Four Questions To Ask Yourself Before Planning Your Estate

When you start planning your estate, you will likely have many questions. It is important to write these down so that when you meet with a Daytona Beach estate planning lawyer, you can get the answers you need. Before even meeting with an attorney, though, it is important that you ask yourself some questions. This can help you identify your goals and ensure that you are fully prepared. Below are some important questions to ask before you start planning your estate.

Who Will Care for Your Children? 

If you are a parent, one of the most pressing concerns is who will care for your children in the event that you pass away or become incapacitated due to an accident or illness. Although this is something no parent wants to think about, it is important that you do. Considering this before you start estate planning allows you to choose a trusted individual who will raise your child in the event that you are unable to.

Who Will Make Decisions for You if You are Unable? 

Just as it is important to choose someone to care for your children, it is just as important that there is someone to take care of you in the event that you become incapacitated. A power of attorney, healthcare directive, or guardian can make legal, financial, and medical decisions for you if you are ever unable to make these decisions for yourself. Again, by asking yourself this question now, you can ensure that you appoint one or more people you trust to take on these roles.

Who are Your Beneficiaries? 

One of the most important things you should ask yourself is who you want to name as beneficiaries. This decision is a deeply personal one. For many people, naming their closest loved ones as beneficiaries makes the most sense. Others have people they love and consider family even though there is no blood relation and they want to name these individuals as beneficiaries. You can choose anyone you want, but it is important to give it careful thought.

How Do You Want Your Property Divided? 

Another very important, but also complex, aspect of estate planning is determining how you want your assets divided among your beneficiaries after you pass away. You should also consider whether you want to use a will to address asset distribution, if you want to establish a trust, or both. Trusts can avoid probate, which can be helpful to loved ones after you pass away. However, if your estate is fairly small and you do not have a lot of property to distribute, establishing a trust may be too expensive to be practical.

Our Estate Planning Lawyer in Daytona Beach Can Answer Your Legal Questions 

There are many important questions to ask yourself when embarking on estate planning, but you will likely have others, too. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can help you identify your goals and answer your questions so you have a comprehensive plan that will protect you and your loved ones. Call us today at 386-252-5170 or contact us online to schedule a consultation and to learn more.

Source:

flsenate.gov/laws/statutes/2000/732.2025