Most people recognize that their estate plan should give for the distribution of their assets upon their death. That, of course, is an essential part of an estate plan, but there is more to think of a well-designed plan. Prior to meeting with your attorney for the first time, you should also be considering about such things as who you want to handle your matters should you become disabled.
Whether you would need your doctor to keep you alive should you be near the point of death with little chance of recovery; who you want to have the right to sign important legal papers for you if you are unavailable and who you would need to raise your children if you suddenly die. To know more about estate planning, you can also visit http://speedwelllaw.com/alexandria-estate-planning-attorney/.
There is a wide variety of personal factors which impact estate planning, but let me offer the following as items you should consider even before you meet with a lawyer to discuss your own estate plan.
Should I have a will or a trust?
This is typically among the first questions posed by customers during an initial meeting. Many are informed that a trust will avoid probate, but that is true only if the trust is properly financed, meaning that all of their assets are assigned into the trust. Not every estate plan requires a trust, however, and it may not be important for you to incur the extra cost of having your lawyer prepare a trust when a will is suitable for your requirements.
What else should I consider in my estate plan?
Estate planning isn't just about deciding who gets your assets when you die. It is also about making arrangements as to what you want to happen should you become seriously ill or disabled. You can also navigate here to get more info about estate planning.
Every estate plan should involve an advance directive, which used to be called a living will. This document provides you for appointing a health care representative to make health care decisions for you, including the end of life decisions, when you are unable to do so.