Have you ever made an estate plan before? If this is your first time, then you likely have a lot of questions.
While not all your questions can be answered here, the following are some questions you may have. Here’s what you should know:
1. What if you don’t make a will?
If you die intestate, then this means you died without a valid will. While many people certainly pass away without a will, it isn’t always the best option for remaining family members and loved ones. Without a will, the state will step in to distribute your assets. But, the state won’t know your last wishes and may not distribute assets to people you want.
2. When should an estate plan be made?
There’s no right or wrong time to make an estate plan. However, making an estate plan early could prevent difficulties for grieving family members if you suddenly suffer from a fatal accident or medical condition.
3. Can an estate plan be updated?
Not only can you make an estate plan but it’s often recommended to update your plans regularly. Many people update their estate plans every two to three years to include new investments. After marriage, divorce or childbirth, you may also consider updating your estate plan.
4. Can you remove an heir?
Unfortunately, some people have a falling out with their beneficiaries. If this happens you may consider removing them from your estate plans.
If you still have unanswered questions about estate planning, then you may need to reach out for legal help.