At ElDeiry & ElDeiry, P.A. we have been crafting practical, intelligent estate plans for individuals, families, and business since 1997. We’ve become very familiar with the questions that people have about estate planning, and in today’s blog post we’re going to answer some of our most commonly asked questions.
1. Where should I store my estate planning documents?
Estate planning documents need to be stored somewhere safe and easy to access. A safe deposit box meets these criteria while you are living, but if it is only in your name, your family may have trouble accessing it without you.
The best place to store your estate planning documents is actually with your attorney! We can hold onto it for you and make sure your family has access to it after you die. At the very least, your attorney should retain copies of your estate planning documents in case the originals are lost, damaged or stolen.
2. How often should I review my estate plan?
We recommend that our clients review their estate plans every three to five years. The more often you make sure it reflects your current wishes, the more certain you can feel that everything is in order just in case anything ever happens to you. Circumstances change, and it is important to make sure your estate plan reflects any big changes to your financial or familial life.
3. Can I prepare my own Will if my situation isn’t very complicated?
We tell our clients that trying to prepare your own Will is a bit like trying to repair a leaky sink without any plumbing experience. It can sometimes cause a flood, so to speak, and make your situation worse instead of better. Though you may see plenty of tutorials and tips online for preparing your Will on your own, it’s really best to seek the help of an experienced professional. With the help of a lawyer, you can make sure you get all the details right and your Will won’t be a source of stress for your loved ones after you are gone.
4. What are the benefits of having a Will?
A Will states where you would like your assets to go after you are gone. This could be to your spouse, your children, a friend, a charity, or a combination of places. A Will alone will not prevent your assets from having to go through probate, but when combined with a full estate plan, you can avoid this expensive and time-consuming process.
If you need more information about estate planning or if you’re ready to get started with yours, ElDeiry & ElDeiry, P.A. can help! Call us today at (954) 670-2800.
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