Question 1

How do I get started with my estate plan?

Accepted Answer

Getting started is simple. Click "Get Started" to visit https://www.newwealthestateplanning.com/ and you'll be guided step by step through a set of easy questions about your family, the people you want in key roles, and your wishes. Your documents are prepared from your answers, and our support team is available if you need help along the way.

Question 2

What information do I need to begin?

Accepted Answer

To start, you only need: your full legal name (and your spouse's, if applicable), birthdays for you and your spouse, and your children's full legal names. It also helps to think about who you'd choose as guardian for minor children, executor or trustee, and financial and medical power of attorney, plus how you'd like your assets divided.

Question 3

Do I need my Social Security number, account numbers, or property titles to start?

Accepted Answer

No. You do not need Social Security numbers, account numbers, or real estate titles to begin your estate plan.

Question 4

What decisions will I be asked to make?

Accepted Answer

You'll be asked to choose:
- A primary and backup guardian for minor children (if any)
- A primary and backup executor or trustee
- A primary and backup medical power of attorney
- A primary and backup financial power of attorney
- How your assets should be divided (names and percentages)
- At what ages children should receive distributions
- Any specific gifts or charitable donations
- Your end-of-life care preferences, organ donation choice, and funeral or memorial wishes
The people you choose can be the same or different for each role.

Question 5

What other information is helpful to have ready?

Accepted Answer

It helps to have: addresses of any real estate you own, names of any businesses you own an interest in (LLCs, corporations, shares), a list of the financial institutions where you have accounts, and any charities or specific gifts you'd like to include. Listing your financial institutions helps your executor or trustee locate your assets later.

Question 6

How long does it take?

Accepted Answer

The process is designed to be simple and guided. How quickly you finish mostly depends on how quickly you decide on your choices, so having your names, roles, and wishes ready ahead of time makes it go faster.

Question 7

Can I change my estate plan later?

Accepted Answer

Yes. You can update your estate plan whenever your life changes. A revocable living trust can be changed or revoked at any time while you're alive.

Question 8

When should I review or update my plan?

Accepted Answer

It's a good idea to review your plan about once a year and after major life events, such as marriage, divorce, a new child or grandchild, buying a home, starting a business, a death in the family, or moving to a different state.

Question 9

How much does an estate plan cost?

Accepted Answer

Pricing depends on your situation and the documents you need. Click "Get Started" or ask us directly and we'll walk you through your options.

Question 10

Can I get help if I get stuck?

Accepted Answer

Yes. Our member support team is available to help you through each step of the process.

Question 11

What is estate planning?

Accepted Answer

Estate planning is putting your wishes in writing for who will receive your assets, who will care for your children, and who can make financial and medical decisions for you if you can't. It gives your family clarity and helps avoid delays, confusion, and court involvement.

Question 12

What documents are included in an estate plan?

Accepted Answer

A complete estate plan typically includes:
- A Revocable Living Trust
- A Last Will & Testament (Pour-Over Will)
- A Financial Power of Attorney
- A Medical Power of Attorney / Advance Medical Directive
- A Living Will
- A HIPAA Authorization
- A Schedule of Assets for your trust

Question 13

What are the benefits of estate planning?

Accepted Answer

Key benefits include:
- Control over who receives your assets
- Planning that may help with tax considerations
- Avoiding probate (with a trust)
- Protecting your family, including naming guardians for children
- Peace of mind
- Documenting your health care wishes
- Leaving charitable gifts

Question 14

What happens if I don't have an estate plan?

Accepted Answer

Without a plan, state law and the courts may make decisions your family would otherwise make. Common results include: the state deciding who receives your assets, a longer and more costly probate process, a higher chance of family disagreements, added financial burdens on loved ones, no guardian chosen by you for your children, no one with clear authority to make health care decisions, and missed tax planning opportunities.

Question 15

I'm young and healthy. Do I really need an estate plan?

Accepted Answer

Estate planning isn't about your health today — it's about being prepared for the unexpected, which can happen at any age. Planning while everything is fine means you make the choices, not a court.

Question 16

My estate is small and simple. Do I still need a plan?

Accepted Answer

Yes. Even modest estates can go through probate, which can take months and add costs. A plan also covers things that aren't about money at all, such as guardians for children and who can make medical decisions for you.

Question 17

Is estate planning only for wealthy people?

Accepted Answer

No. Estate planning is for anyone who has people they care about, a home, savings, children, a business, or wishes about their medical care. It's about clarity and protection, not just wealth.

Question 18

Can't my family just figure it out without documents?

Accepted Answer

Many families hope so, but without clear written instructions, even close families can disagree about property and decisions. Documents remove the guesswork and help keep families united.

Question 19

What is a revocable living trust?

Accepted Answer

A revocable living trust is a legal arrangement where you transfer ownership of your assets into a trust while keeping full control of them during your lifetime. You can change or cancel it at any time. It spells out how your assets are managed if you become incapacitated and how they are distributed after you pass away.

