When it comes to estate planning in Lee County, or anywhere else, people can have a lot of different questions about the process. Although some aspects of estate planning might seem obvious, like having a will, for example, there are many other aspects that a lot of people might not be aware of. So what are some of the important questions you should be asking in order to plan for your estate?
There are many answers to this question, but according to a report on Forbs.com, these are some of the most important questions you should be asking in regards to estate planning:
- Do I still have minor children? – If you have minor children then you will want to name a guardian in the event you die while your children still need parental guidance and care.
- Is my estate small enough to simply name a beneficiary for all my assets? – If you don’t own a home and your assets are worth less than $5 million then you don’t need a trust to avoid probate. You might not even need a will. Instead you can simply name a beneficiary for each asset.
- Do I own a home and/or other real property? – In order to bypass the probate process you will need to put your home or other real property in a trust.
- Do I have a high net worth and a large estate? – If you have a lot of money and other assets then you might want to seek the help of a financial advisor in order to set your estate plan up right and avoid leaving your beneficiaries with a large tax bill.
- Should I include power of attorney? – Having a power of attorney in place can be beneficial for many reasons. While not everyone may need this tool, it is a good idea for most people to at least consider.
The bottom line is that there are many important questions to ask yourself when you are preparing your estate plan. By taking the time to consider these and other questions you will be better prepared to come up with a successful estate plan. This is information is not intended to be used as legal advice.