For many people, estate planning is a pretty scary idea. Most people don’t even realize whether it’s necessary to have an estate plan. They just don’t know where to start from if they want to get one. Does it involve hiring lawyers? Does it cost a lot of money? People keep on asking all sorts of questions, which we will answer in this article.
For starters, estate planning is not only for people who are filthy rich and own several mansions. Estate planning is for everyone. With estate planning, you can do a lot more than just leaving behind your wealth to your heirs. Aside from making your last wishes known in writing, you can name someone in your estate plan to become the guardian of your children in the event of your death. You can name someone to take care of your financial and medical arrangements if you ever become unable to. Moreover, estate planning is not at all expensive as you might’ve thought it would be.
Here are 6 questions you need to ask yourself before creating your estate plan.
1. What Assets Do You Own?
The first thing you need to do is list down all the assets that you own. Make a list of all your bank accounts and investment accounts, real estate and vehicles that you own. And don’t forget to include your valuable assets, like art pieces, paintings, and jewelry.
2. Decide Who Will Get What.
You need to decide which member of your family gets what. Most people leave their estate to their spouse, but you should also decide and name a person who gets your estate if your spouse dies before you. Moreover, if you’re leaving your assets for your children, then decide on the distribution. Would it be equal or would you leave specific items to a specific person?
3. Who Will Care for Your Minor Children?
You can name a person who you’d like to act as the guardian of your minor child in the event of your death.
4. Who Should Execute Your Plan?
An executor is someone who files all the paperwork after you die and distributes the assets according to your estate plan. You need to pick someone who you can trust with all the financial affairs, someone who can serve your family after you die.
5. Who Gets to Make Financial & Medical Decisions?
In case you become incapacitated or sick and are unable to make financial and medical decisions, you need someone to fill your shoes and assume the responsibility. You can name a trustworthy person in your estate plan who you think will fit the role on your behalf.
6. Should You Make a Living Will?
In your living will, you can name a person you want to become your representative and speak on your behalf, in case you get terminally ill and cannot speak. The person named in a living will is also responsible for deciding what medical treatment you should get.
If you’re looking for an easy and affordable way to create your estate plan, Walus Law Group can help. Contact us today and find out the basic requirements for getting started. We can be reached at 586-954-3250.