We all lead busy lives and make plans to see friends, family, so it’s strange then that we don’t consider specific types of plans. We schedule events and experiences like going to the beach or trying to best our friends at minigolf, but when we can no longer do these things we often have no failsafe in place. This is when it’s important to consider estate planning questions to ask yourself.  

A good estate plan will give you a concrete plan where there was none and leave nothing for your loved ones to guess about what you would’ve wanted. The passing of someone is already hard enough without deciding how much of an emotional value you had to something like a lamp. 

Here are some of the key estate planning questions to ask yourself so you can create a plan that leaves nothing to chance. 

1. Estate Planning Questions to Ask Yourself: How Would You Like Your Wealth Distributed? 

Easily one of the most important questions to ask and answer because money can break and make family and friends. A Will is crucial to set up for this because otherwise, this answer becomes complex, expensive, and potentially requires dealing with a lawyer for an extended period of time.  

2. How Would You Like Your Wealth Given Out If You and Your Significant Other Passed Away Today? 

It would really suck if both you and your spouse had a vending machine fell on both of you (in the U.S. that’s actually more likely to happen than a shark attack). In the event some sort of weird event did happen to both of you, it’s important to have a plan in place for how your wealth will be distributed so that family and friends don’t need to try and figure it out themselves. 

3. Have You Appointed Someone Who Can Carry Out Your Health Care Wishes If You Can’t Communicate Them? 

A good choice would be a trusted friend or family member that would be willing to provide you with the support you’d like. 

4. Who Will Care for Your Minor Children? 

If you have young kids and both you and your spouse pass, your kids will still need to be taken care of. It’s important to select a guardian for them you trust and will provide the proper care and support your kids need. 

5. How Would You Like Assets Held in Trust to Be Distributed to Your Children? 

This isn’t a “one size fits all” situation. You have several options available to you to decide what’s right for your kids regardless of whether you’re dealing with tangible and real property, trust income, or trust principal. 

6. Do You Have Specific Gifts or Instructions for a Particular Asset, Like a Piece of Property? 

Following question 5, answering this question can help you define your estate plan more comprehensively. Real estate, in particular, can be a messy process to deal with, so having a plan set out is one of the more important estate planning questions to ask yourself. 

7. If You Want to Avoid Probate, Does Your Current Plan Help You Achieve This? 

Probate can add additional stress at an already emotional time, so if you want to avoid dealing with the probate process, you should lay this out in your estate planning. We recommend segregated funds as they are more efficient than an estate transfer. 

8. Have You Set Up or Provided Access to Your Accounts and Records? 

In some cases, it may be important for your family to access your medical records or other important documents. In your estate planning, you can set it up so that family you trust can get access to these. 

9. How Will Your Digital Accounts Be Managed, Maintained, or Deleted? 

We all have TONS of digital accounts, and accordingly, tons of usernames and passwords. Depending on the terms and conditions of the platform (the document that no one reads) accounts may need to be shut down upon a user’s passing.  

For accounts with essential information, creating a username and password library that’s encrypted is a good idea to pass on to someone you trust if they need to get sensitive or critical info from them.

Because of the number of accounts you likely have, this is one of the most crucial estate planning questions to ask yourself how you want your digital accounts handled.

10. Would You Like a Portion of Your Wealth to Be Given to Organizations? 

Some people choose to set up their estate planning with charities in mind to give to when they pass away. This may also be something you wish to do for yourself and should be considered when planning your estate. 

Answering the questions above will help you refine your estate planning and leave your loved ones with minimal work to do to carry out what you’ve planned. 

Receive the help you need to have a comprehensive estate plan through our experienced estate planning team. Contact us to start setting up your estate planning today!