Answers To Questions I Am Frequently Asked About Estate Planning
Over the last 52 years, I have helped clients plan for the future. While it can be overwhelming and intimidating, it is essential. Without an estate plan in place, you run the risk of having your needs ignored. For your convenience, below is a list of frequently asked questions and brief answers.
Q: What is an estate plan, and why do I need one?
A: An estate plan most often contains a will or trust. It is the transfer of your property after you pass away. Without one in place, your loved ones may be forced to make decisions on your behalf. In some cases, the court may even do so. Your assets will also be heavily taxed, which might be avoidable.
Q: What happens if I die without a will?
A: While a will is not required, it is certainly in your best interest to have one in place. If you have a surviving spouse or children, they will inherit 100% of your estate. If your parents or siblings are alive, they will split your assets. If you do not have any surviving family members, the entire estate will go to the state.
Q: Do I need an attorney in order to create an estate plan?
A: The short answer is no. However, there are many legal documents that go into the process. Without a knowledgeable attorney, you may miss important parts of the process. I can help you through the entire process.
Q: Can I update my estate plan? Or once I finish it, is it final?
A: You can always update your estate plan. As you get older, your opinions might change and it’s important to review it. Once you pass away, the most recent version of your plan will be upheld.