Question 20

How does a trust avoid probate?

Accepted Answer

Assets held in your trust are owned by the trust, not by you personally, so they can pass to your beneficiaries according to the trust's terms without going through probate court. This can save time, legal costs, and court delays.

Question 21

Do I keep control of my assets if they're in a trust?

Accepted Answer

Yes. With a revocable living trust you keep control while you're alive. You can buy, sell, or change assets and update or revoke the trust whenever you like.

Question 22

Is a trust private?

Accepted Answer

Yes. Unlike a will, which becomes part of the public record in probate, a trust generally stays private.

Question 23

What happens with my trust if I become incapacitated?

Accepted Answer

If you're unable to manage your affairs, the successor trustee you named steps in to manage the trust assets for you, without needing a court to appoint someone.

Question 24

What kinds of assets can go into a trust?

Accepted Answer

A trust can hold most types of assets, including real estate, bank accounts, investment accounts, and business interests. Accounts like life insurance and retirement accounts usually pass through their own beneficiary designations, so it's important to keep those beneficiaries up to date.

Question 25

What does it mean to "fund" a trust?

Accepted Answer

Funding means actually placing your assets into the trust, for example by retitling property or accounts in the trust's name. A trust only controls the assets that are transferred into it. Your pour-over will acts as a safety net for anything left out.

Question 26

What is a Schedule of Assets?

Accepted Answer

A Schedule of Assets is a list of the assets held in your trust that are subject to its terms. It can be easily updated as you add or remove assets.

Question 27

Can a trust include conditions for distributions?

Accepted Answer

Yes. A trust can include conditions for distributions, such as the ages at which children receive their share.

Question 28

Does a trust help blended families?

Accepted Answer

Yes. A trust lets you clearly spell out how your assets are divided, helping make sure both children from a prior marriage and a current spouse are provided for the way you intend.

Question 29

Will a trust reduce my taxes?

Accepted Answer

Estate planning can help with some tax considerations, but results depend on your situation and no tax outcome is guaranteed. For tax questions, speak with a qualified tax professional or attorney.

Question 30

What is a will?

Accepted Answer

A will is a written legal document that directs how your property is distributed after your death and who will carry out your wishes. It also lets parents name guardians for minor children. A will must go through probate before it takes effect.

Question 31

What is a pour-over will?

Accepted Answer

A pour-over will works together with your trust. It directs that any assets not already in your trust at your death be transferred ("poured over") into it, so they're distributed under your trust's terms. It also contains your final directives for dependents and arrangements.

Question 32

If I have a trust, why do I also need a will?

Accepted Answer

Your will acts as a safety net. It catches any assets that weren't transferred into your trust and is also where you name guardians for minor children.

Question 33

Does a will avoid probate?

Accepted Answer

No. A will must go through probate, which is a court-supervised and public process. A trust is used to help avoid probate.

Question 34

I don't have children. Do I need a will?

Accepted Answer

Yes. A will makes sure your assets go to the people or causes you choose. Without one, state law may give your property to relatives you wouldn't have chosen.

Question 35

Can I leave someone out of my will or trust?

Accepted Answer

Yes. Both a will and a trust let you specify individuals who should be excluded from inheriting your property.

Question 36

Can I name a guardian for my pets?

Accepted Answer

Yes. Your estate plan can name someone to care for your pets.

Question 37

Can I leave specific gifts to people?

Accepted Answer

Yes. You can leave specific gifts, such as a sum of money or a particular item or property, to specific people.

Question 38

What's the difference between a trust and a will?

Accepted Answer

A will takes effect after death, goes through public probate, and is where you name guardians for children. A revocable living trust takes effect as soon as it's created and funded, helps avoid probate, stays private, can include conditions for distributions, and allows a successor trustee to step in if you become incapacitated.

Question 39

Should I get a trust or a will?

Accepted Answer

Many families use both. The trust holds and distributes your main assets privately and helps avoid probate, while the pour-over will catches anything left outside the trust and names guardians for your children.

Question 40

What do a trust and a will both allow me to do?

Accepted Answer

Both can: name people to manage your affairs, leave specific gifts, exclude individuals from inheriting, name guardians for children and pets, record special requests, and outline final arrangements. A trust also allows conditions for distributions and helps minimize probate court involvement.

Question 41

What is a power of attorney (POA)?

Accepted Answer

A power of attorney is a legal document that gives someone you choose (your "agent") the authority to act on your behalf for financial or health care matters. It's one of the most important protections if you're ever unable to act for yourself.

Question 42

What is a financial power of attorney?

Accepted Answer

A financial power of attorney names an "attorney in fact" who can manage your financial and legal matters, such as banking, paying bills, overseeing investments, and handling property, if you can't.

Question 43

What is a medical (health care) power of attorney?

