Practical Considerations as you Plan

Practical Considerations as you Plan

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As you begin to plan your estate, ask yourself these questions.  They will help you to start seeing the big picture and also narrowing in on your wishes, desires and the expectations others may have of you. 

Minor Children

  1. If my spouse and I are out of town, who can authorize medical treatment for our kids if we cannot immediately be contacted?
  2. Who will be the guardian for our kids until they turn 18?
  3. Who will definitely NOT serve as guardians for our kids?
  4. Who will manage our children’s assets?
  5. What ages should my kids receive their inheritances?
  6. Should I require my kids to obtain a college degree before they inherit?

Adult children

  1. Do my kids get along? Do they get along with each other’s spouses?  Do I trust their spouses?
  2. Do any of my kids have an inability to manage their money?
  3. Am I assuming that one child has more money than another, when I don’t know this to be the case?
  4. Are any of my kids in a bad marriage which may end in divorce?
  5. Do any of my grandchildren have any health or disability issues?
  6. Do any of my kids have substance abuse problems?
  7. Have you forwarded large expenses for some kids and not others? Do you need to equalize this treatment for your kids?

Parents

  1. Do you need to help your parents financially?
  2. Who will fund your parents’ nursing home care?
  3. Have you considered purchasing a long-term insurance policy for your parents?

Pets

  1. Who will take care of your pets after your death of during a period of incapacity?
  2. What is your estimate for the cost of care for your pets?
  3. Who will be responsible for the pet such as a person, charity or animal sanctuary?
  4. Does the pet require special care or a special diet?
  5. Should the pets be kept together?
  6. How do you want to deal with the remains of the pet?

Based out of Tampa, Florida, Lori is mom to a fantastic 5-year-old boy. They love to go on local adventures, travel and play with matchbox cars for seemingly endless hours. Lori enjoys reading classic novels, organic gardening, and studying languages with her son. She considers herself well-versed in Seinfeld and welcomes any trivia!

Disclaimer: The Law Office of Lori Vella’s website contains general information directed to Florida residents. This firm does not intend to give legal advice through its pages and/or blog. If you need legal advice, we encourage you to find an attorney licensed in your state. This language on this website does not create an attorney-client relationship between you and this firm.

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