Estate planning is an important document that can help determine what happens to one’s estate after their passing.
If you’re considering drafting your estate plan, you may need to consider the following questions:
1. Do you need a will?
While many people die without a will, it’s often not the best option. If someone dies without a will then it’s considered intestate. Dying intestate would mean that the state would have to take over the distribution process of the deceased’s estate. As a result, assets may be distributed against the decedent’s last wishes.
2. Can you change a trust?
There are many kinds of trusts you can make. The most common trust is a revocable trust. A revocable trust can be altered or revoked any time the testator wishes. After death, however, a revocable trust becomes irrevocable and can’t be altered. If a testator makes an irrevocable trust, the same issue applies.
3. Who makes a good executor of the estate?
An executor of the estate is in charge of handling any matters relating to the testator’s estate. They’ll also be in charge of contacting heirs, filing taxes and collecting death certificates, for example. People often find someone who is trustworthy and responsible when naming an executor.
4. Should you update an estate plan?
Many people update their estate plans regularly. You may want to alter your estate plans after major life changes, such as marriage, divorce or childbirth.
5. Why would you need legal help with your estate plans?
Estate planning is a complex legal matter. One small mistake when drafting your own estate plans could create problems for your heirs. You may need to reach out for legal help to understand your options.