When creating an estate plan, you hope that everything goes as planned, but you know that you’re likely to face challenges.
Fortunately, there’s nothing you can’t overcome with the right approach and some guidance.
Here are some of the many questions that’ll challenge you when creating an estate plan?
- Who will you name as the executor of your will?
- Who will you name as your beneficiary?
- Is now the right time to consider a trust?
- Who should you name as the guardian of your children?
- What’s the best way to plan for a future incapacity?
- What does long-term care planning entail?
- How does retirement planning affect estate planning and vice versa?
- Should you create a financial power of attorney?
- What happens if your beneficiary passes on before you?
All of these questions, and others, are sure to come to light as you create your estate plan.
For example, you’ll decide early on if you’re only creating a will or also want to create a trust. Once you make this decision, you then have other questions to address, such as who to name as your executor.
As you face these questions, it’s easy to get down on yourself and wonder if you’re best off avoiding the process altogether. Don’t let this happen, as you’re close to reaching the end of the road.
Once you clear the air and have an idea of how you want to proceed, you can do so with confidence. Soon enough, you’ll have a complete estate plan that puts your mind at ease and protects your loved ones.