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Sep 20, 2020

3 Estate Planning Questions to Ask Yourself

estate planning

Estate planning is not the most exciting or pleasant thing to think about. However, it’s an essential task. It allows you to take an active role in future preparations and to plan important steps that will help your family after you are gone. Estate planning can be a complicated process that consists of several parts. Luckily, a qualified lawyer can assist you with each aspect. The purpose of estate planning questions is to guide you through the process and to clarify any issues that you may be unsure about. In this post, we will take a look at some fundamental estate planning questions that you should consider. 

List of Contents

1. Where is My Wealth Going After I’m Gone?

Where will your wealth go after you’re gone? This is a major estate planning question to consider. A large part of estate planning consists of drafting a will to ensure that your assets are distributed according to your wishes.

As your wealth belongs to you, you have the right to distribute it in any way you like. You may wish to leave it to close family members or friends. Another avenue for distribution is charity. If there are charitable organizations that you wish to support, estate planning can be a wonderful way to do so.

2. What’s the Most Tax-Effective Route?

Unfortunately, taxes can eat up a significant portion of an estate. Luckily, there are ways to mediate this. When it comes to estate planning, taxes are an important consideration. If you do not have enough knowledge on this topic or need additional information, discuss the matter with a financial advisor.

3. Are My Documents Accurate and Up To Date?

The presence of a clear and current will is essential for proper estate planning. Legal documents provide the framework for the estate. All of these documents help in safeguarding your assets and serve as protection for your family.

Is it time to re-evaluate your will? Even if your goals and wishes are the same as before, your assets have probably changed. Furthermore, you may need to make adjustments to your executors or beneficiaries.

Other Estate Planning Questions

When you’re ready to take on the important task of estate planning, contact us. At Lewman Law, we can guide you through the process. Contact us by phone at (925) 447-1250, or online. We look forward to speaking with you.

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