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Five questions to ask before you start an estate plan

Subject: Five questions to ask before you start an estate plan

Most people put off estate planning because it feels like something for later. In this week’s episode we talked about why “later” usually arrives at an inconvenient moment, and how a few simple questions can make a first planning conversation easier.

Start with people, not paperwork. Who depends on you? Who would you trust to make decisions if you couldn’t? Writing down names is often the hardest and most useful first step.

Then make a simple list of what you have: accounts, property, retirement plans, insurance. You don’t need exact numbers, just a picture of what exists and where it is.

Next, check your beneficiary designations. Some accounts pass to whoever is named on the account, so it’s worth knowing who that is today.

Finally, note what has changed since you last thought about this: a marriage, a new child, a move, a business. Each one is a reason to revisit a plan.

Try this week: write down the two people you’d want making decisions for you, and bring that note to your next planning conversation.

This newsletter is general information, not legal advice. Reading it does not create an attorney-client relationship.

When should you start an estate plan?

Most people picture estate planning as something for retirees. In practice, the questions it answers show up much earlier: who would care for your children, who could handle your finances if you were ill, and who should receive what you leave behind.

A first plan doesn’t have to be complicated. A conversation usually begins with the people in your life, a general picture of what you own, and the decisions you’d want someone you trust to make on your behalf.

Plans also age. Marriages, births, moves and new businesses can all change what a plan should say. That’s why a review every few years, or after a big life event, matters as much as getting started. Laws and the right documents vary by state and by family, so the details belong in a conversation with an attorney licensed where you live.