When preparing for our future with estate planning, the first question we ask ourselves is “What should I include in my plan?” However, there is no one fixed way to create an estate plan. Each person’s situation is different and would require estate planning tools unique to their circumstances.
Instead, what we can do is to ask ourselves the right questions that would lead us to finding suitable tools to include in our estate plan.
What are your goals and priorities?
Taking time to review what you need and what you want to prepare for in the future will help you choose appropriate estate planning tools.
For instance, if you want to ensure that your assets will be properly distributed to your loved ones according to your instructions, you may want to draft a will or a trust. If you are worried about managing your finances or making personal decisions in case you fall incapacitated or ill, a power of attorney can be an option.
Knowing what your priorities are and understanding the purpose of available tools can help you narrow down your estate plan choices.
What properties do you have?
The assets you have and their nature can also affect your decision making process. Do you have a real estate property you jointly own with another person? Is one of your properties under a lien claim? These are some considerations you must make.
Additionally, you must be mindful of existing documents, such as transfer-on-death deeds and prenuptial agreements, before finalizing your estate plan tools to avoid inconsistencies.
The estate planning process can be overwhelming. Nonetheless, you can find a suitable plan for you with the guidance of a knowledgeable estate plan attorney.