If you haven’t already written a will, it’s wise to do so as soon as possible. Taking a proactive approach to estate planning will ensure your loved ones are protected in all scenarios. If you don’t know how to get started, the following information will help. Here are answers to some of the most frequently asked questions about estate planning. 

Estate Planning FAQ

How often can you modify a will?

While it’s best to create an estate plan as soon as possible, your circumstances will undoubtedly change over time. Fortunately, you can update your will as often as needed. Reviewing all critical documents periodically will ensure that their terms still apply. 

Who should I name as the executor of my estate?

Anyone over the age of 18 can serve as the executor of your estate. The executor is responsible for guiding the estate through probate. This includes notifying beneficiaries, paying creditors, and distributing property. While people often choose their spouse or adult child, friends or professional associates can fill the role, too. 

What’s the difference between a last will and a living will?

In a last will, you name an executor, designate guardianship for any minor children, and distribute assets. In a living will, on the other hand, you state your wishes regarding end-of-life care. For this reason, living wills are typically accompanied by medical powers of attorney, which give the named agent the authority to make healthcare decisions for the principal should they become incapacitated. 

 Do I need to create a trust?

Whether you should include one or more trusts in your estate plan depends on the circumstances. Like wills, trusts allow you to distribute assets to loved ones. However, the similarities stop there. For example, since trusts require the transfer of assets before passing, they are not subject to probate. Additionally, while probate files are public record, the property passed through a trust remains private. Finally, trusts can include specific terms and conditions for how beneficiaries may use their assets — wills cannot. 

For help with all your estate planning needs, turn to Scott & Heenan LLC. Located in Platteville, WI, this firm has served clients throughout Grant County since 1999. Their seasoned attorneys have more than 50 years of combined experience practicing law. To request an initial consultation with a knowledgeable lawyer on their team, call (608) 348-9506 or reach out on their website.