Frequently Asked Questions About Estate Planning
In over 25 years of practicing estate planning law, we have found that many individuals and families have questions about estate planning. Here are some common questions clients have when they seek our services.
I’m 35. Do I Need A Will?
In short, yes, especially if you have children. What happens if you and your spouse die? Without a will that names a guardian for your children, your offspring may be subjected to an extended custody battle.
What Is A Living Will?
A living will is an important part of any comprehensive estate plan. This legally-binding document makes your medical care preferences known in the event you become incapacitated. You can designate if you want procedures such as life support, a feeding tube placement or CPR in the event of a terminal medical condition.
How Often Should I Update My Will?
Many people don’t think about updating a will, but in many cases failure to do so can create unintended consequences. It is a smart idea to review your will any time there is a significant change in your family such as a marriage, a divorce or a new grandchild. The acquisition or sale of significant property and changes in health are another good time to do a will review. If you see that changes to your will are necessary, you and your attorney can update your document so it accurately reflects your wishes and protects your assets as much as possible.
What Is A Trust? Do I Need One?
A trust is a legal instrument that can be a valuable tool in your estate plan, and there are many types for a wide variety of needs. For example, there are trust solutions to keep property in your family for generations, to proactively plan for Medicaid and to protect assets from going through probate. An experienced estate planning lawyer can learn about your situation and recommend which trusts could be advantageous for you.
We Can Demystify Estate Planning
Every family has different estate planning needs. Our firm offers a free initial consultation to address your specific questions about your situation. Give McMahon Law Firm, Attorneys and Counselors at Law, a call at 800-391-9987 or reach us by email to schedule a time to meet.