teens with legal issues

It's never too early to start thinking about estate planning—especially if you have a spouse, children, and/or loved ones that you'd want to inherit some or all of your assets when you pass. Generally, it's best to hire an experienced estate-planning attorney to help you through the often complicated legal process. Before you choose an attorney to work with, there are some questions worth asking.

How Much Would Be Inherited Today?

Start by finding out exactly how much would be passed on to your beneficiaries if you were to pass away today based on the estate plan your attorney has in mind. You should ask this at the end of your initial consultation, when the attorney has had a chance to review your unique situation. From here, you can make plans to increase that amount in the future if necessary.

What about Life Insurance and Retirement?

You'll need to make sure that your life insurance policy and any retirement plans are in line with your estate plan, so be sure to bring your insurance and retirement documents to your consultation. This way, you can ask your attorney what changes may need to be made when addressing life insurance and retirement assets in your estate plan.

Can You Set Up a Revocable Living Trust?

Setting up a revocable living trust may be a good idea for added peace of mind. Such a trust is designed to make the process of passing along inheritances to the proper beneficiaries easier by instating a dedicated settlor, trustee, and beneficiary to carry things out. If this is something you're interested in, make sure your attorney is capable of setting one up.

Does the Will Also Need to Be Updated?

There's a good chance that you'll also need to update your will to ensure it's in line with your estate plan, so be sure to bring a copy for your attorney to review and make recommendations on. The only exception to this may be a situation in which you'll be writing a will at the same time you set up your estate plan, and in this case, your attorney should be able to walk you through the process.

Can You Set Up a Living Will?

What if you were injured or fell ill to the point that you were put on life support? A living will could help ensure that your desired action is taken, whether it be to remain on life support to be taken off of it. Make sure your attorney can set up a living will if this is something you want.

Find an estate-planning attorney at a firm like Hamilton Michaelson & Hilty LLP.