Even if you have everything in order for your estate, there may be some challenges that stand in your way at some point. Unfortunately, you have to address all estate planning issues, even those that require more of your time and attention.
Here are five estate planning questions that are never easy to answer:
- Who will step in to raise your minor children in the event that both you and your spouse pass away?
- How will you decide who to include in your will or trust and who to leave out?
- Have you made large gifts to others in the past, or do you plan on doing so in the future?
- What will happen to your pets after you pass on?
- Do you have a plan in place for digital assets?
While these are far from the only estate planning questions you need to answer, they are definitely among the most concerning.
For example, deciding who will raise your children is easier said than done. However, if you want to create a complete estate plan, you need to name a guardian.
Although you have to answer these important estate planning questions, don't overlook the fact that you can and probably will make changes in the future. This should give you some peace of mind, as nothing is written in stone.
As you go through the process of answering these estate planning questions, don't hesitate to take a step back and consider all your options. This will go a long way in helping you make confident decisions that you can live with for the rest of your life.