The 4 W’s of Estate Planning
All estate planning involves answering the four W’s—Who, What, When, and Where.
| WHO . . .
|
…will make decisions about your health and finances if you cannot?
…have you named as beneficiary of your life insurance, 401ks, and IRAs? …will take care of your affairs as executor or trustee? …will take care of minor children or disabled relatives as guardian? …will inherit your estate as beneficiaries? |
| WHAT . . .
|
…are your wishes about the termination of life prolonging procedures?
…kind of property will make up your estate? …debts will continue after your death? …gifts will you leave to your beneficiaries (including charities)? …restrictions will you put on your beneficiaries’ use of the estate? |
| WHEN . . .
|
…will your beneficiaries be entitled to receive distributions?
…will you allow the trusts you create to terminate? |
| WHERE . . .
|
…do you own property that might require probate administration?
…should you keep your important estate planning documents? |