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Getting Started
“Always plan ahead. It wasn’t raining when Noah built the ark.”
- Richard Cushing
How to Get Started on your Estate Planning Journey
Step one: Schedule a Consult with our Attorney
At Treveri Law, education is an important part of the process. If you have never done estate planning before, it is important that you understand why it is important. Most of the clients who have done estate planning before comment on how our process is so much more educational and comprehensive. Please call our office at 505-808-0234 to schedule your first consultation. At this meeting we will discuss the status of your current affairs and what would happen if you did nothing (hint: the government has a plan that you may not like).
We will also review your documents, talk about managing your assets and talk specifics about your unique situation. Unlike some other lawfirms, this meeting entails significant legal review and analysis by an attorney whom you will meet with at the meeting. If you have done estate planning before, we would urge you to bring your documents by the office BEFORE our meeting so that we can use our time wisely. We will be reviewing your document before the meeting which will be billed against your consultation time.
There is a $415 fee which includes the New Mexico Gross Receipts tax, for one hour of our time, including review of your documents, paid up front.
If you are a good fit for our firm and you decide to hire our firm to create a comprehensive plan for you or complete Phase I of our process, the consulation fee will not be applied to the overall time and estimated fee for the design, drafting and execution of your plan. Note that if you are not a good fit for our firm, or there is a conflict, we will be happy to refer you to one of our New Mexico colleagues.
Step two: Your Estate Plan Design call or meeting
The Estate Planning Design meeting is your opportunity to really dig deep into estate planning, asset protection and tax concepts so that we can set up a plan that is best for you, your spouse and your heirs. We will walk you through exactly what your loved ones would have to do if something happened to you and which one of your children, family members or friends would be best suited for each role. We will discuss very personal issues such as your medical conditions, concerns about your finances, the competency, maturity and mental status of your children and the stability of your marriage should a remarriage situation occur. We will also work with you to set up systems to manage your digital, tangible and financial assets so that they will transfer in the way you envision in your plan. After this meeting (which may be at the initial consultation meeting should you decide quickly to hire our firm) you will be sent a questionnaire to create legal inputs for the efficient generation of your legal documents.
Step three: The Signing Ceremony
You will return to our office about 3 weeks later to sign your planning documents. This meeting is generally about 2 hours as we will discuss and review every provision of your documents to make sure you understand how your assets, wealth and legacy are transferred in the way you want them to be transferred. We will also spend a bit of time discussing your intentions and wishes should you become incapacitated and someone needs to make tax, financial, legal, medical, mental health and end-of-life decisions for you. After signing these documents, your family and your assets will be protected in the case of your death or incapacity.
Step Four: Asset Review / Legacy meeting
At the asset review meeting, we review your paperwork to verify that your assets are all owned in the right way which includes finalizing deed paperwork;
we will assist you to work with your financial professionals to consel them on transferring assets to your trust so that the legal vehicle we created is properly funded; and we will deliver your completed Estate Planning portfolio containing your ORIGINAL documents to you along with digital copies and instructions for your family members immediately after an event.
PHASE I OF YOUR PLAN IS NOW COMPLETE
Other services available:
Document updates:
Because your life changes, the law changes and your family changes, it is recommended that your documents are reviewed and possibly updated every three to five years. It is your responsibility to notify our office within every two year period regarding updates even if note need to be name. If our office does not hear from you for any period greater than three years, we will terminate the attorney-client relationship with our offices.
When a Triggering event happens
When a catastrophic disability or death event happens, the value of having an estate plan in place is invaluable. As with Ms. Foster's own father, the sudden diagnosis of brain cancer created a domino effect whereby Nominated Agents were fully responsible for medical, mental health, end-of life decisions as well as managing the finances, real estate, taxes and unexpected legal issues. Because the legal documents were in place, emotional and irrational decisions were avoided, bills were paid, assets were protected and legal challenges from bickering children were avoided. And continued care for Ms. Foster's mother was possible without the involvement of any state courts.
In the event of a death, a complete revision of the estate planning documents for the Survivor is necessary. The initial fees for developing your initial estate plans do not include rewrites of documents for a Surviving spouse. There will be an additional, negotiated fee for drafting and execution of these documents. In addition, several IRS and State tax filings and some protective filings may need to be made which will include appraisals of assets as well as communications with your financial advisors and CPA.
At Treveri Law, we are happy to be retained by clients who need new legal documents because of the passing of one spouse, even if they were not clients for the initial drafting of documents.
The final disposition
When the death of a Survivor occurs, the formal Administrative period for an estate begins. The nominated Personal Representative will need assistance with the Probate proceedings. The nominated Successor Trustees will need assistance with the final administration of the Trust including a determination of the value of the gross estate and deductions, paying bills, reviewing assets and paying off any final taxes. The transfer of assets to beneficiaries would occur after a full review of beneficiary competency including risks for divorce, bankruptcy and lawsuits. Trustees will be educated on their responsibilities including the requirements that discretionary distributions may only occur pursuant to the standards you have built into your trust. On the other hand, if the beneficiary has no competency, incapacity, divorce, bankruptcy or legal issues, the assets could be transferred outright and the trust terminated.
At Treveri Law, we have helped many families with the Trust Administration and Probate process after the death of a loved one. If you wish to establish Estate planning documents and a clear process for your estate to follow after a triggering event such as disability or your death, please call us today at 505-808-0234 to get started.
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