Are you thinking about making an estate plan? If so, you likely have a lot of questions. It seems like an intimidating thing to a lot of people — which is why it’s so important to demystify the process.
The following are a few commonly asked questions about estate planning:
1. When should you make an estate plan?
People often believe that they’re too young to make an estate plan or that they should wait until they’re much older. But, there’s often no time like the present when it comes to making an estate plan. Accidents happen all the time and you can feel safe knowing that everything is prepared for your grieving loved ones if you suddenly pass away.
2. Can you alter an estate plan after it is done?
Not only can you alter an estate plan but it’s often necessary to update your plans regularly. Many people update their estate plans every year or every other year to include new assets.
However, there are times in life when an estate plan needs to be updated sooner. For example, many people update their estate plans after marriage or divorce or after someone in the family hads a new child.
3. Is estate planning only about asset distribution?
Estate planning is primarily about preparing an estate in preparation for someone’s passing. However, an estate plan doesn’t necessarily focus entirely on asset distribution.
An estate plan can also include a child guardian. A child guardian can be named so that the testator’s children are cared for and raised under the protection of someone trusted. Essentially, a child guardian would take on the role and responsibilities as a parent to the testator’s children Furthermore, testators can name a power of attorney in their estate plans. A power of attorney is a representative who acts on behalf of the testator if they’re incapacitated. They may make financial and medical decisions, as permitted.
This likely only answers a couple of your questions about estate planning. To have more of your questions answered, you may need to reach out for legal help.