For most people, estate planning is more painful than a root canal without Novocain. Among other things, it forces us to acknowledge that we may become demented; decide who gets what after we pass away; and make provisions for end of life care.
Do you have an Estate Plan? If so, have you updated it lately? Some Estate Planning questions may make you uneasy now, but rest assured they can help you be prepared for the future.
A recent article in Forbes, titled 12 Estate Planning Questions That Might Make You Squirm, offered 12 questions to ask yourself.
Here they are:
- Who will raise your children if both parents die?
- What if you all die in a common disaster?
- Are there any other descendants you haven’t yet mentioned?
- Have you told me about all the important relationships in your life?
- Do you have any genetic material on ice?
- Are you transgender?
- Have you ever made large gifts to others?
- Who is going to take care of your pets?
- When do you want the plug pulled?
10. What are your passwords, usernames and security questions?
11. Did you enter into a prenuptial or postnuptial agreement or did you sign a community property agreement?
12. Have you had any serious or chronic health issues?
Not all of these questions may apply to you. However, the point is to make a sober self-assessment of your current estate planning goals. Ask yourself the tough questions now, even if they make you a bit uneasy. An experienced estate planning attorney can help you through this process, and perhaps even reveal some “blind spots” of which you were unaware.
Reference: Forbes (July 24, 2012) “12 Estate Planning Questions That Might Make You Squirm”