If you’re just now beginning to start your estate planning, you may have a lot of questions. It’s normal to be confused about the entire process. We receive estate planning questions on a regular basis. We thought that it would be helpful to outline answers to these common questions. If you have any questions, or if you’d like to discuss your individual estate planning goals, meet with an estate planning attorney.
Is a will the only estate planning document that I need?
A will is an extremely beneficial document. It allows you to appoint a guardian for the care of your minor children, decide how your assets will be distributed, and appoint an executor who will be responsible for handling your estate’s affairs. However, a will is a document that’s not able to meet all of your planning needs. You may want to consider including your pet in your planning, preparing for medical emergencies, and planning ahead for long term care costs. These needs require different documents. Discuss your planning with an estate planning attorney to make sure that you’re utilizing all of the correct estate planning documents.
How often should I update my plan?
An estate plan is not something that should be created and then forgotten about. You will need to review your plan with your attorney on a regular basis. This will allow your attorney to make sure that your needs are still met. If updates need to be made, your attorney will decide what needs to be changed. Everyone should review their plan every 3 to 5 years.
In addition, if you experience significant life changes such as divorce, marriage, or the addition of a new child, you should meet with your estate planning attorney right away. If it’s been a few years since you’ve first done your planning, now is the time to review so that you can make important updates!
Take a look at our next blog post (part 3 of 3) to read more answers to common estate planning questions. If you have any questions, or if you’d like to discuss your estate planning needs, consult with a qualified estate planning attorney.