Estate plans are complex legal documents that detail the final wishes of the testator. Without an estate plan, a death in a family could cause great difficulty for the rest of the family.
Despite that, many people put off making estate plans because they have unanswered questions. Here are some frequently asked questions about estate planning:
1. What do you include in an estate plan?
There are two major documents people include in an estate plan: a will and a trust. These legal documents typically detail how assets are distributed. They may also appoint an executor of an estate, who manages the estate for the deceased, and a power of attorney, who makes decisions on behalf of the testator if they’re incapacitated.
2. How old should you be when you plan your estate?
You may consider making an estate plan the moment you become a legal adult. People may not consider making an estate plan because they don’t have many assets, but they may still want to declare a power of attorney. An accident or medical condition can happen at a moment’s notice and a designated power of attorney would be able to help.
3. Should you update your estate plan?
You may need to consider updating your estate plan regularly. Many people build up their assets over the years. Some people put loved ones into their will that are no longer around. Many minor details can change over time in an estate plan.
4. Should you seek legal help when making an estate plan?
Estate plans aren’t easy to make. Many people consider reaching out for legal help when planning out their estate.