So you've decided to make an estate plan, and you're ready to meet with an estate and probate lawyer? Your lawyer will help you with the process of planning, preparing for and putting together everything required to make sure that your estate is handled. It doesn't matter how much or how little money you have, you still want to have the peace of mind to be the one to decide how you want them distracted at the time of your death.
Let's prepare for meeting with your lawyer for the first time!
Three things you should think about before meeting your lawyer for the first time:
What happens if you have children, and then you pass away. BUT your spouse remarries after your death?
This can be a hard question to think about when you're still married to your current spouse. But prepare yourself to ask this question in your meeting. You want to guarantee that your children will be the beneficiaries of what you leave behind in the chance that your spouse does remarry when you die. You need to decide if you're ok with your spouse sharing that money with their new family or if you'd like it to stay with your kids.
Who will take care of your minor children if you should die before they reach maturity?
Another difficult question to ask yourself if you have minor children right now is, who will take care of them if you should die before they reach maturity? In you estate plan, you need to designate someone to care for your children, and have guardianship over your children until they reach maturity. This is one of the most important steps in estate planning, if you have small children.
When do you want minor children to receive their inheritance?
Since you're planning for the future, if you plan to leave your estate or parts of it to minors, you will need to decide at what age you want their parts to be distributed to them. Is it when they turn 18? Is it all at once? You have the ability to delegate this as you please!
The benefit to estate planning, is that you can choose your INDIVIDUAL goals and needs for your own family. You decide what needs to be done, and how it will be handled.
The more you know, and the more your plan, the better off your family will be in the end.
As always if you have any questions at all, please visit our website: www.ashmorelawfirm.com
