What are some things to consider when setting up your will and estate plan?
What are some things to consider when setting up your will and estate plan?
Creating a will and estate plan is not just for older people or those in the middle of a messy divorce—in fact, it's something that most of us should think about, even if we're young and not super-wealthy.
An estate plan is a document that provides instructions for what happens to your stuff when you die, including the distribution of property (who gets what), funeral arrangements, and the guardianship of minor children. A will is part of an estate plan, but there are other elements to consider, too—pet custody, beneficiary designations (for insurance policies, bank accounts, retirement accounts), and healthcare directives are also important considerations.
As a starting point, many financial advisors recommend drafting a document called an "insurance trust" to appoint an agent who will be responsible for distributing your assets according to your wishes after you pass away. This person can be anyone you choose—a spouse or parent or friend—but it can't be your executor (the person responsible for overseeing your estate) because he or she would have too much personal interest in distributing the assets as quickly as possible (either to pay off debts or to keep money from going through probate). By appointing someone else as trustee of your insurance trust, you can avoid the potential conflict
The process of getting your estate plan together can seem daunting, so here are some things to consider to make it easier. If a lot of people are going to be involved in the process of making decisions about your estate (for example, if you have kids that you want to include in the decision-making process), finding a lawyer who has experience with the specific type of situation you're in is a good idea.
Most lawyers will have experience with common situations—such as someone who's married, has kids, and owns property—but if your situation is more uncommon, it's worth asking which lawyers they work with and what their expertise is before deciding who to use. In any case, your lawyer should be able to give you more information about what comes next—it's important to remember that there are a lot of different options for putting together an estate plan, so this isn't something you have to do alone.
If you have any questions or in need a Will and Estate Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
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Parklin Law - Estate Planning
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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
