To plan right requires a process allowing abundant thought and time.
To learn about the process of getting started, before the initial meeting, click here.
The estate planning process, from the initial meeting to the signing of your plan (Exploration Phase, Design Phase, and Implementation Phase), usually takes about 3-5 months to properly implement a successful estate plan. Timing depends on your availability and decision-making. With our flat fee package called Red Box Services, you can take your time to make thoughtful decisions.
And when the time comes, our firm will be here to assist your loved ones with administering your trust and estate. We are committed to developing and maintaining a long-lasting relationship with you and your family. We look forward to getting started.
FOUR PHASES OF ESTATE PLANNING
OUR ESTATE PLANNING PROCESS
NAME, TITLE
1
EXPLORE
We get to know you
and show you exactly how we can help you achieve true peace of mind.
You get to know us, discover what estate planning means for you, and see if we are a good fit. And if we are, you sign
an engagement agreement
and pay half of the
lower-end of the flat fee range quoted.
(1.5 - 2 hour Zoom meeting)
2
DESIGN
We explain all your options. We listen to your wishes
and concerns, and come to understand your perspective. We counsel you with
empathy and wisdom
to make practical decisions. We prepare our
exclusive, customized
Estate Plan Design Summary
for your review.
You make thoughtful
well-informed decisions in
a supportive environment and finalize your
EP Design Summary.
Take your time to be certain with our flat fee package.
(2 hours of Zoom mtgs, follow-up emails, and continued design meetings as needed, 30 min EP Design Summary review mtg)
3
IMPLEMENT
We expertly draft a comprehensive tailor-made estate plan that expresses your true intentions.
We also prepare documents to transfer your home
and some of your other assets to the trust. We
help you coordinate your designated beneficiaries
for retirement accounts
and life insurance.
You meet with your attorney to review and sign
your estate plan. You fund your trust for success.
You achieve satisfaction
and peace of mind.
(2 hour Zoom mtg and a in-person 30 min notary mtg)
4
MAINTAIN
We provide advice and support (free the first year; hourly fee basis when you request it thereafter).
We help you ensure
your plan stays effective
as your life and the law changes.
You commit to making sure your plan succeeds.
You review your
EP Design Summary
when needed (and at least every 5 years) and update your plan every 10 years or when your wishes change.
You achieve lasting
peace of mind.
1
EXPLORATION
PHASE
What happens at the initial meeting?
The initial meeting takes about 1.5-2 full hours. We use this time to get to know each other and see if we are a good fit to work together. Although we have reviewed your Questionnaire in preparation for our meeting, we go over your responses together and learn about you, your family and the nature of your assets. This is also the time we educate you on the basics of estate planning and how a living trust affects your personal situation. We currently meet only via Zoom or telephone.
We will also explain our services and quote you a flat fee range which covers the potential range of services you may want us to provide. We will ask you whether you would like to proceed. If you decide to move forward with us, we will present the engagement letter for you to sign. Payment by check or future arrangements will be made for the initial payment (usually half of the lower end of the flat fee range). Before we part, we will schedule our next meeting. If you do not wish to go forward, there is no charge for our time and you have gained invaluable knowledge about estate planning.
2
DESIGN
PHASE
What should I expect after the initial meeting?
After the initial Zoom meeting, we will meet to begin the design or decision-making phase. The design meetings take about 2-3 hours total. We may meet more via Zoom to continue designing your customized estate plan, or we may complete the design through telephone conferences and email exchanges. We are a big fan of the “homework” list, so we will email you a list of any outstanding decisions and homework at each step of the way!
After you have made all your decisions, we will send you our exclusive, user-friendly Estate Plan Design Summary containing all of the questions we have asked, your responses, and the names of the important persons involved in your estate plan. We will then schedule a Design Summary review telephone call to discuss your summary and any changes you wish to make, and answer any questions. The length of time of the design phase varies since you can take as much time as you need to make thoughtful decisions under our Red Box Services flat fee package.
After your Design Summary is finalized, we will schedule a signing meeting and draft your customized estate plan. Our thorough drafting process involves the paralegal and both attorneys for quality control, and thus takes about 4 weeks.
3
IMPLEMENTATION
PHASE
What happens at the signing meeting?
At the signing meeting via Zoom, you will be presented with your full estate plan in a beautifully organized binder. We will send the binder a day in advance, but we do not send a draft of your plan (which consists of about 15-22 documents) to review in advance. We will review and explain each document to you in as much detail as you wish at our meeting, which we find to be the most effective method for you to understand what you have implemented and what needs to be done for your plan to be successful. Once you are satisfied, you will execute your estate planning documents virtually. We will then meet in person in our outdoor atrium to notarize and witness your documents.
During the signing meeting, we will also begin the process of funding your trust. “Funding” is the vital process of completing, submitting, and finalizing the transfer paperwork or beneficiary designations for all your financial accounts and assets. Once your trust is funded, it stays funded until your assets change (or you refinance real property). For example, at the signing meeting you may be signing deeds to transfer your real property into your new living trust.
The signing meeting takes about 2 hours. We will then record deeds and scan your original documents. We will deliver your complete Red Box Services estate plan to you gift-wrapped in a red box. Your “gift” will contain your red binder of original documents, electronic copies, and peace of mind.
4
MAINTENANCE
PHASE
After my documents are signed, are we finished?
No, after the signing meeting you will be busy continuing the most important process of funding. With your easy access to us under the flat fee, we are available to answer your questions (as well as your financial advisor or banker's questions) as you fund your trust and update your beneficiary designations. For clients who already have an existing "funded" trust, we help uncover any gaps and potential pitfalls in your funding.
I have funded my trust, now what?
We recommend that you review your Estate Plan Design Summary when needed (and at least every 5 years). The Design Summary is intended to be a tool for you to review the important details of your plan, and to refresh our recollection, without having to pay for us to reread all your customized estate planning documents. If your wishes change, or you have a change in your life’s circumstances, we can assist with updating your plan on an hourly fee basis as you request.
Typically, everyone needs a more comprehensive update of their estate plan, including a “restatement” of their trust, every 10 years. This is due to the numerous changes in the law and the changes in the best practices of estate planning attorneys that occur over a decade. This complete update is usually done on a flat fee basis as clients prefer the comfort of unlimited attorney access again.
Meanwhile, we encourage you to let us know about any major events and changes in your personal life and financial situation so we can quickly assess if you require any further action to ensure a successful plan. Just send us a quick email to keep in touch!
