Be sure to ask these questions about your estate plan

When it comes to estate planning in Lee County, or anywhere else, there are so many important questions that need to be asked, as well as answered. Preparing for one’s death might not be a person’s favorite subject, but nevertheless, it is very important to plan for your loved ones before you’re gone.

Anyone who is preparing his or her estate plan needs to be able to answer several important questions, but some are more important than others. If a person is married one of the most important questions that needs to be answered is: “How well does my spouse know our financial advisor?” Because this person is probably going to play an integral role when a person dies, it’s a good idea for both spouses to know him or her well.

Another important question is: “Does my spouse know where all our accounts are located and how to access them?” Typically a couple does not know who will die first, which is why both parties should be aware of all of this important information. Lastly, a person should be able to answer this question: “Are our wills and beneficiary designations up-to-date?” A person’s will and other estate planning documents should be reviewed and updated often to ensure that one’s most recent wishes are enacted after death.

Estate planning is obviously important and how well you prepare can make a big difference in the lives of your loved ones after you die. Although not every aspect of estate planning needs to involve an attorney, there are many important details that can be better handled by someone who understands the legalities of estate planning. Therefore, retaining an experienced estate-planning attorney is a good idea for most people.

Source: U.S. New & World Report, “3 important estate planning questions,” Scott Holsopple, May 1, 2014.

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