When you are working with an attorney to create your personalized estate plan, there are many things to think about and many questions to ask when estate planning. Some of the questions you should think about are:
- Who needs to be taken care of if I pass away tomorrow? How can I best ensure their needs are met?
- If I have minor children, who will take care of them upon my passing?
- If I have minor children and their other parent is still alive, what happens if we both pass away tomorrow?
- What are my goals for my heirs once I pass away?
- Do I want my heirs to have full access to their inheritance? Or do I want to place limitations on it?
- Are my beneficiaries capable of handling their inheritance? Or do they need someone appointed to help them?
- Are there friends or other non-family members I want to make a gift to?
- What do I want my legacy to be?
- Do I need to structure my estate for tax purposes?
- Do I own a business that needs to be addressed in the plan?
Ready to Discuss Your Estate Plan?
If you are ready to take your plan to the next level and meet with an attorney, contact a local attorney today. The attorney will be able to answer questions you have and will help steer you to appropriate questions to ask when estate planning for your specific situation.
If you have an estate plan already drafted, consider how long it has been since you reviewed it. Estate plans should be reviewed no less frequently than every three years, though annual reviews are ideal.