Everything seems complicated when you’re new to estate planning. Combine this with the fact that you’re concerned about making mistakes and you may soon find yourself bogged down with so much stress and anxiety that you don’t know what to do next.
Fortunately, you can clear the air by answering some key questions.
- What are your estate planning goals?
This doesn’t have to be an overly complex answer. It can be as simple as “I want to protect my assets” or “I want to make sure my loved ones will be okay after my passing.”
Make a list of short and long-term goals and use these to create your first estate plan.
- Have you made any estate planning decisions to date?
Even if you don’t have a comprehensive estate plan, you may have already made some important estate planning decisions. For example, choosing a guardian for any children under the age of 18.
Make a list of any decisions you’ve made and use it to guide the creation of a complete estate plan.
- What are your future family and financial plans?
While there’s no way of knowing what the future holds, thinking about this can help you create a more informed estate plan. Do you plan on having children? Do you plan on moving out of state? Do you want to sell your small business? Do you want to leave your business to your children?
You don’t have to go too deep — as future plans have a way of changing — but think about what you want in regard to your family and finances.
If you need help answering these questions or tackling any related challenges, contact our law firm online or via phone at (410) 573-4818. Our estate planning attorneys are available to provide you with the advice and guidance required to create an estate plan that suits your current and future needs.
