Estate plans are complicated. It’s only natural to have questions when making an estate plan.
Here are some of the most common that we hear from people who are just starting to look into the process:
1. When should I make an estate plan?
There’s no better time to make an estate plan than now. You do have to be a legal adult before you can make an estate plan. You can never be certain when an estate plan may be needed and it may help you to prepare for the unexpected.
2. Is estate planning for the rich?
The rich often don’t benefit from an estate plan any more than others. In other words, everyone benefits from making estate plans.
3. Can you update an estate plan?
Not only can you update an estate plan but you should do so often. Many people update their plans every few years. But, there may be events that require people to make changes early, such as divorce or childbirth.
4. Can I remove heirs from my estate plan?
You can remove people from your estate plan as easily as you can add them. People may still try to contest an estate plan if they believe they were left out or should not have been disinherited.
5. What if I never make an estate plan?
Many people die interstate, which means they didn’t have an estate plan. When this happens, their last wishes won’t be met. But, the state will step in to distribute assets to the best of its ability.
6. Can I make an estate plan by myself?
While an estate plan can be made entirely by you, that doesn’t mean it’s the best option. Estate plans are complicated legal documents that often need a sharp eye to review. You may benefit by reaching out for legal guidance to ensure your estate plans are in order and that they accomplish your goals.