Clients are often unaware of what is important in the estate planning discussion. They do not volunteer information that the attorney should know. The attorney should have a checklist or agenda for meetings with the client to ensure they are eliciting all information that is relevant to the planning process. This includes information concerning the client’s:
- Basic information (date of birth, contact information, citizenship, marital status);
- Family and others who would be entitled to probate property in the absence of a will, including predeceased children and any family members or beneficiaries with special needs or considerations;
- Assets, including the form of ownership, identity of any co-owners, and designated beneficiaries;
- Liabilities, including the terms of any notes or mortgages;
- Prior transfers of assets;
- Present and prospective interests in trusts and estates; and
- Fiduciary selection (attorney-in-fact, personal representative, executor, trustee, guardian).
The attorney should also clearly communicate the terms of the engagement (hourly rate or fee charged by the attorney, and whether a retainer is required). If the attorney is meeting with a married couple, the attorney should obtain a dual representation agreement whereby each spouse waives any conflict of interest with the other spouse.