Most people know that in order to protect your loved ones in the future, you have to start planning now. Saving money for your child’s education, purchasing life insurance, and investing in the stock market are some of the first things that come to mind, but what about creating an estate plan? One of the reasons people postpone this is because they don’t fully understand the estate planning process. Below are five answers to the most common questions about estate planning to help prepare you for the future.
#1: Do I need an attorney to create a Will?
Technically, you do not need an attorney to create a Will, but I don’t recommend doing it without one. There are many variables and unique situations that play into an individual’s estate plan, and a generic document may not cover those.
#2: How can I prevent family drama after I pass away?
It’s very likely that each family member will have different views on what to do with your belongings. The best way to avoid family feuds is by designating where your money and sentimental things will go when you pass away. Including detailed instructions in your Will should eliminate some of the drama.
#3: What is a Power of Attorney?
This is one of the most powerful estate planning tools because it gives the person of your choice decision-making power on your behalf. This person has the ability to make financial and medical decisions for you in the event that you become incapacitated.
#4: When should I make updates to my estate plan?
You should review your documents every 3-5 years or after any major life change. A few major life changes include such things as a birth, death, divorce, disability and significant changes in net worth.
#5: Does everyone need a Trust?
In Texas, a Trust is not necessary for everyone however there are several reasons to consider a trust. Some include tax planning, owning property out of state, special needs or disabled family members, and planning for blended families and same sex couples.
Law Offices of Debbie J. Cunningham
Latest posts by Law Offices of Debbie J. Cunningham (see all)
- Wills & Appointments Of Guardians For Children - November 6, 2023
