5 Estate Planning Decisions to Start Thinking About
You do not need to have everything figured out before you begin an estate plan. Thinking about a few key decisions now can make your planning process easier and more meaningful.
This is a preliminary thinking exercise, not your final instructions.
If spouses have substantially different preferences, each may want to think through these questions separately.
1
Who would manage things if you couldn't?
If you were unable to manage your own affairs—or after your death—who would you like to serve as trustee and manage your trust?
Think About:
- Who is responsible and organized?
- Who can handle money and paperwork?
- Who could serve as a backup?
2
Who would handle your financial affairs?
If you are unable to do so, who would you like to handle your financial matters, such as paying bills, dealing with banks, or managing property or business interests?
Think About:
- Who would be comfortable dealing with finances?
- Do you need an alternate?
- Should this be the same person as your trustee
3
Who would make medical decisions for you?
If you could not speak for yourself, who would you want to make medical decisions for you?
Think About:
- Who understands your values and wishes?
- Who can make difficult decisions under pressure?
- Who should serve as an alternate?
4
Who should eventually receive your estate?
If you have a spouse, are your beneficiary wishes generally the same, different, or are you not sure yet? Consider the people or organizations you want to benefit and whether any special circumstances should be addressed.
Think About:
- Friends or charities
- Whether everyone should be treated the same
- Any beneficiary who may need special protection
5
Are there things that need special thought?
Some assets and personal wishes deserve a little extra consideration.
Home & Real Estate
What are your wishes for your home or other real estate? Should someone have the right to live there? Who should ultimately receive the property?
Personal & Sentimental Property
Are there particular items you want to go to specific people, such as jewelry, artwork, collections, or other meaningful belongings?
Pets
Who would you like to care for your pets? Consider an alternate caregiver as well.
You don't need all the answers yet.
Most people do not walk into an estate planning meeting with every decision made. The planning process is designed to help identify the issues, discuss the available options, and make informed decisions.