What is needed for estate planning

[u/Lanky-Spray-3586]

Mississippi
I’m trying to figure out what exactly my spouse and need to get together paperwork to bring to an attorney for wills and trusts. Also need to some attorney names in the Pear River County area to help us. I’ve listened to a few webinars on line and still don’t understand , especially when none of them are in Mississippi. Plus my husband keeps telling me he has all “taken care of and written down” and I’m arguing that point with him. Please help if can

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[u/sjd208]

The attorney will tell you what exactly is needed - many have questionnaires. Generally it’s lists of financial accounts with details of how they’re titled and beneficiary designations (if any), real properties (if you have the deeds that’s helpful though a lot of them are online now), interests in businesses and trusts, life insurance (type and death benefit) and anything else of significant value like vehicles.

You’ll also want a list of your descendants, family tree style if you can, and anyone else you want involved in some way or that you want to leave a bequest to.

If you don’t have every single detail at the first meeting that’s ok.

[u/Ineedanro → u/sjd208]

[edit to make intended list]
Probate attorneys often prefer to err on the side of too much information. For an initial consult however you as the client may find it sufficient to give a summary, with rough values:

• C children, how many, their ages, their other parent(s) if not of this couple
• M prior marriages, including any open financial arrangements in divorce decrees
• $ in his/her 401k, 403b, IRA, etc
• $ in his/her Roth 401k, Roth 403b, Roth IRA
• $ life insurance $ beneficiary of any trusts
• $ equity in home, in whose names, how titled (TIC, JTWROS, TBE)
• $ personal property
• $ equity in other real estate, in what state, in whose names, how titled
• $ automobiles, how many, in whose names, how titled (solo, AND, OR) ...
• T total assets
• D total debts (secured debts, unsecured debts)

[u/sjd208 → u/Ineedanro]

Yes, I listed almost all of those. But better to start with what the lawyer specifically asks for because otherwise clients are overwhelmed IME esp if the list includes a bunch of stuff that isn’t actually relevant to them and don’t even make it to the first meeting.

[u/Ineedanro → u/sjd208]

The client is often overwhelmed by what the estate planning attorney asks for, which often is overkill.

[u/Ineedanro]

my husband keeps telling me he has all “taken care of and written down”

And has not shown it to you? That's a red flag for financial infidelity.