Top Questions to Ask Your Estate Planning Attorney for Peace of Mind

Attorney Whitehead of Whitehead and Munson answers your most common estate planning questions.

I finally had my estate planning done, what do I do next?

"Don't make the mistake of putting a plan in place and not sharing it with your children or heirs. Take the time to have the uncomfortable conversation especially if you have difficult family dynamics or complex estate matters. You do not need to close specific monetary amounts but it is important to share your wishes and location of important documents with those you trust."

"Set a reminder in your calendar to review your overall estate plan every three to five years. Revisit your estate plan after every major life events such as when your children turn 18, get married or go through a divorce, lose a spouse, gain new family members or have a disabled child."

What advice would you give to help us prepare for the great wealth transfer?

"As a record number of baby boomers are hitting 65 through 2027, there’s impetus on older adults to get their estates in shape. Contact an estate attorney to set up your long term care plan and get a birds eye view of your financial future."

What estate planning documents are worth splurging on?

"Every adult needs a last will and testament, a financial power of attorney document that will allow a trusted person to make financial decisions if you’re incapacitated, and a medical power of attorney document that designates someone to make medical decisions for you if you’re unable."

Also, remember that beneficiaries on accounts such as 401(k)s or investment accounts supersede trusts and wills, so check your beneficiaries and contingent beneficiaries to make sure they are up-to-date. Review them each year and after major life events such as marriages, divorces, new children or new grandchildren. Make sure the original documents are somewhere safe – and that your executor or trustee knows where to find it. The executor should also have contact information for your estate lawyer.

I have a will and substantial wealth, what should I know about creating a Trust?

"Creating a revocable living trust allows heirs to avoid probate, which can be time consuming and expensive. After creating the trust, you need to title your assets in the name of the trust so they are not subject to probate. It can also help resolve a lot of family strife because there is a game plan in place and no one can refute it. You get the final word no matter how anyone feels about it."

I am having trouble picking an executor for my estate, any advice?

"Depending on the decisions left up to the executor/trustee's discretion, it is easy to be seen as the bad guy but it is a very important role none the less. Some clients like to include a payment to their executor/ trustee to compensate them as it is a thankless job. If you cant decide on anyone in your life, consider asking your estate planning attorney or a professional executor to act when the time comes. The more organized you are with your finances and clear with your estate plan, then the easier the executor's role is."

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