When meeting with a potential estate planning client, there are always some simple basic questions that I ask them to consider. They may seem commonsensical but they are the key to begin an estate plan.
1. Who do you trust? Appointing a personal representative, an attorney-in-fact, or a trustee requires knowing how a person will act when they have power and control.
2. What stuff do you have? Knowing what you have helps to know how to take care of it and how to transfer it.
3. Do you want your heirs to have equal shares or do you have something specific in mind? Most want it divided equally. Sometimes this is out of fear that the heirs will fight and sometimes it is out of convenience because it is easier than making specific designations.
4. Who don’t you trust? Who would challenge your estate plan and potentially make life miserable for your other heirs? We can always write them out and take steps to create greater barriers for them to challenge.
If you have any further questions, please visit my website at http://www.attorneydrew.com