Summary of Estate Planning Discussion Template

Why You Need a Written Summary of Your Estate Planning Discussions

Estate planning involves a lot of important decisions that will impact your loved ones. It's critical that everyone is on the same page. Verbal discussions can lead to misunderstandings down the road. That's why it's so important to create a written summary.

A written estate planning summary:

• Ensures there is a clear record of what was discussed and decided
• Helps prevent disputes or confusion among family members later on
• Gives you peace of mind that your wishes are documented
• Makes it easier for your executor to carry out your plans
• Provides a helpful reference to refresh your own memory over time

Taking the time to put together a thorough summary is one of the kindest things you can do for your family. It shows you care about making things as easy as possible for them during a difficult time.

Key Elements to Include in Your Estate Planning Summary

Your estate planning summary should capture all the important points you discussed with your attorney and family. Aim to be thorough but concise. Here are the key things to include:

• Overview of your assets and how you want them distributed
• Beneficiary designations for bank accounts, life insurance, retirement plans, etc.
• Guardianship provisions for any minor children
• Healthcare directives including a living will and medical power of attorney
• Financial power of attorney designations
• Plans for your digital assets and accounts
• Funeral and burial/cremation preferences
• Contact info for your estate planning attorney and where documents are stored

It's also helpful to include a section with your reasoning behind certain decisions. This can go a long way in helping your loved ones understand and honor your choices.

Tips for Capturing Clear Notes During Estate Planning Meetings

Taking good notes during estate planning meetings is key to creating an accurate summary. It can be a lot of information to process, so use these tips:

• Bring a dedicated notebook and pen or use a note-taking app on your phone/laptop
• Ask your attorney for copies of any visuals or handouts from the meeting
• If you're unsure about something, ask for clarification right then
• Repeat key points back to confirm your understanding
• Jot down any questions that come up to research or ask about later
• Consider recording the meeting (get permission from all parties first)
• Schedule time right after to review your notes and fill in any gaps while it's fresh

If you're attending with a spouse or family member, compare notes after. You may have captured different details that are worth combining.

How to Organize Your Estate Discussion Summary for Easy Review

Once you have your raw notes, take time to organize them into a clear, easy-to-digest summary. Here's a suggested outline:

1. Meeting Details: Date, attendees, location
2. Key Discussion Points

• Asset overview and distribution plan
• Beneficiaries and guardianship
• Healthcare directives
• Powers of attorney
• Digital estate plans
• Funeral preferences

3. Reasoning Behind Key Decisions
4. Action Items and Next Steps
5. Questions or Areas Needing More Research
6. Contact Info for Estate Attorney and Document Location

Within each section, use short paragraphs, bullets, and clear headers. Avoid legal jargon and aim for plain language. The goal is a scannable document that anyone can quickly review and grasp the key points.

Best Practices for Storing and Sharing Your Estate Planning Summary

Your estate planning summary contains sensitive info, so it's important to store and share it securely. A few best practices:

• Save a master digital copy in a secure cloud storage platform
• Encrypt the document and/or protect it with a strong password
• Give the password to your executor and any other trusted individuals
• Keep a physical copy with your other important estate documents in a fireproof safe or safety deposit box
• Make sure your executor and family know where these documents are kept and how to access them
• Share the summary (or relevant portions) with family members, but use secure electronic sharing methods - avoid emailing sensitive info
• Consider using a digital estate planning platform that allows you to securely store and selectively share information

Remember, this summary is intended to make things easier on your loved ones. Storing and sharing it properly ensures they'll have access when needed.

Don't Set It and Forget It: Reviewing & Updating Your Summary

Your estate plan should evolve along with your life circumstances. Plan to review your summary at least once a year and after any major life events like:

• Marriage, divorce, or new long-term relationship
• Birth or adoption of a child or grandchild
• Death of a spouse or beneficiary
• Significant changes in your assets or debts
• Receiving a major inheritance or windfall
• Moving to a new state or purchasing property in another state
• Changes in tax laws that impact your estate

During your review, update any outdated info and revise plans as needed. Have another meeting with your estate attorney if you're making substantial changes. Share the updated summary with your executor and family.

Reviewing your summary regularly also helps keep your plans top of mind. It's a way to confirm your wishes still align with what's captured in writing.

Other Important Estate Planning Documents to Keep With Your Summary

Your estate planning summary provides a helpful overview, but it doesn't replace official legal documents. Keep copies of these key estate planning docs stored with your summary:

• Will
• Trust documents
• Healthcare directives (living will, medical power of attorney)
• Financial power of attorney
• Beneficiary designation forms
• Guardianship designations
• Titles and deeds for property
• Business ownership or succession documents
• Letter of intent outlining your wishes

Also include a list of all your accounts, insurance policies, debts and key contacts like your attorney, financial advisor, insurance agents, and work HR department. The more info you can provide, the better equipped your loved ones will be.

Wrapping Things Up - Your Estate Planning Summary Checklist

Creating a written summary of your estate planning discussions is a smart step that can save a lot of hassle later on. Here's a quick checklist to make sure you've covered your bases:

• Schedule estate planning meetings and take thorough notes
• Organize notes into a clear summary covering key topics
• Include reasoning behind important decisions
• Use plain language and keep it concise
• Store summary securely with other key estate documents
• Share summary as needed using secure methods
• Review and update annually and after major life changes
• Confirm executor and family know where to find all documents

Taking the time now to get your estate summary in order is a meaningful gift for your loved ones. It ensures everyone is informed and on the same page, so they can honor your wishes with minimal stress or confusion.