There are important factors that many people do not realize have an affect on their estate plan. Here are some questions you should ask yourself to help define your estate planning goals and objectives:
- Do any of your children receive governmental support or benefits?
- Do you provide primary or other major financial support to adult children or others?
- Are you concerned about whether your heirs have the ability to manage or protect wealth?
- Are there specific assets you’d like to give to certain individuals?
- Are you concerned about trying to protect assets from a divorced spouse or a beneficiary’s future creditors?
- Are there any charitable organizations you wish to support at the time of your death?
- Do you have a pre- or post-marital agreement?
A qualified estate planning attorney will have the ability to sort through your goals and objectives and create the proper estate plan for your specific needs and situation.