For New Clients
The Three P's of Estate Planning
Estate Planning Protocol
Thank you for selecting the South
Carolina law firm, Ruff & Ruff, to assist you. Our Estate Planning Appointment Protocol is a three-step
process, as follows:
Step 1: Questionnaire
Once your initial appointment is
scheduled, you will receive our Questionnaire either in the
US mail or as an email attachment. Alternatively, you may download
the Questionnaire directly from this website via the link below.
Please return the Questionnaire at least 2 days before your initial
appointment.
Step 2: Initial Appointment
During our initial appointment, we will
get to know you and your family, and we will review your responses
on, and other information you provided in, the Questionnaire, both
clarifying and supplementing as needed. We will give you our opinion
regarding (1) whether we may be able to assist you, (2) the planning
alternatives we would recommend to meet your objectives, and (3) the
fees associated for the various planning alternatives.
Step 3: Engagement Agreement
If you choose to retain our services to
implement the planning alternatives you select, then you would sign
an Engagement Agreement detailing the services to be provided and
the fees. We then would proceed to the design phase of your
planning, in which we will provide specific, personal legal advice
unique to your objectives, to include a detailed explanation and
diagram of your planning alternatives. You also would pay one-half
(1/2) of the total planning fees to bind the Engagement Agreement at
that time, and we would schedule an appointment to both review and
sign your legal documents. The balance of the fees would be due and
payable when the legal documents are ready for signing.
Assuming we have received your completed
Questionnaire, expect to receive a courtesy phone call reminder from
our office the business day before your initial appointment. If you
need to reschedule your appointment, please contact us immediately
so that we may open your scheduled appointment time and date to our
other clients.
While it would be helpful, there is no
need to go on a "treasure hunt" at this point for financial or legal
documents, stock certificates or insurance policies. Sometimes we
find clients procrastinate in getting their planning done because
they cannot locate, or do not have time to locate, all of these
documents. In reality, these documents may not be needed until after
you make your planning alternative selection. On the other hand,
make sure you spend the time before your appointment contemplating
the Three P's of Estate Planning described below.
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#1 -- People
Who are the Important People in your life?
Beginning with yourself, they also
likely include your loved ones: your spouse if you are married,
children and grandchildren if you have any, perhaps your parents,
siblings or other relatives. Beyond these, however, "Important
People" also could include charities, special causes, colleges or
universities, or churches to which you are committed. For some,
"Important People" could even include pets. Spend some time thinking
about the impact others have had on your life. Make a list and jot
notes if you like. This is where the planning process truly begins.
#2 -- Property
By Property we mean your assets in general.
Make a list of the assets you own or
control. At this point, you do not need to identify insurance policy
numbers and exact dollar values. Rather think through your assets in
terms of their nature (cash, stocks, bonds, real estate, etc.);
their value in thousands of dollars; and your ownership interest: Do
you own assets in your name only, in joint tenancy with someone
else, or through a trust agreement or some other arrangement? Be
sure to include often-overlooked assets like life insurance (the
death benefit, not the cash value), business interests, and any
inheritance you may expect to receive.
#3 -- Plans
After identifying the Important People in your life and your Property, the next step is to consider the plans you would like to make.
Who would you name to make decisions for
you if you could no longer do so yourself? Would the same person
handle your finances and your personal and health care decisions?
Who would care for your minor children? How would you distribute
your assets to your heirs? Would you prefer to spare your heirs the
potential cost and hassles of the probate process? Would you like to
minimize the impact of estate taxes ... or maximize the impact of a
charitable bequest? Is there someone in your family with special
needs for whom you would like to provide? Is there someone who
perhaps should not receive a great deal of (or any) money without
some outside oversight?
These are just a few of the issues to
consider when approaching the planning process. They are much more
important than the "treasure hunt" for legal documents at this
stage.
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