how to begin estate planning

2021-08-07

Questions to Ask When Planning Your Estate Early

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If you find yourself wondering how to begin estate planning, or if early estate planning makes sense, you are on the right track! Covering the details about what will happen to you or your loved ones if an accident occurs is a necessary step in adult life.   

Worrying about your future can either become productive or unproductive. It’s productive when you use the worry to spark an action like calling an experienced estate planning attorney. Worry is unproductive when it takes over your mind and eats away at your peace. 

Your estate plan should protect your decisions about end-of-life care and how your assets will be handled. Let the experts at Phelps LaClair ease your worries. We’ll work by your side throughout life’s changes to maintain an estate plan that provides in the way you see fit. 

Early Estate Planning for Singles 

Sadly, many young people never complete their estate plan because they think it is only for the wealthy. Not so! Everyone has a reason to plan their end-of-life details. If you own a home, have liquid assets, or will leave anything of value behind, you have even more reasons to plan. 

You deserve to appoint a trustworthy person to be in charge of your medical, personal, and financial affairs if you become ill, disabled, or are otherwise unable to speak for yourself. Those sensitive things shouldn’t be left up for discussion after the fact. Below are some questions to consider as you go through early estate planning. 

How to Begin Estate Planning: Questions to Ask

1. Where do you want your property to go? Some single people (without children) name their nieces and nephews, siblings, or serious life-partners as heirs.

2. How long should a trust last? What are the advantages and disadvantages for your personal situation regarding a trust?

3. Who will be in charge of distributing your assets? Do you know who you will name as Trust Administrator or Estate Administrator?

Early Estate Planning for Couples Without Children

If you are married, or have a life partner, and are without children, you will also benefit from early estate planning. 

Questions to Ask:

    1. Do I need to worry about avoiding federal estate taxes? 
    2. How can I have my unmarried partner as beneficiary for all my assets?
    3. Who should we name as administrator on our estate if we have no dependents or immediate family? 
    4. Should I have a trust and a will

Get Help with Creating an Estate Plan Early in Life

The comment we most often hear clients say as they leave our office is “Why didn’t we do this years ago? It feels so good knowing everything is in order!” And it should feel good. By creating a well-thought out estate plan, you have performed one of the kindest acts for your family and for yourself. You have spared your loved ones immeasurable amounts of inconvenience, unwanted publicity, time and expense. It truly is an act of love! 

Ready to get started?

Attend one of our free seminars and take those first steps today.

 

 

 

 

 

image by: Mabel Amber from Pixabay.com on 8/7/2021 | used under the creative commons license | no edits made

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