Estate planning is a very complicated area of the law. This is a rather unfortunate fact when considering that estate planning is an area of the law that applies to virtually everyone. A recent article articulates some questions you should be sure to ask your estate planning attorney.
Will My Assets Fund My Trust?
One common mistake people make is failing to fund the trust(s) they set up. According to estate planning attorney Bonnie Wittenburg, “People sometimes think that once they set up a trust with the attorney, they’re done.” According to Wittenburg, however, “They’re really not, because assets still need to be titled in the name of their trust.” Any assets that are not titled in the name of the trust will likely go through probate.
Do I Have Enough Life Insurance?
It is also important to consider the financial impact your death will have on your loved ones. Through discussing this with your estate planning attorney and financial planner, you can determine whether you have enough life insurance to care for your loved ones.
Do I Need to Avoid Probate?
In estate planning circles, there is always talk of avoiding probate. Probate has gotten a bad reputation based on its tendency to be a lengthy and costly process handled by the courts rather than the heirs. Estate planning attorneys have mixed views on whether probate avoidance should be a goal of estate planning. This is an important discussion to have with your estate planning attorney.
