In a perfect world, you would go through the estate planning process without running into any roadblocks. At that point, you would never have to touch your plan again.
However, in the real world, you shouldn’t expect this to happen. You should realize that complications can and may arise when estate planning, all of which need to be dealt with in the appropriate manner.
Here are several complicated estate planning questions that you may need to answer at some point:
- Who will raise your minor children if both you and your spouse pass on?
- What is the best way to break down who will get what when you pass, as to ensure that all your loved ones are taken care of?
- Have you taken into consideration all the important relationships in your life, not just the one with your spouse and children?
- Have you made large gifts in the past, or do you plan on doing so in the future?
- Have you taken the time to plan for a potential incapacity?
It’s easy to assume that creating a will or trust is the only thing you need to do, but that’s not typically the case. There are other things that deserve your attention, and you can’t wait to address them.
Every estate planning question, no matter what it may be, requires a comprehensive answer. As you move through the process, you should never hide from any detail. When you do this, while also focusing on your legal rights, you can be confident that your estate plan will protect both you and your family.
Source: Forbes, “12 Estate Planning Questions That Might Make You Squirm,” accessed April 06, 2018