Creating your first estate plan is a challenging task, as you’re sure to have a variety of questions and concerns. Fortunately, when you address every question that you face, it’s easier to make informed and confident decisions.
Here are some of the most important questions to answer when creating your first estate plan:
- Who will you name as your beneficiary or beneficiaries on your will? For most, this is the first question that comes to mind. Some people know the answer and never have to think twice. Others, however, may have to consider several people before making a final decision.
- Are you familiar with the benefits of a living trust? A will is a good start, but you may find that a living trust has just as much to offer. Some of its many benefits include privacy protection and the ability to shield assets from the costly and time consuming probate process.
- Do you have a healthcare power of attorney? You want to make sure someone you trust is able to step in and make medical decisions if you’re incapacitated. Without this, you could put your loved ones in a difficult situation.
- Do you have children under the age of 18? The last thing you want to think about is the possibility of passing on before your children reach age 18, but it could happen. It’s better to be safe than sorry, so name a guardian for your minor children. This is the person who will care for them if you pass on.
There are many other questions to answer when creating your first estate plan, but starting here will put you on the right track. As you answer these questions, many others will come to mind. Be sure to address each and every one in a timely and accurate manner.
If you require assistance, don’t hesitate to contact us. We’ll make sure your first estate plan is exactly what you want it to be.