Question

Conduct an interview with an Estate Planning Attorney utilizing the internet, friend, relative, or personal connection. Ask them the following:

* Note: Please do not only define the terminology. I need thorough explanations of the question accompanied by the interviewee's opinion and advice of the content. 2 paragraphs minimum.

There are a series of 6 questions that I will post in 6 separate post questions.

#3 - What are some of the overlooked areas in estate planning?

Answer 1

Overlooked areas in estate planning are as follows,

1. Don't be sure that you will not be incapacitated because of the fact that you are young, always have a registered power of attorney because nothing is in our hands and anything can happen anytime.
2. If you have a minor child, then it would be better to held inheritances in a trust rather than leaving it out since court will have to take control over such inheritances in case of absence of any trust.
3. Update the will every now and then and include the persons whom you are willing to and the share what you are willing to inherit, towards a specific person or trust. Because our preferences may change from time to time.