September 7, 2022- When people think of estate planning, they typically think it’s going to a lawyer to prepare a will or completing an online will form. There are a couple of other considerations.
Business– If you have a business, have you made provisions for what should happen in the event of your death? Do you want the business to continue after your death? Do you have a partner in your business? If you’re running your business on your own, is there anyone who will know what to do for your business in the event of your death? With the rise of entrepreneurship, these are issues that should be discussed during the formation of the business so that there are no misunderstandings or complications for your family upon death.
Question to Ask– When seeing an estate planning attorney, people will often say, “I want a will or I want a trust.” When asked what they’re trying to achieve, their stated goal is often not aligned with what they’re asking to have prepared. Most people want the most efficient and cost effective means to pass their assets to their loved ones upon their death, so a good question to ask is, “What is the most efficient and cost effective way to pass my assets to my loved ones upon my death?” Therefore, instead of asking for a particular document, state your goals and then you and your estate planning attorney can determine your best options in achieving those goals, which may be more cost effective for you and your family now and in the future.
Please note this is a general information, so if you do have any questions or concerns, you should consult an attorney.