9 Estate Planning Questions You Need to Ask Yourself
There are approximately one million questions you (or your people) need to ask (and answer) before, near, or after your death about what should happen to you, your body, and your stuff. I know that’s totally overwhelming, so here are just a few of those questions to get you started.
Questions About If You Become Incapacitated
1. Who will make medical choices for me if I can’t?
If you have an Advanced Care Directive
If you’ve appointed someone to make medical choices for you in an Advanced Care Directive or An Appointment of a Health Care Agent (terms vary by state):
- Is the person you’ve appointed still the person you want to make your decisions?
- Have you talked to them about what medical choices you do or do not want?
If you DO NOT have an Advanced Care Directive and have never appointed a health care agent
If you’ve never appointed someone to make medical choices for you in an Advanced Care Directive or An Appointment of a Health Care Agent, the person who will make medical choices for you will be determined by law. That person will likely either be your spouse (if you’re married), your nearest blood relative (if you aren’t), or a guardian/conservator appointed by a court.
- Is this the person you want to be to make medical choices for you? Note that friends, chosen family, and unmarried partners will not have a say in your care unless they are appointed by the court.
If that isn’t the person you’d want in charge, complete an Advanced Care Directive or An Appointment of a Health Care Agent
2. Who will pay my bills?
If you become incapacitated, your bills will still need to be paid.
Do you have a way to make that happen?
Depending on your situation, you can set up your bills to auto-pay or appoint someone as your financial power of attorney.
Questions About If You Die
3. Do I Have a Will?
A Will allows you to appoint who you want to be in charge of your stuff after you die (your executor or personal administrator), and who you want to inherit your property and other assets.
Your Will is also where you’ll nominate who you want to be the guardian for your minor children.
4. Who will manage my estate?
If you have a Will
If you have a Will, you’ve appointed the person you want to be your executor in that document.
- Is the person you’ve nominated still the person you want to manage your estate?
If you do not have a Will
If you don’t have a Will, your executor will be appointed by the court. In most locations, it will be either your spouse (if you’re married) or your nearest blood relative (if you aren’t).
- Is this the person you want to be in charge of your stuff? Note that friends, chosen family, and unmarried partners will not be in charge of your stuff if you don’t have a Will.
If that isn’t the person you want to manage your estate, write a Will.
5. Will my people know where to find my documents (and be able to access them)
Many documents will be needed after your death. Some of them, like your Will, Living Trust, and funeral arrangements, will need to be found urgently.
- Do your people know where your important documents are?
- Will they be able to access them? If you keep important documents in a home safe or a safe deposit box, your people may not be able to access those documents in a timely manner.
6. Will my people know where my online accounts are and be able to access them?
In this day and age, much (most?) of our stuff is digital.
Your people will have to track down, access, and manage your digital stuff. Your devices, email, online banking, social media, notes apps. They’ll have to cancel all your streaming services and everything else you have auto-billed to your credit card.
Without your guidance, it will be very hard for them to locate and access your important digital accounts.
Write down the URL, login info, and password for all your accounts and devices and share it with someone you trust.
7. Who will make decisions about what will happen to my body?
Who this person is, and what authority they’ll be working under, varies by state.
In some states, the person you’ve appointed as your healthcare agent will be able to make those decisions.
However, in other states, that health care appointment ends at death, and next of kin (your spouse or nearest blood relative) will be in charge of those decisions, unless you complete a disposition waiver (what this form is called also varies by state).
- Have you chosen the person you want to make those decisions for you, either as a health care agent or in a disposition waiver?
- If not, is the spouse or nearest blood relative that will be appointed by law the person you want to make those choices on your behalf?
8. Who will take care of my pets?
You love your pet like family, but legally, your pet is considered property.
Who will take care of your pet?
Depending on your situation, an informal arrangement might work. But to ensure your pet is taken care of, you can create a Pet Trust to set up a framework for the care and financial support of your pet.
Be sure to document information about your pet so the person who is taking care of your pet will know how to best take care of them.
9. Are my beneficiaries current?
Over the years, you’ve likely named beneficiaries to your investment accounts, retirement accounts, and life insurance policies.
- Have you reviewed those names recently?
- Are they still accurate?
With those 9 questions down, you only have about 999,991 questions to go.
