Estate planning is one of the biggest legal decisions people make.
However, these legal documents can be confusing for first-time trustees. So it’s only fair that many trustees are riddled with questions. Here’s what you should know:
1. Who can you name as a beneficiary?
You can name nearly anyone as a beneficiary: spouse, children, grandchildren, friends and even charities. You’ll likely have a primary beneficiary who inherits first from your death and anyone afterward will be a contingent beneficiary.
2. What’s the purpose of an executor of your estate?
Your estate would be left to ruin if it wasn’t for an executor of your estate. They’ll handle many of the necessary requirements to care for your estate while it goes through the probate process.
3. When should you get a power of attorney?
People, typically, wait until later in life to make a will and, thus, a power of attorney, but there shouldn’t be any delay. Having someone who can take over your financial and medical decision if you’re incapacitated may be crucial at any point in life.
4. Can my pet be named in a will?
California treats pets as property and, as such, they can’t have any assets directly given to them. In the eyes of the law, that would be like giving your fridge the title to your house. Instead, you could put your pet in your estate plan to be given to a new caretaker.
5. Should you seek legal help?
When making any kind of legal decision, it’s always best to know your options. Having someone who is experienced in the law may be to your benefit.