It is certainly true that no one likes to think about death or dying. But it is also true that everyone dies, and unfortunately some leave this earth far too soon. Estate Planning is not morbid. It is responsible. We don’t avoid buying health insurance because it reminds us that we may get sick. In the same way, we should not avoid estate planning. After all, estate planning is an insurance policy for our loved ones.
Remember, estate planning isn’t for you, it is for the people you leave behind.
There are several key questions that you need to ask yourself.
1.) Who would I want to care for my children?
2.) Who would I want to have my property?
3.) Who would I want to handle my children’s property? And when would I want my children to get that property?
4.) Who would I want to handle my estate?
A basic will may be sufficient to meet all your needs. However, if you have specific wishes regarding when you want your children to receive their inheritance, and it is not when they become legal adults, you may wish to have a trust drafted.