Five Difficult Questions That Highlight the Need for Estate Planning

 Posted on January 16,2017 in Estate Planning

It is never easy to think about our own mortality. In the back of our minds, we realize that we will not live forever, but the topic can certainly be uncomfortable and overwhelming. Unfortunately, this leads many people to procrastinate when it comes to estate planning, convincing themselves that they will address the issue when they are a little older or closer to retirement.

Sometimes, individuals need a wake-up of call of sorts in order to get motivated in their estate planning efforts. If you have not completed an estate plan yet, consider questions such as:

If you and your spouse both die, who will raise your children?

Estate planning is about much more than making arrangements for your assets and property. It also allows you to appoint a guardian for your minor children should something happen to both parents. If you do not make such arrangements, a judge you have probably never met will decide who gets to raise your children.

Are you keeping dangerous secrets?

Do you have an estranged child from a relationship that ended years ago? Is it possible that you have one and you do not know about it? While these sound like questions based on tawdry rumors, your descendants may have rights regarding your estate, even if they are not an active part of your life.

Do you have eggs, sperm, or embryos on ice?

Advances in fertility treatments have made it possible for thousands of couples to become parents who might not have had the opportunity in previous generations. If you have genetic material frozen and preserved for later use, what happens to it if you die? Could it be used to conceive a descendant of yours after your death? If so, do you want to make provisions in your estate plan for such a potential beneficiary?

Are you transgender?

Gender identity is a very sensitive, intensely personal subject, but it is crucial for your legal documents to match up with how you present yourself. Conflicting gender information could cause a great deal of confusion for not only the courts but your loved ones as well.

How much end-of-life treatment do you want?

If you are ever diagnosed with a terminal condition, do you want to be kept alive for as long as possible, regardless of your quality of life? Without some type of advance directive like a living will, your family members could be faced with some very difficult decisions—literal decisions of life and death. By planning ahead, you can be sure that your loved ones know what you want when it comes to your medical care.

Get Started Today

There are countless other questions that you will need to address in the process of planning for the future, and an experienced Lombard estate planning attorney can help. Call A. Traub & Associates at 630-426-0196 to get the guidance you need today.

Source:

http://www.forbes.com/sites/deborahljacobs/2012/07/24/twelve-estate-planning-questions-that-might-make-you-squirm/