Estate planning is one of those topics people know they should tackle—but often feel unsure where to start. Whether you’re creating your first plan or updating an existing one, certain questions come up time and again.
Here are five of the most common estate planning questions we hear—and the answers you need to feel more confident about planning for the future.
- Do I really need a will if I don’t have a lot of assets?
Yes. A will isn’t just for the wealthy. It ensures your wishes are followed, names guardians for minor children, and appoints someone to handle your affairs after you’re gone. Without one, state laws will decide who gets what—and it might not align with your intentions.
- What’s the difference between a will and a trust?
A will goes through probate (the court process to settle your estate), while a trust can help avoid probate and provide more control over how and when your assets are distributed. Trusts can also protect assets for minor children, beneficiaries with special needs, or even for long-term care planning. Both tools are useful, but they serve different purposes.
- Who should I name as my power of attorney?
Your power of attorney (POA) is someone you trust to handle your financial and legal affairs if you become unable to do so. This should be a person who is responsible, organized, and understands your wishes. For many people, this is a spouse, adult child, or close friend—but you can also choose a professional or corporate fiduciary.
- How often should I update my estate plan?
A good rule of thumb is to review your estate plan every 3–5 years or after major life events—such as marriage, divorce, the birth of a child, a significant financial change, or a move to a different state. Keeping your plan up to date ensures it reflects your current wishes and complies with any new laws.
- Is estate planning just about distributing my assets?
Not at all. A comprehensive estate plan also covers incapacity planning (such as health care directives and powers of attorney), appointing guardians for minor children, planning for long-term care, minimizing taxes, and protecting family harmony. It’s really about making things easier for your loved ones—both now and in the future.
Ready to Get Your Questions Answered?
Estate planning doesn’t have to be overwhelming. At Roth Elder Law, we’re here to guide you through the process and help create a plan that fits your needs and gives you peace of mind. Call us today at 607-962-6162 or fill out our online form and we will be in touch to schedule your consultation.