure sales tactics himself, thus no such tactics will be used to pressure you into proceeding. Our experience is that people who conclude they are getting “a good bang for their buck” proceed and those that don’t feel that way, don’t proceed. If you choose to proceed, 40% of the fee will be required as a deposit.
The Plan Signing Meeting
About three to four weeks following the Plan Design Meeting, you will return to our office for the Plan Signing Meeting. At this meeting, all of your planning documents will be ready for your review and consideration. We will review them with you in detail, carefully explaining how each document helps you achieve your goals and address your concerns. If they meet with your approval, you will sign the documents and implement your comprehensive estate plan at that time. Depending upon your questions, Plan Signing Meetings normally last approximately 1 ½ to 3 hours. The remaining portion of your fee will be required at the conclusion of this meeting.
Alignment of Assets
A critical aspect of your estate plan working properly is what is commonly referred to as “Trust Funding” or “Alignment of Assets”. This involves ensuring that (1) title to certain assets are changed into your name(s) as Trustee(s) of your Trust and (2) the beneficiary designations of other assets are updated to reflect your current wishes and plan.
Many clients choose to be primarily responsible for this critical aspect, while receiving support from us. Others choose to have us more involved for a modest additional fee. Some choose to have us be fully responsible for the proper alignment of their assets with their plan. In any event, our goal is to have this aspect completed within 90 days of your Plan Signing Meeting. Usually, the alignment of assets process begins immediately following the Plan Design Meeting upon you hiring us.
Periodic Planning Review Meetings
It is important that we meet with you on a periodic basis to ensure the plan created for you is being properly administered and maintained so that it continues to meet your planning goals and satisfies your concerns. Periodic review meetings may be scheduled to determine whether changes in the law or in your circumstances or health or family require any updating to your plan. You may expect to hear from us at least tri-annually to schedule these review meetings. As a firm client, there is no charge for such review meetings.
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