Don't think about your estate planning as something you just need to do for yourself. Think of it as something that you need to do for your family. After all, they're the ones who are going to see the negative consequences if you do not.
Your estate planning may start with a will, but you may not necessarily want to let it end there. You have many more options. One of the most common is a trust, which allows you to leave money to the trust -- rather than putting it into your will -- and then letting the trust pay out to your heirs.
Disinheriting a child means cutting them out of your estate plan. When you pass away, even though they probably expected to get some of your wealth and assets, they get nothing.
Some questions really make parents feel uncomfortable, and with good reason. One such question is who takes the children if you and your spouse both pass away unexpectedly.
The unfortunate reality is that the elderly often get targeted by scams and victimized by fraud. There are a few reasons for this, one of which is simply that they tend to have the assets and savings that others are seeking. This is especially true when they are considering their estate planning and dividing up their life savings.
If you're married, one thing you may find yourself thinking about when doing your estate planning is who will be the one you appoint to oversee your estate. Are you going to appoint one your children, or will that job probably go to your spouse?
One of the biggest estate planning questions, for many adult children, is what they should do with their parents' home.
When you start your estate planning, it's important to first outline your goals. What do you want your estate plan to accomplish? What is most important to you? How can you make a plan that meets those goals and then builds on top of them?
When writing a will and doing estate planning, people often carefully consider how long they think they will live. After all, you need to do long-term care planning and you need to consider how many assets will really remain when you pass away. There's a careful balance here. Your estate has to support you at the end of your life, and you also want to give whatever remains to your heirs.
Do you have friends who have told you that the main focus of their estate planning is simply to reduce the estate taxes that their heirs will need to pay? It's a serious concern for some people, and they go to great lengths to cut back on the tax burden. They just want to give their heirs an inheritance that they'll enjoy.