An estate plan is designed to help you get everything in order well before your passing. It helps your heirs and beneficiaries know what to expect and what to do if you pass away. Some estate plans even have information on what should happen if you’re alive but unable to make decisions for yourself.
The trouble is that estate plans can be complicated. Here are some common questions about estate planning you may have.
Will adopted children get treated the same as biological children in a will?
Adopted children are treated the same as biological children in a will. Legally, an adopted child is the same as a biological child in terms of your responsibilities to the child as a parent. However, stepchildren are not treated the same unless you go on to adopt them.
How soon should you have an estate plan created?
While most people think of an estate plan as something they don’t need until later in life, the reality is that you can and should create an estate plan as young as possible. When you’re healthy and starting a family, working in a career you enjoy or just reaching adulthood, it’s a good idea to look into an estate plan and then to update it every few years or after major events.
Is an estate plan really necessary if you have a will?
Yes. Estate plans include much more than just a will. While a will is part of an estate plan, it may also include beneficiary forms, a living will, a letter of intent, durable powers of attorney and other important information for your heirs.
Each of these questions could have major implications for your estate plan. Start early, so you’re prepared in the future.