Top 5 Estate Planning FAQs

Estate Planning FAQs

As estate planning and probate lawyers in Savannah, we hear plenty of common myths and misconceptions about estate planning all the time, so it’s no wonder the majority of Americans drag their feet to create a quality estate plan. That could mean big headaches down the road for your family should you become incapacitated or pass away unexpectedly

For this reason, we’re motivated to continue to educate our community with the truth about estate planning FAQs. We are going to answer the most frequently asked questions we get, and link some of our past content, so you can make informed decisions about how to protect yourself, your assets, your family members, and your legacy.

Smith Barid’s Top 5 FAQs:

  1. Do I need an estate plan or can I just create a will online?

The fact is, every situation is different, so there’s no single clear-cut answer. Some people will be fine with a living will, others need a trust and comprehensive estate plan. It depends on where you are in your life and the consideration of a number of individual factors. However, when it comes to online wills, we urge you to take caution. They are one-size-fits-all documents, and they may not fit our client’s specific needs for a variety of reasons. For more information, check out the links below:

2. How much does it cost to create an estate plan?

This is another question that is dependent on a number of personal factors. We break it down in the links below. And we threw in some more tips about how to prioritize the cost of an estate plan so you can protect your future:

3. When should I start estate planning?

The short answer is NOW. But of course what that planning looks like will vary based on your age, where you are in your life, and your individual lifestyle and situation. Read on to find where to start.

4. What’s the best way to protect my beneficiaries?

Whether you are considering your children and/or stepchildren, their guardianship, and protecting their future; or adult children and their inheritance; or perhaps more complex planning like family-owned business succession, or protecting children with special needs we can help you make sure your family is protected.

5. How often should I update my estate plan?

We quite literally address this exact question in this recent blog post: How often Should I Update My Estate Plan?. State law is fluid, ever-changing, and isn’t the same in all areas. If the tax laws change, you move to or from a different state, or you earn a new financial classification, it’s important to make sure your existing estate plan is still enforceable and that you are financially prepared for and protected from fees, penalties, and other costs.

Similarly, your life circumstances are ever-changing. If you’ve recently been married, been through a divorce, or experienced any other life-changing circumstances, it’s time for a review to ensure your estate plan changes accordingly.

If you have follow-up questions or would like to learn more about any of these estate planning FAQs, reach out to the qualified estate lawyers at Smith Barid. You can also get our most up-to-date insights and stay informed about local, state, and federal considerations and changes on our blog.

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