Preparing for an Estate Planning Session: What Landlords Should Bring to the Table

Estate planning is more than just writing a will, it’s about making thoughtful decisions now so your rental property can be managed, transferred, or sold smoothly in the future. Whether you own a single-family home or a multi-property portfolio, getting your paperwork in order before meeting with an estate planning attorney will save time, reduce costs, and lead to a stronger plan.

Below is a checklist tailored for rental housing providers preparing for their first estate planning session or updating an existing plan.

Key Documents to Gather

Before your meeting, assemble copies of the following:

• Property deeds for each rental you own

• Mortgage payoff statements or loan balances

• Title reports (if recently obtained)

• Any existing wills or trusts

• Entity documents if your property is held in an LLC, LP, or family trust

• Tax returns for the past two years (especially the Schedule E section)

Rental-Specific Items

Your estate planning attorney may not ask for these by default, but they should:

• Current lease agreements for each unit

• Rent Roll (a summary of tenant names, rents, and tenancy start dates)

• Security deposit records, including where funds are held

• Proof of Rent Board registration and fee payments (if applicable)

• Capital improvements log (for establishing the cost basis of your properties)

• Insurance policies covering each property

BPOA Tip: In Berkeley, it is helpful to bring a unit-by-unit breakdown of Rent Stabilization Ordinance (RSO) coverage types: fully covered, partially covered, or exempt, as this may affect future ownership or use of the property.

Decisions to Think Through in Advance

While your attorney will walk you through your options, it helps to consider:

• Do you want your heirs to keep or sell the property?

• Should your estate distribute assets equally, or based on interest in the business?

• If a tenant is family or a longtime occupant, do you want to provide rent relief or stability?

• Should you designate a trusted property manager to step in during probate or transition?

People to Name in Your Plan

Start thinking about who will take on these key roles:

• Successor Trustee(s) (to manage your trust)

• Executor (to administer your will or estate)

• Power of Attorney for financial and medical decisions

• Back-up property managers or trusted advisors

• Heirs, beneficiaries, or nonprofit recipients of property

Final Notes

You don’t need to have every answer before your first meeting, but showing up with organized paperwork will help your attorney spot issues early, especially when real estate is involved. For rental housing providers, the goal is to pass on your property in a way that’s legally sound, financially smart, and as stress-free as possible for your loved ones.