4 important questions when estate planning

Dec 14, 2022 | Estate Planning

Did you just recently find out you should have an estate plan? Have you just recently started the lengthy process of planning out your estate? Do you know what to include in your estate plan? If you’re making your first estate plan, then you’re likely riddled with questions.

You aren’t the first to make an estate plan and you likely won’t be the last, so many of your questions have already been answered. The following are some questions you may have when making an estate plan:

1. Who will you name as beneficiary?

One of the main purposes of an estate plan is naming a beneficiary, or beneficiaries, who’ll inherit from your estate. You could include your spouse or children to inherit anything from your home and car to your art collection and clothing.

2. Who will be the executor of your estate?

Your estate would be sitting vacant without anyone to look out for it unless you name an executor of your estate. An executor will care for your estate and protect valuable assets during probate. Probate is the period of time between when you’ve passed away and when your heirs inherit from your estate.

3. Who will be your power of attorney?

Your estate plan will likely include more than just a list of beneficiaries, but also a power of attorney. A power of attorney will make financial and medical decisions on your behalf if you fall ill, become incapacitated or develop a medical condition and can no longer do so yourself.

4. Who will help you make an estate plan?

An estate plan isn’t made from thin air and it isn’t as easy of a legal document as people make it out to seem. You’ll likely need to reach out for legal help to ensure you’re making a valid estate plan.

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