First time estate planning is easier said than done. Sure, you may have a basic idea of what you want to accomplish, but you’re likely to run into challenges along the way. And if you don’t address these immediately, it could have an impact on you, your family, and your estate.
Here are some frequently asked questions to address when creating an estate plan for the first time:
- Are you and your spouse on the same page?
- Do you have children? Do you plan to have children in the future?
- What steps can you take to protect your loved ones in the future?
- Do you have life insurance? How about long-term care insurance? What about disability insurance?
- Who do you want to manage your affairs in the event of an incapacity?
- Have you named a guardian for any children under the age of 18?
- Do you need a pet trust?
- Do you need a special needs trust?
As you can see, there’s no shortage of questions to address and concerns to overcome when creating your first estate plan.
Fortunately, when you take your time and carefully check each box, you’ll end up with an estate plan that suits you and your loved ones. Here are some basic steps you can take today:
- Review your personal and financial circumstances
- Answer any initial questions that are on your mind
- Talk through your goals with your spouse
- Consult with an experienced estate planning attorney.
First time estate planning can be complicated, stressful, and motivating all at the same time. Not to mention the fact that you’ll feel a great sense of accomplishment upon completion.
If you’re ready to create your first estate plan, contact our law firm to set up a free consultation with an experienced attorney. We’ll make sure that your first estate plan meets all your requirements.