There are a number of issues that should be considered when doing estate planning. The primary purpose of estate planning should be to protect you and your loved ones. The most important factor is to provide for minor children. A Will should name both a Guardian and a financial Trustee for children in case both parents die. To provide checks and balances, these roles should be filled by two people.
The needs of a spouse following a death should be carefully considered. If an estate is large enough to be concerned about estate taxes, a bypass trust can be created to provide for the needs of the survivor, with the remainder set aside for the children. This is also used when there are children from a prior marriage, and there is a desire to make sure that there will be assets available for the children after the needs of the spouse are met.
If you want to disinherit a child, that needs to be stated in a Will. If you are
concerned about whether a child is responsible enough to receive an inheritance, a trust can be set up to control how money is distributed and not blown all at once. You should make sure that the beneficiary designations on qualified retirement plans and life insurance policies are kept current, so that these assets are not subject to probate.
You should review your Will (and life insurance) after any major life changes. If you remarry with children from a prior marriage, you should consider a prenuptial agreement.
Put a lot of thought into who you name as your Personal Representative (or
Executor). (S)he is responsible for valuing assets, paying debts and taxes, and distributing what is left pursuant to the terms of the Will. This should be someone who is trustworthy and responsible, and who has consented to accept this role. You can help make sure that the job will not be overwhelming for your nominee by being organized. Important
documents, such as your Will, life insurance policy, Deeds, Titles, investment and account statements, should be kept together in a location that your nominee knows of and has
access to.