One of the best things for you and your family is an estate plan, but many people don’t understand the basics of estate planning.
There are many common questions that people ask about estate planning. Here you may have your questions answered:
1. What is an estate plan?
An estate plan is the legal documentation of your assets and last wishes. For you to pass off your estate after your death, you’ll need to declare heirs in a will or trust. People typically create just a will, but a trust has many unique benefits, as well.
Alongside a will, testators, or the will makers can also designate an executor of their estate to look over their assets. Additionally, a will can include a power of attorney to handle financial and medical decisions on behalf of the testator if they are found incapacitated or not of their right mind. Furthermore, a will may include a child guardian.
2. When should you make an estate plan?
Life can happen fast and it may be best to have an estate plan made once you become a legal age. Estate plans often need to be revised over the years as an estate grows and events alter a testator’s life.
3. Can you make your own estate plan?
While you could create a will by hand, this legal document is often complicated and precise for just anyone to create. People may find that they can purchase a premade will online, however, these kinds of legal documents may miss important details, which can result in disputes.
It’s often important to know your legal options when making any document in an estate plan.