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The most heartbreaking thing I have dealt with as a financial advisor is in trying to explain to someone who has lost a spouse, that I cannot release funds to pay the mortgage, or even tell them the balance of the account. Without a clear estate plan, your finances are frozen, until the courts make the decisions for you. If you have a family and own anything, please read this article.

No one wants to consider their mortality, but we must. There is no crystal ball that tells you when you will die. You hope for the best and plan for the worst to protect your loved ones. As we do not know exactly when, we must make it a priority now to make plans for our estate. Otherwise, the estate distribution will be delayed, contested, and your family will suffer for it. They will be suffering enough from your loss, don't make them suffer more through financial hardship.

How to pick an estate planner? First, you must consider your current situation, not the money you have as much as the responsibilities you have. A single parent with young children has different concerns than a mature couple with grand children. Do you have a business , a partnership? A substantial estate? Are you concerned about multigenerational wealth transfer? Do you own royalty rights or patents?

Write down what your top issues are that you need a resolution for. Who do you know that has the same issues? Ask them who they used. Do you have a financial professional you trust stock broker, banker? Ask them for recommendations. Ask your doctor or lawyer who they use and who they would avoid.

Make a list of questions dependent on your need:
What is your experience with tax planning?
Do you assist with trust set up? Are you experiences with charitable trusts?
Do you write the power of attorney? A medical power of attorney? A living will?
Will you be available to assist the executor on managing the estate?
Do you have experience in child custody issues? Setting up Trusts for children?
Do you have experience in . . . whatever is your current situation?
And any other questions you have.

Then call and ask your questions. You are interviewing them. If it is not a good fit, find someone else. Estate planning is uncomfortable topic to start with. Your estate planner will ask the hard questions, if you and your spouse both die, who will raise your kids. If they pass, who is next. Find someone you like and trust.
Be clear on what you need and don't need, get the fee schedule upfront. Ask for references.

Everyone needs at least a will. If you own something, you need a will. I once had a client whose college aged son had died two years previously. He had a small IRA under $500 but he never declared a beneficiary. The account was frozen, waiting on a court order to release it. He could not move on past his son's death because of these lingering issues. Don't do that to your family.

Learn more about this author, Claire Count.
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