Estate planning isn’t a complicated process, but it does include a ton of decisions to make.
If it’s your first time making an estate plan then it’s only reasonable to assume that you have many questions – as do many others. The following are 4 common questions about estate planning:
#1. Why do people plan their estate?
When you pass away, all of your assets will be left behind. Many people wish to give their assets to family and loved ones to ensure their estate isn’t left to disuse. In anticipation of your passing, you can make an estate plan to detail how your assets are distributed and your funeral arrangements.
#2. Is it too early to make an estate plan?
Many people believe that they should make an estate plan when they’re older. While most of the estate plan is in anticipation of dying at an old age, there are some features that are useful while you’re alive, such as a power of attorney. If you’re suddenly incapacitated and need someone to make decisions on your behalf, then you can have your designated power of attorney stand in for you. All of that is to say that you shouldn’t wait to make an estate plan
#3. Do you need to update an estate plan?
It’s often recommended that people update their estate plans frequently. Some events may have people updating their estate plan within days or weeks, such as marriage, divorce, childbirth or health scares.
#4. Where do you begin when making an estate plan?
Many people find estate planning confusing. Not only should you understand your legal options when making an estate plan but you have to be sure your estate plan is valid. Without the right legal help, there could be crucial details missing, which can lead to family disputes.