Essential Questions to Ask When Planning Your Estate
Last updated on August 12, 2024
Planning your estate is a crucial step in ensuring your loved ones are cared for and your wishes are honored. Finding the answers you need in estate planning starts with asking the right questions.
Questions to Ask Yourself about Your Legacy
When planning your estate, it’s important to reflect on your resources, goals and values. Here are some questions to guide your thinking:
- What are my planning goals? Consider what you want to achieve with your estate plan. Are you focused on avoiding probate, minimizing tax implications or simplifying property transfers?
- What are my assets? List all your properties, investments and other valuable items to get an idea of the types of protection you might need or want.
- What are my personal relationships like? Think about who you want to inherit your assets and consider potential conflicts that may arise to address them proactively.
- Do I have special causes or people I support? Identify any charities or individuals you want to include in your plan to ensure you don’t overlook them.
- What are my thoughts, beliefs and values regarding medical care and end-of-life planning? Consider your preferences for matters like chosen care facilities, specific medical treatments and final arrangements.
- Do I need a will or trust? Determine which legal document best suits your needs.
- Who will make decisions on my behalf if I become incapacitated? Choose a trusted person to handle your affairs.
- How often should I review and update my estate plan? Plan for regular reviews to keep your estate plan current.
Answering these questions can help you get an idea of what you will need in a comprehensive estate plan that reflects your wishes and protects your loved ones.
How Our Law Firm Can Help
At North Shore Estate Planning, we understand that estate planning can seem overwhelming. Our experienced team can help you take your answers to these questions and turn them into an enforceable, effective estate planning strategy. We work with you to draft wills, trusts and other legal documents that define and preserve your wishes. We also provide guidance on minimizing taxes and avoiding probate, making the process as smooth as possible for your heirs.