Creating a comprehensive estate plan can seem overwhelming, regardless of how large your family is or how many assets you have acquired. By breaking it down into several different components, though, and then tackling each one step by step, it becomes far more manageable. To get started, simply ask yourself the following estate planning questions.

5 Questions to Ask Yourself When Estate Planning

1. What Is My Net Worth?

Determining your net worth is the first step to creating a comprehensive estate plan. Although it will likely change in the coming decades, reviewing current assets and liabilities will provide a starting point for creating a will, which can be updated periodically. 

2. Do I Have Anything of Sentimental Value to Distribute?

When estate planning, it’s important to consider more than just financial assets. For example, do you have any items that are especially sentimental? They may or may not be worth a lot of money, but your loved ones might be honored to receive them. 

3. Is Anyone Dependent on Me for Anything?

Planning for all eventualities is an essential component of estate planning. This includes purchasing life insurance. Even if you do not provide financial resources, consider who relies on you for other tasks, like cooking, cleaning, child care, or home care, and how you can help them manage should something happen.   

4. Who Do I Want Caring for My Children?

It is important for those with minor children to establish guardianship in their estate planning documents. If something happened to both you and their other parent, who would care for them? Let whoever you choose know in advance, so they are prepared should tragedy strike. 

5. Do I Have a Digital Legacy?

Most Americans have at least one social media profile, which means they need to consider their digital legacy when estate planning. How do you want any profiles handled after your passing? Should they stay up as a kind of “in memoriam,” or should they be deleted? If you own any websites, what should happen to them upon your death?

If you’re ready to start estate planning, turn to The Law Offices of Katzman, Logan, Halper and Bennett, LPA. Located in Cincinnati, OH, this firm provides unparalleled legal counsel for clients throughout the surrounding area. In addition to wills and trusts, their areas of expertise include business law, personal injury, criminal defense, divorce, and real estate transactions. To request an initial consultation, visit their website or call (513) 793-4400.