The Most Important Question in the Estate Consulting Process

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What is the most important question to answer when dealing with your estate plan?

When going through the estate consulting process, you will be asked a series of questions about your estate and while there are several questions that one might deem important, the main question you need to know when creating an estate plan is:

“Who do you trust to handle your finances if you are unable to manage them yourself?”

It is crucial to pick someone you trust who can be your executor, trustee and/or agent on power of attorney over financial matters. While it is most common to pick your spouse/partner first, you can also turn to a relative or close friend.

From there you will need to then answer questions about how you want your assets distributed, if you want to incorporate charitable giving into your plan, how you want to transition your business (if you own one), do you have enough assets to cover debt and taxes or do you need to sell assets, how often your plan should be updated, etc.