Five Estate Planning Questions You Should Ask Yourself Again and Again

When it comes to estate planning, there are a few questions that you should always be asking yourself. No matter where you are in the process, or how old you are, these questions are essential for making sure that your assets and loved ones are taken care of. In this blog post, we will discuss the five most important estate planning questions that you should be asking yourself on a regular basis.

I’m Brookfield & Wauwatosa Estate Planning Attorney Paul Margerie. At my practice, Margerie Law, I have worked with countless individuals and families in Wisconsin to create comprehensive estate plans. No two plans are alike, but the process always begins with a series of questions. The answers to these questions will help to determine what kind of estate planning tools will be right for you and your family.

So, what are the five most important estate planning questions that you should be asking yourself?

The first question is, “What are my assets?” Your assets can include your home, your savings and investment accounts, your retirement accounts, your life insurance policy, and more. It’s important to take stock of your assets on a regular basis so that you know what needs to be included in your estate plan. Don’t forget about digital assets (make a list of accounts and passwords and keep it updated). The smart way to keep track of your assets is to create a master asset list that includes everything you own, and then keep it in a safe place (like a safety deposit box) and provide a copy to your estate planning attorney.

The second question is, “Who do I trust to care for my children?” If you have minor children, it’s important to designate a guardian in your estate plan — someone who will care for them if you pass away or become incapacitated. This person should not only be someone you trust to care for your children but someone who knows you and your child/children know well and who understands your wishes for how they should be raised.

The third question is, “Who do I trust to make decisions for me if I cannot?” This is an important question to consider if you become incapacitated. You will need to designate someone in your estate plan who can make financial and medical decisions on your behalf in the event you become incapacitated. While this may seem unlikely, things happen, and it’s much better to have someone you choose making decisions on your behalf over a person you don’t know and who doesn’t know your wishes.

The fourth question is, “Who do I trust to oversee the execution of my estate?” This person, also known as the “personal representative” of your estate, will be responsible for ensuring that your wishes are carried out after you pass away. Choose someone who you trust, knows you well, and is willing and able to take on the extensive duties of an executor. If you don’t know anyone personally who fits the bill, an estate planning attorney may be able to help you identify someone appropriate.

The fifth and final question is, “Am I prepared for older age?” This is an important question to consider as you get older. You will need to make sure that you have a plan in place for your long-term care needs. You’ll also want to make sure you’re carrying the right insurance, that your investments are appropriate for your retirement plans, and that your wishes for what should happen after you pass away are written down and stored in a safe place. An estate planning attorney is a great resource to help with all of these topics.

No matter where you are in your estate planning process, you will need to ask yourself these five questions to ensure you are covering all your bases. Each question is important in its own way, and answering them again and again as the years go by is the best way to make sure your estate plan stays up-to-date. Working with an experienced Wisconsin estate planning attorney can help make the process easier for you and give you peace of mind knowing that your loved ones are taken care of should something happen to you.

If you have any questions about estate planning, or if you would like to create a comprehensive estate plan for yourself and your family, please contact me, Brookfield & Wauwatosa Estate Planning Attorney Paul Margerie. I look forward to speaking with you.