Taxation & Estate Planning

I often hear from people that they have some sort of estate plan in place, but they aren't sure what's in it because they didn't really understand what they were signing, and they haven't looked at it since they left the attorney's office months or years ago.

Signing your estate plan can be overwhelming.  There may be 10 or more documents signed at one time, and some of the documents can be quiet lengthy.  However, your attorney should have explained in detail (and in plain English) what each documents does, when it takes effect, when it is revoked, what power you are giving to the people named in the document and when it should be revised.

If your attorney is explaining something and you don't understand, tell her.  Ask her to phrase it a different way, ask for an example. Ask until you understand.  I always check in with my clients to make sure I have not lost them, because while I understand what I'm talking about - it's very important that they understand, too!

What makes sense to one person, might not to another so even if your spouse understands, you need to also.  There might come a day when your spouse is not around to explain the documents to you, or you need to use them because your spouse has fallen ill. 

And don't be afraid to call your attorney after the meeting if you want something cleared up, or if you have more questions.  The plan is being put in place to work for your specific situation, so make sure you understand what you are signing.