Many people could be familiar with the concept of a Will. However, estate planning goes beyond a Will and covers many things. Creating and implementing an estate plan could be challenging if you are unaware of its purpose.

Here are three essential questions you should ask yourself before estate planning:

1. Do I Know How To Create A Will?

While many people have heard of a Will, not everyone knows how to write one. If you are one of them, it is crucial to understand a few things. If you are 18 and older and have a sound mind, you are eligible to write a Will. A Will is valid only when signed by the Testator (the person writing the Will) in the presence of two witnesses, who must also sign it. It must be drafted without coercion. Also, there is no fixed fee for creating a Will, as different lawyers charge differently. One could approach a lawyer or seek help from online platforms for writing a Will.

Also Read: Can A Power Of Attorney Be Revoked? What Power Does A POA Wield?

2. Is A ‘Will’ The Only Way Of Estate Planning?

A Will is one of the ways to pass on the legacy, there are there are other ways too to consider. Estate planning encompasses tools such as trust deeds, gift deeds, and the power of attorneys for financial and medical decisions. One can also create a family trust. The trust deed can be executed during the individual’s lifetime or after death as per the individual’s desire. Another way is to gift the assets during a lifetime. However, there are a few aspects one should be careful about in gifting the assets.
Further, people can also use a power of attorney (PoA) to make financial and medical decisions on their behalf in case of incapacity or old age-related ailments. Appointing POAs is part of estate planning; they serve the individual during their lifetime. You may read more here.

Also Read: Review Your Will Before It’s Too Late

3. Is Estate Planning A Good Idea For Me?

Estate planning is not exclusive to senior citizens or older people. Those 18 years and above can create an estate plan. It is common to ignore estate planning for reasons like ‘I am not old’, ‘I do not have many assets’, ‘I have just started earning’, etc. However, estate planning is for the uncertain future; prudent planning can save family members from mental agony in case of any misfortunate event.

So, don’t confuse estate planning with a Will. It is more than that. Remember, it is a continuous process, not a one-time event. It can be revisited or readjusted at different stages of life, like marriage, children, or the death of a family member.