Ritchie Wealth Planning Session
At the Ritchie Law Office, Ltd., all of our Estate Plans start out with a Ritchie Wealth Planning Session - or as we abbreviate it, a RWPS.
Ritchie Wealth Planning Session
A Ritchie Wealth Planning Session, or RWPS, is your first meeting with the Ritchie Law Office, Ltd. This is the first step of our Estate Planning Process. We consider this session a "working" meeting, meaning that we dive right in to analyzing your assets, exploring your Estate Plan options, and discussing your wishes.
After you have contacted our office to schedule a RWPS, we send you an Estate Planning Questionnaire. This questionnaire helps us learn about you, your family, and your assets. We require this questionnaire to be turned in four days prior to your RWPS so we can have a productive and working first meeting.
To schedule a RWPS, call us at 309-662-7000.
Below is an outline of what
a RWPS normally entails:
Step 1: Review Your Probate Analysis Diagram
During your RWPS, we focus our attention on the Probate Asset Analysis Diagram we prepare for you using the information you provided about your assets in your intake questionnaire.
For Estate Planning purposes, this diagram organizes your assets into the following categories: Probate and Non Probate. By organizing assets this way, we are able to see if your Estate will avoid Probate (CLICK HERE to learn more about Probate).
Step 2: Learn the Differences Between a Will and a Trust
After going over your Probate Asset analysis, I walk you through the differences between a Trust and a Will. During this step, I have a checklist that I use - this yes/no checklist touches on different situations that might make you consider a Trust over a Will.
Step 3: Steps Needed to Get Your Estate Plan Done at RLO
After outlining the differences between a Trust and a Will, I go over the processes for both plans. Typically, a "simple" Estate Plan, consisting of a Will, Power of Attorney Documents and a TODI if needed (CLICK HERE to learn more about TODIs), can be executed in just two meetings: 1) your RWPS and 2) a Signing Ceremony. Because Trusts are more complex than a Will, they require an extra planning meeting, or what we call, a "Trust Design Meeting". A Trust Estate Plan usually consists of three meetings: 1) RWPS; 2) Trust Design Meeting; and 3) Signing Ceremony.
Step 4: Discuss Your Estate Plan Options
By the time we have reached Step Four, I have explained the Probate Asset Analysis, you understand how your assets are organized, you know the differences between a Will and a Trust and the process for each. We now discuss your Estate Plan options, how each one will fit in with your estate, and the costs of each option.
Step 5: Review Your Estate Planning Questionnaire
After you have decided what type of Estate Plan is best for you, I then go over your Estate Planning Questionnaire. This lets us know who you want named as your Power of Attorneys, Executors, and Guardian of your Children (if applicable). We also discuss any specific bequests or charitable donations you want to include in your documents.
Step 6: Schedule Your Next Meeting
You have now chosen what type of Estate Plan you want, who will be your appointed decision makers, and let us know of any other wishes you want to include in your documents. Now, we schedule your next meeting and our office gets to work on drafting your documents!