It doesn’t matter if you are in your 20’s and creating an estate plan for the first time or have reached retirement age and realize that a few changes here and there would be in your best interest. The fact of the matter remains the same: you need to do what is best for you, your family, and your finances.
With so many questions to answer, it is only natural to feel overwhelmed at some point during the process. To protect against this, consult with an estate planning attorney early on. This will ensure that you have somebody on your side who can answer your questions and provide you with professional guidance.
The answers to the three questions below will impact the decisions you make as you create or alter your estate plan:
1. What are your estate planning needs? If your situation is simple, you may be able to get away with creating a basic will. However, there are times when you should consider diving deeper into the process, such as by creating a trust. You can place assets in the trust to shield them from the probate process and certain taxes.
Since your situation is not the same as anybody else, your estate planning needs will be unique as well.
2. Who can help? As tempting as it may be to create an estate plan without outside assistance, you are inviting trouble if you decide to do so. Remember, there are legal implications of everything you do. A mistake that you make now could come back to haunt your family once you pass away.
With an estate planning attorney on your side, you don’t have to be concerned about making mistakes or doing something that will have a negative impact on your family.
3. What are your goals? Just the same as any financial decision, you should have goals attached to your estate plan. Once you have a list of goals, you can make decisions related to your will, trusts, power of attorney, and other similar details.
These are the types of estate planning questions that require answers. Once you have these answers in hand, you can then make confident decisions that will benefit you and your family. Call now at 608-824-9540 to set up a free consultation regarding your estate planning questions.