FAQ Spotlight: Your Top Estate Planning Questions Answered

Estate planning can feel complex, but getting answers to common questions can give you clarity and peace of mind. Here are ten questions we hear most often:

1. What happens if I die without a will?
If you pass away without a will, state law determines how your assets are distributed. This can result in unintended heirs receiving portions of your estate, and the process often requires probate, which can be time-consuming and costly.

2. How often should I update my estate plan?
It is recommended to review your estate planning documents every year, and update your Powers of Attorney every 3–5 years. You should update your documents sooner after major life events such as marriage, divorce, birth of a child, or significant changes in assets or tax laws.

3. Do I need a power of attorney if I have a living trust?
Yes. A living trust manages assets, but a power of attorney is necessary to handle financial or legal matters outside the trust if you become incapacitated.

4. What is the difference between a will and a trust?
A will directs how your assets are distributed after death, but it usually must go through probate. A trust can manage and distribute assets during your lifetime and after death, often avoiding probate and offering privacy.

5. Can I make changes to my estate plan after it is signed?
Absolutely. Most documents, such as wills and trusts, can be amended or revoked at any time, as long as you are mentally competent.

6. What is probate, and how long does it take?
Probate is the legal process of validating a will and distributing assets. The duration varies by state and complexity, ranging from a year to several years if disputes arise. Proper estate planning can minimize or avoid probate entirely.

7. Should I consider a living will or advanced directive?
Yes. These documents outline your medical wishes in the event you cannot speak for yourself. They complement your planning documents and ensure your healthcare decisions are respected.

8. How do I choose a guardian for my minor children?
You should select someone you trust to raise your children according to your values. It is important to discuss your choice with the potential guardian and document it in your will or trust.

9. How can I protect my estate from unnecessary taxes?
Strategies include lifetime gifting, charitable contributions, and establishing trusts designed to minimize estate taxes. A professional review can help you implement the most effective approach for your situation.

10. What digital assets should I include in my estate plan?
Digital assets include online accounts, social media profiles, cryptocurrency, and digital media. Listing these assets and providing access instructions ensures they are properly managed or distributed after your death.

Have questions about your estate plan? We are here to provide clarity. Schedule a consultation today to ensure your plan protects your family and your legacy.