Estate Planning: 5 Things to Consider

If you are preparing to draw up your estate plan with your estate planning attorney, there are a variety of issues you will need to think about before your paperwork can be finalized.

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Before putting together your estate plan, we suggest that you think about the following:

  1. How would you like your money and assets to be handled if you died? Do you want no limits? If you are married, do you want your spouse to handle all the assets? Are you worried about your partner remarrying and being influenced by your partner? It’s important to know how you want your money to be managed when you or your spouse dies, especially if you have young children.
  2. If you have young children, who will be their guardians? This is a very difficult discussion to have, but it is better to make this decision than leave it to a probate court. Many parents wish to avoid a lengthy emotional guardianship process for their young children.
  3. After your death, where did your money, house, etc. go? you want to go? Do you want to go to family, kids, friends, charity, etc.? And do you want it to be given at once? Or staggered? We usually recommend distributing money to children at a certain age, not all at once.
  4. Who will handle your affairs when you die? You need to appoint someone to be your guardian. This will be the person you name to follow the instructions contained in your housing plan regarding the distribution or other plan you have assigned. This is usually your partner first if you are married then the most responsible person you know.
  5. Who will make decisions for you if you are not capable? Usually, married clients appoint their spouse as attorney for health and financial matters. If your partner is crippled or ahead of you or if you are single, who do you want to deal with these issues? It could be the same person, or different people, to handle medical and financial people.

These are some of the decisions you should consider.

We often help our clients navigate these decisions and provide further guidance as we build their documents.

If you need help, contact us today.

Contact us today to help you get the right paperwork or to update your current property package. We will plan so you don’t have to worry about your future.

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