Frequently Asked Questions about Estate Planning
Answers to common questions regarding estate planning.
What is estate planning?
Estate planning involves creating legal documents to manage your assets and wishes in case of death or incapacity.
Do I need an estate plan if I don’t have many assets?
Yes, even a simple estate plan ensures your wishes are honored and loved ones are cared for, no matter your asset level.
What documents are included in an estate plan?
Common documents include a will, trust, power of attorney, healthcare directive, and beneficiary designations.
Can I change my estate plan later?
Yes, your estate plan should be reviewed and updated regularly, especially after major life events like marriage, divorce, or the birth of a child.
Is having only a will really enough to protect my assets and family?
A will is a foundational tool—but it’s just that: a starting point. While it outlines who gets what when you pass away, it doesn’t help your loved ones avoid probate, doesn’t offer asset protection, and won’t help if you become incapacitated. A complete plan often includes other tools like trusts and powers of attorney to truly safeguard your legacy.
Want to make sure your family is fully protected? Let’s talk about how we can build a plan around your specific needs.
What happens if I become incapacitated before I pass away?
If you’re unable to make decisions due to illness or injury, your will won’t help—it only activates after death. Without proper documents in place, the court may appoint someone to make decisions on your behalf, which can be a long and emotionally draining process for your loved ones.
With a comprehensive estate plan, we’ll help ensure the right people can step in smoothly and legally when needed.
Can a will protect against creditors, lawsuits, or irresponsible heirs?
Unfortunately, no—a will offers no protection from creditors or lawsuits. It also doesn’t control how heirs use their inheritance. If you’re worried about debts, legal exposure, or financially immature beneficiaries, a trust might be the better route.
What about privacy and contest risk?
Wills go through probate, which is a public process—meaning anyone can see what’s in your estate. That exposure can lead to delays, higher costs, or even disputes from disgruntled relatives. Trusts, on the other hand, avoid probate and stay private.
How does a trust improve tax efficiency and estate management?
Trusts aren’t just for the ultra-wealthy. They can reduce estate taxes, avoid probate, and allow for smooth, private asset transfers. Certain trust structures can even help minimize capital gains and protect retirement accounts.
What would your CPA‑led plan include beyond a will?
We take a holistic approach. A typical plan may include:
A revocable living trust
Durable financial and medical powers of attorney
Asset protection strategies
Beneficiary and titling reviews
Tax-efficient wealth transfer strategies
Business succession planning (if applicable)
Every client is different, and your plan should reflect that. Let’s create something built just for you.
How do I start the estate planning process?
Schedule a consultation with us—we’ll walk you through your options and create a plan tailored to your goals and family needs.
