10 Basic Estate Planning Questions

Every estate plan is unique in that it is a tool addressing how to handle your unique assets and belongings after you pass. However, each unique estate plan begins with several similar questions. By reviewing these basic estate planning questions as follows, you will be better prepared when updating or creating your plan:

1. What size is your estate?
2. What assets pass outside the will or probate?
3. Who should be executor?
4. Are the intended heirs minors or disabled?
5. Who should be a trustee?
6. Should you gift during your lifetime?
7. Are there unique circumstances requiring specialized advice?
8. Have you planned for disability or incapacity?
9. Are advanced directives in place?
10. Have you discussed your estate plan with your family?

"It is recommended that estate plans be reviewed and updated every three years to take into account changing tax and estate laws and personal circumstances. It’s also important to remember that despite the potential hassles and expense involved in creating a comprehensive estate plan, such a plan can ensure financial stability for your surviving spouse, preserve assets for your children and grandchildren, minimize potential taxes and other expenses, and ensure that your wishes are carried out (Buttell 2013)."

If it is time to review your estate plan or create one for your family, please feel free to reach out. Visit www.attorneyrichardburton.com for contact information.

Birmingham Estate Planning Attorney Richard Burton provides legal services in Estates, Wills & Trusts, Probate Administration, Guardianship and Conservatorship, Asset Protection Planning, Business Succession Planning, Federal & State Tax Planning, Charitable Giving & Private Foundations. Contact Richard at www.attorneyrichardburton.com or call (205) 789-9894.


Works Cited: Buttell, Amy E. The 10 Basic Questions of Estate Planning, 2013
Image Credit: Andrew Crowley