Figuring out how to even start your estate plan can be difficult. You probably have a lot of questions. Funnily enough, having questions might be the best way to begin creating your plan.
Fundamentally, your estate plan is a comprehensive set of answers to some serious questions. An estate plan should answer all the questions you and your family have about your future and what will happen to you, your estate and belongings.
What questions does an estate plan need to answer?
Estate planning questions
Some of these questions are not very pleasant to think about. They may make you uncomfortable. But they need to be answered in order for your estate plan to be as effective as it can be. Some of the questions your estate plan should answer include:
- Who will care for your kids if you die sooner than expected?
- Who will decide whether or not to pull the plug?
- Should your beneficiary sell your house?
- Will all your descendants and relatives get something when you die?
- Who will make serious financial decisions for you if you are not sound of mind?
- Do you need to create a trust for your kids?
These are just a few of the difficult questions you will have to confront during the estate planning process. It may seem intimidating, but it is much better to find the answers to these questions now, rather than later in life. Having a comprehensive estate plan is one of the best ways you can care for your loved ones now and in the future.
Chances are you will have to make some hard decisions. Sitting down with an experienced estate planning attorney can help you sort everything out and come up with a plan that is effective and successfully carries out your wishes.