Creating your first estate plan is intimidating on many fronts, but it’s also something that will bring peace of mind and clarity to your life.
As you get started, it’s safe to assume that a variety of questions will come to light. While you may not know the answers to every question you confront, there’s no shortage of places you can turn for assistance.
Here’s a shortlist of common questions that first-time estate planners often face:
- Have you taken inventory of your assets? It’s important to gather a comprehensive list of your assets, including properties, investments, bank accounts, and personal belongings.
- Do you have a firm understanding of your liabilities? Consider any outstanding debts, loans, or obligations that need to be addressed in your estate plan.
- Who do you want to name as your beneficiary? Determine who will inherit your assets and how you want them distributed.
- Do you want to create a will or a trust? Understand the differences between wills and trusts to determine which option aligns with your goals and circumstances.
- Do you have children who need to be included in your estate plan? If so, consider who you would like to designate as their guardian in the event of your incapacity or passing.
- Are you familiar with how incapacity planning fits into an estate plan? Explore options for naming someone to make medical and financial decisions on your behalf if you become unable to do so.
- Have you given any thought to long-term care planning? Consider the potential need for long-term care and explore strategies to address associated costs and preferences.
- Does pet planning make sense for you at the present time? If you have beloved pets, consider including provisions for their care and well-being in your estate plan.
- Who can you trust to make medical and financial decisions on your behalf? Explore options such as powers of attorney and advance healthcare directives to ensure your wishes are honored.
These questions aren’t meant to scare you. They’re meant to show you just how important it is to create your first estate plan. Imagine how much better you’ll feel about the future once you have thoroughly answered these questions.
Running from one or more of these questions will only cause more stress. Not to mention the fact that you’re taking a big risk with your future.
When you’re ready to tackle these questions and more, reach out to our law firm to schedule a consultation at info@kinghornlaw.com or 520.529.4000. Our team of experienced estate planning attorneys will guide you through the process, answer your questions, and help you create a customized plan that suits you and your loved ones.
