Estate planning is a beneficial step everyone should take to ensure their loved ones are cared for in the aftermath of their passing. Even if you believe you are too young or too healthy, the fact is that no one can ever know what the future will hold, so it is never too soon to begin this step.
Common Questions About Estate Planning
The prospect of creating an estate plan can be a little daunting for some, especially if they are unfamiliar with what it takes to embark on this process or are unsure of what to include.
Here are some of the most frequently asked questions about estate planning:
- What is the difference between a will and a trust? Although there are a lot of similarities between wills and trusts, they still have some major differences. Trusts can only cover the property that is placed in the trust. A will can cover anything that is solely owned by the individual who created it. Trusts are private and can keep beneficiaries out of the probate process, whereas wills are public record and will typically have to go through probate.
- Will I have to make updates to my estate plan? Whenever you go through a major change in your life, it is generally a good idea to update your estate plan. Marriage, divorce, childbirth, adoption, and the death of a spouse are all examples of events that may trigger the need for updates in an estate plan.
- What if my family tries to contest my will? Every family has its own problems and, after your death, your family may not agree with your will and attempt to contest it. There are some steps you can take to ensure it is upheld, however. Working with a knowledgeable attorney, for example, will ensure there is no room for error. You should also consider explaining your decisions to your family, so there are no surprises.
- What is Power of Attorney? Estate planning is not just about managing your assets in the aftermath of your death. If you become incapacitated, the person you appoint as power of attorney will be able to make legal decisions on your behalf.
- What is a medical directive? Your medical directive may include a health care proxy, power of attorney, and medical instructions. If you become incapacitated, having a medical directive included in your estate plan will give the individual of your choosing the ability to make medical decisions on your behalf.
Get Started on Creating an Estate Plan Today by Reaching Out to Our Law Firm!
At Drexler Law, our estate planning team will work with you to create an effective estate plan that addresses your unique needs and goals.
Reach out to our law office today at (719) 259-0050 to request a case evaluation with an experienced estate planning attorney!