Frequently Asked Questions About Estate Planning
What age should I begin thinking about a will?
How often do I need to update my will or make changes?
What process has to be followed to make my will valid?
What exactly is an executor? Does the executor have to be a beneficiary?
Do I need to name a specific guardian for my children? Will their guardian also be in control of finances left to them?
What is the best way to provide for my children financially?
I am divorced, how will that affect my will or my wishes for guardianship, etc?
Will all my debts be settled before any money is paid out to my estate?
What exactly is a living trust?
How is it different from a will?
What types of tax issues are involved with either a will or a trust?
When do I need to consider asset protection?
Is it illegal to protect my assets? Is this just a way to avoid paying creditors?
Do I need to be extremely wealthy, or overwhelmingly in debt, to really need asset protection planning?
What types of assets can be protected, and from whom?
I have heard that there are things that can be done while I am alive to make estate planning easier, such as adding someone’s names to my bank account now?
At what point do I need to name a power of attorney?
What are their roles, duties, obligations?
Can I name more than one agent under a Power of Attorney?
How much authority does an agent under a Power of Attorney give?
Are there different types of powers of attorney?
Can my named power of attorney misuse the power or steal from me?
How much authority does a power or attorney give?
Can a power of attorney also make medical decisions on my behalf?
What is the process for appointing a power of attorney, and can it be revoked?