You’ve finally considered making an estate plan, but you don’t know where to start. Estate plans are complicated legal documents, so it’s only natural to not know all of your options.
The following are common questions people have when making an estate plan:
1. Who will be my heirs?
You can name nearly anyone to inherit from your estate. Many people name their spouses to ensure they are well cared for after the testator passes away. You may also wish to name any children and grandchildren you have as your heirs — but it’s also possible to list friends, organizations and charities.
2. Who will be my executor of the estate?
The executor of the estate is a representative who will ensure that everything is in order before and during the distribution of your estate. This is a very duty-filled role. For example, they’ll have to verify your will, collect death certificates and contact interested parties for starters. Again, you can name just about anyone, but you may need to consider someone who’s trustworthy and responsible.
3. Who will be my minor child’s guardian?
Unfortunately, many people pass away before their children can care for themselves. To ensure that your minor children have security, you need to name a guardian. You want to choose someone close to you, such as a sibling, older child or close friend who is willing to take on the responsibility.
4. Who will be my power of attorney?
Many people believe that an estate plan is only about asset distribution, but, as you’ve discovered above, there are other features you should consider including. One such is a power of attorney, which is a representative who acts on your behalf. Typically, the power of attorneys only comes into action when the testator is incapacitated and oversees financial and health decisions. In other words, the person you choose will have an intensive role to play.
5. Who will make my estate plan?
Finally, to ensure you’re making a valid estate plan, you may need someone to make your estate plan for you. There are many people who have a strong understanding of the law. You may need to reach out for legal help to ensure you know all of your options.