Creating an estate plan for the first time has the potential to drive you crazy. You know it’s something you need to do, but you have so many unanswered questions that you’re unsure of where to start.
Fortunately, once you get together a list of all your questions, it’s much easier to address them in a timely and accurate manner.
Here are some of the most common questions among people who are creating an estate plan for the first time:
- What is the difference between a will and a trust?
- Who should I name as my beneficiary?
- Is a living will necessary when I am young and healthy?
- What is a power of attorney?
- Should estate planning also touch on long-term care planning?
- Who should I name as the guardian of my minor children?
As you can see, there is no shortage of questions to answer if you’re creating an estate plan for the first time.
Here’s what you need to remember: it’s critical that you address these questions, as opposed to sweeping them under the rug and hoping for the best. If you do this, you could end up making poor decisions that affect you and your family.
As you answer these common questions, others are likely to come to mind. For example, once you learn more about a trust, you may have questions about how much it costs and the steps you must take to maintain it during your life.
If you need any help answering these questions, among others, don’t hesitate to seek professional guidance and advice. At our law firm, we have many years of experience helping people create their first estate plan.
Contact us to provide more information on your situation and schedule a consultation. We’ll make sure you create an estate plan that meets your every requirement.