Accepted Answer

A medical power of attorney names a health care agent who can make medical decisions and communicate with your doctors if you're unable to. This person follows the instructions in your living will and advocates for your care.

Question 44

What is a durable power of attorney?

Accepted Answer

A durable power of attorney names an agent to oversee your personal and business affairs if you're absent or incapacitated. "Durable" means it is designed to remain in effect if you become incapacitated.

Question 45

When does a power of attorney take effect, and when does it end?

Accepted Answer

A power of attorney is generally used when you can't act for yourself, and it ends at your death (after that, your executor or trustee takes over). Exact timing depends on how the document is written and on state law.

Question 46

I'm healthy. Why do I need a power of attorney?

Accepted Answer

Accidents and sudden illness can happen at any age. A POA makes sure someone you trust can act right away without waiting for a court.

Question 47

Can't my spouse just handle things if I can't?

Accepted Answer

Not always. Banks and other institutions often require legal authority, even from a spouse. A power of attorney removes those barriers so your spouse can act right away.

Question 48

What happens if I become incapacitated without a power of attorney?

Accepted Answer

Your family may have to ask a court to appoint a guardian or conservator, which can take time and cost money. During that time, bills can go unpaid, accounts may be frozen, and decisions about your care can be delayed.

Question 49

Who should I choose as my power of attorney?

Accepted Answer

Choose someone you trust who is responsible and willing to serve, and also name a backup. You can name different people for financial and medical decisions, and each spouse or partner can choose their own.

Question 50

What if I don't trust anyone to be my power of attorney?

Accepted Answer

That's actually a reason to plan now while you're in control. Without a POA, a judge, not you, may decide who makes those choices.

Question 51

Is my financial power of attorney the same as my trustee?

Accepted Answer

Not necessarily. They're separate roles. Your trustee manages the assets held in your trust, while your financial power of attorney handles financial and legal matters outside the trust. You can choose the same person or different people.

Question 52

What is an advance medical directive?

Accepted Answer

An advance medical directive is a state-specific document that may include both your living will and the appointment of a health care agent to make medical decisions for you if you can't. Your agent follows your written instructions and advocates for your care.

Question 53

What is a living will?

Accepted Answer

A living will lets you state the type and extent of medical treatment you would want — or refuse — if you're ever unable to make or communicate those decisions. It only takes effect when you can no longer express your wishes yourself.

Question 54

What is a HIPAA authorization?

Accepted Answer

A HIPAA authorization allows the trusted people you choose to access your protected health information, so they can speak with doctors and help with your care.

Question 55

What end-of-life care choices can I make?

Accepted Answer

In the Declaration of Desire for Natural Death, you can choose to:
1. Receive care in all circumstances, regardless of benefits, burdens, your condition, or cost
2. Receive care only if the benefits outweigh the burdens and it will improve your condition (your health care agent and medical provider evaluate this)
3. Receive care only if it will improve your condition, excluding life support that only prolongs death without improvement

Question 56

Can I include my organ donation wishes?

Accepted Answer

Yes. You can state whether you do or do not want to donate your organs. Spouses or partners each make their own choice.

Question 57

Can I include funeral or memorial wishes?

Accepted Answer

Yes. You can record your preferences for the disposition of your body and how you'd like your memorial or funeral arranged, so your loved ones aren't left guessing.

Question 58

Why should I put my medical wishes in writing?

Accepted Answer

Writing down your wishes means your loved ones won't have to make hard decisions under stress without knowing what you'd want, and your health care agent has clear instructions to follow.

Question 59

What is a guardian?

Accepted Answer

A guardian is the person you choose to care for your minor children (or an incapacitated individual) if you can't. The guardian looks after their personal needs, including medical and daily care, until the child reaches adulthood at 18.

Question 60

What happens if I don't name a guardian for my children?

Accepted Answer

A court would decide who raises your children, and it may not be the person you would have chosen. Relatives can also end up disagreeing in court. Naming a guardian in your will lets you make that choice.

Question 61

Can I name different guardians for each child?

Accepted Answer

Yes. If you have more than one child, you can name a different guardian for each one if that's what's best for your family.

Question 62

Should I name a backup guardian?

Accepted Answer

Yes. You'll name a primary guardian and a secondary (backup) guardian in case your first choice is unable to serve.

Question 63

What's the difference between a guardian and a trustee?

Accepted Answer

A guardian cares for your children's personal needs and well-being. A trustee manages the money and assets left for them. You can choose the same person or different people.

Question 64

Can I choose the age my children receive their inheritance?

Accepted Answer

Yes. If you leave part of your estate to minor children, you can choose the ages at which they receive distributions.

Have a question about estate planning?

Getting Started

Estate Planning Basics

Living Trusts

Wills

Trust vs. Will

Powers of Attorney

Health Care & End-of-Life

Guardians & Children

Executors, Trustees & Other Roles

Probate

Assets & Beneficiaries

Real Estate & Deeds

Couples & Families

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