7 Difficult questions you must answer when preparing a will or trust.

Marie Deary

Jun 12, 2023

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1. Who will inherit my assets? This is a big decision, and it's important to consider your loved ones' needs and wishes. You may want to leave your assets to your spouse, children, parents, or other relatives. You may also want to leave some or all of your assets to charity.

2. Who will be my executor? The executor is the person who will be responsible for carrying out your wishes after you die. This includes tasks such as paying your debts, distributing your assets, and settling your estate. It's important to choose someone you trust and who is capable of handling this responsibility.

3. Who will be my guardian for my minor children? If you have minor children, you need to name a guardian who will take care of them if you die. This is a very important decision, and it's important to choose someone you trust and who is willing to raise your children in the way you would want them to be raised.

4. What if my spouse remarries? If you are married and you have a will, you need to consider what will happen if your spouse remarries after you die. If your spouse remarries, their new spouse may be entitled to a share of your assets. You can use your will to protect your assets from your spouse's new spouse.

5. What if my children have children of their own? If you have children who have children of their own, you need to consider what will happen to your assets if your children die before you do. You can use your will to specify how you want your assets to be distributed to your grandchildren.

6. What if I become incapacitated? If you become incapacitated, you may not be able to make decisions about your finances or healthcare. In this case, you may want to consider creating a power of attorney and a living will. A power of attorney allows you to appoint someone to make decisions on your behalf if you become incapacitated. A living will allow you to specify your wishes for healthcare if you become incapacitated and unable to communicate your wishes.

7. What if I change my mind? Wills and trusts are not set in stone. You can change your will or trust at any time. However, it's important to make sure that you update your will or trust whenever your circumstances change.

These are just a few of the difficult questions you may need to answer when preparing a will or trust. It's important to consult with an attorney to get help with this process.