Are you in the process of creating an estate plan for the first time? Are you anxious to get this over with, but scared that you could make some costly mistakes along the way?
You’re not alone. Creating an estate plan – especially for the first time – can bring a lot of stress to your life. However, once you make your way through the process, you’ll look back and realize that it is well worth it.
Here’s the one thing you always need to remember: no stone should be left unturned.
In other words, if you have questions or concerns, address them immediately. Don’t turn away and assume that you’ll have time to revisit them in the future.
Here are some of the top questions to answer as you think about creating your first estate plan:
- Do you have a list of all your assets and liabilities?
- Who do you want to leave your estate upon your passing?
- Could you benefit from the creation of a living trust?
- Who will you name as the executor of your estate?
- Who will you name as the guardian of your children (if applicable)?
- What are you hoping to accomplish with your estate plan?
- Are you familiar with the many types of powers of attorney?
- What will you do with your estate plan upon completion?
These are just a few of the many top questions among first-time estate planners. Of course, you’ll have more based on your particular circumstances, so be sure to bring those to light as well.
At our law firm, we have many years of experience helping individuals create their first estate plan.
If you’re in this position, we’re here to help. Contact us to set up a consultation during which we can answer your questions and provide a roadmap for moving forward.