It’s natural to have concerns when creating your first estate plan. You want to get everything right, but you’re also stressed out over all the decisions you have to make.

While you don’t want the process to drag on, it’s critical to take your time to ensure that you make the right decisions along the way.

Here are some of the most important questions to answer when creating your first estate plan:

• Are you familiar with the pros and cons of wills and trusts?
• Who do you want to name as your beneficiaries?
• Do you have any children, and if so, who will you name as their guardian?
• What steps will you take in regards to incapacity planning?
• Who will you name as the executor of your will and/or the trustee of your trust?
• Are you familiar with the steps you can take to minimize the tax impact on your loved ones upon your death?
• Will you create a financial power of attorney? Who will you choose?
• Will you create a medical power of attorney? Will it be the same person?

No two people will answer these questions in the exact same way. For example, you may be primarily interested in creating a will, while another person wants to add most of their assets to a revocable living trust.

As you answer these key questions, you’ll come to better understand what to include (and not include) in your first estate plan.

Although it can be frustrating and stressful to move through the process, once you create an estate plan it’ll give you and your loved ones greater peace of mind.