Answers To Frequently Asked Estate Planning Questions
You likely have many questions concerning estate planning. The following are some of the frequently asked questions attorney James S. Nowak encounters. Remember, everyone’s situation is different, and nothing can cover the detailed advice that you receive from meeting personally with a lawyer. To schedule an initial consultation at the law office of James S. Nowak, call 419-726-2605.
What information should a will contain? A will can be as detailed as you would like to make it. At a minimum, a will should name your beneficiaries, provide any care instructions for minor children and/or dependents, and name a personal representative who will manage and distribute your estate after your death.
Do I need to update my will regularly? It depends. A will never expires. However, if you have experienced a substantial change in your life, such as getting married, divorced, remarried, or have had a death or a birth in your family, it is important to review your will and make any changes to reflect your new situation.
What happens if I don’t have a will? If you pass away without a will, your estate will have to pass through probate to determine who shall receive your assets. This is typically done by identifying your closest family members, such as your wife and children, and then expands to include other relatives if you do not have an immediate family. This process does not provide you with any control over how your assets are ultimately distributed and may not reflect your final wishes.
What is a living will? A living will should not be confused with a last will and testament. A living will sets forth instructions for how you wish to receive medical care should you ever become incapacitated. A living will can be a valuable component of any estate plan.
When should I begin thinking about estate planning? It is never too soon to begin thinking about estate planning. While confronting one’s mortality is never pleasant, a comprehensive estate plan can provide you with the peace of mind that comes with knowing your wishes will be honored.
Contact An Experienced Attorney With Your Estate Planning Questions
For answers to your estate planning questions, call attorney Nowak at 419-726-2605. You may also contact us online. Located in Toledo, the law firm of James S. Nowak, Attorney at Law, serves clients in Point Place, Shoreland, and other areas of Ohio and Michigan.