Every adult in Delaware may want to find the time to think about who will inherit their property upon death. However, certain events tend to trigger the desire to conduct estate planning such as marriages, births and deaths, among other things. Regardless of the event that brings people to create an estate plan, they will more than likely have numerous questions.
Those questions need answering in order to help make the necessary determinations regarding who to leave property to and who to entrust to carry out an individual’s wishes. For married Delaware residents with children, one of the first questions would be providing for them. Protecting assets so that they may reap the benefits of them after death could be a primary concern.
Another concern is how all assets are titled. This may affect their distribution after death. Many people also have certain assets like life insurance policies and retirement accounts.
When it comes to these types of assets, identifying the beneficiary is the important part. Whoever is listed as the beneficiary may receive the funds from these accounts and policies in spite of anything in the last will and testament to the contrary. Another concern that needs to be addressed before any documents are executed involves any tax issues that accompany the decisions made.
In order to get the answers to these questions, it will more than likely be necessary to talk to an estate planning attorney. He or she can also these and other questions, advise an individual of the options and draft the necessary documentation that will best achieve the client’s goals and wishes. Once a plan is complete, everyone can have peace of mind knowing that arrangements were made for the disposition and protection of assets for surviving family members.
Source: 9news.com, “The 5 questions you need to ask an estate planning attorney”, June 22, 2017