7 key estate planning questions to ask yourself

7 key estate planning questions to ask yourself

It’s not just the Boy Scouts who need to be prepared! When it comes to our estates a little preparation can go a long way. So, ask yourself these questions about your estate planning:

  1. Does my family know where my bank accounts, ID, last will and testament, investment statements and asset documents can be found?
  2. Have I discussed with my spouse and family my intentions and preferences for how things should be handled in the event of my death?
  3. Do I have a valid will, power of attorney and a living will?
  4. Is my estate structured to avoid paying unnecessary inheritance tax and estate duty?
  5. Have I selected an appropriate executor in my will and am I aware of the duties of an executor?
  6. Have I considered the possibility that my spouse and I could die at the same time, and does my will take this into account?
  7. Have I considered a family trust to cater for how heirs who are children will receive their benefit?

If you’re not sure about the answers to all of these questions, it might be a good idea to meet with a financial advisor.