National Estate Planning Awareness Week is October 18-24, 2021. It is a public campaign designed to help us understand why an estate plan is essential to our financial wellness. This is a time to plan for your family’s future and to secure your legacy. Over half of Americans – 56% – do not have an up-to-date estate plan! A meeting with an Estate Planning Attorney can help you feel prepared for the unknown, knowing that you have a plan in place. Though it may be tempting to it put off, having a plan can help prevent serious issues down the road.
Once you have your estate plan in place, you may not need to worry about it again until you have major changes in your life and decide to make changes or want to review your options. Having a plan can give you peace of mind that you can enjoy now and for days to come.
1. Myth: I’m Too Young To Need a Will
Fact: If you
• have children under 18
• have a job
• are married
• own property such as a car or home
• have assets and legal responsibilities.
• even if you’re young, single and just starting your career
you likely have an insurance policy at work and some assets you care about. You may have a mortgage, car loan and perhaps student loans. And if you have a child or are married, your children and spouse will require money for their education, housing and care. If you become incapacitated or die at a young age, you need to designate who will care for your minor children, and how your assets will be distributed.
2. Myth: Only Rich People Need a Will
Fact: A will tells your heirs and loved ones how you want your assets distributed, including personal property including your jewelry, collectibles and personal items. Having an estate plan gives your loved one’s peace of mind that your wishes are being carried out.
Your will or trust can also tell your loved ones what funeral arrangements you want, how you want your debtors paid and other important decisions. You could also become ill or temporarily incapacitated and need to appoint a legal guardian to act on your behalf for medical and financial decisions.
3. Myth: Creating A Will Is Complicated
Fact: A will is very important and can be confusing if you’re not familiar with your local estate planning and probate laws. An experienced estate planning attorney can guide you through the information and documents you need to discuss and create your will.
National Estate Planning Awareness Week is an important reminder to review your estate plan to secure your family’s future and to protect your legacy. Every family situation is unique, and there is no one-size-fits-all approach to estate planning that will adequately serve the needs of everyone. Instead, it is important to take the time to understand specific goals and then craft solutions designed to accomplish those goals.
If you want to protect your loved ones after you are gone, an experienced estate planning lawyer can advise you on the best options for your situation. To talk to a qualified attorney in Chicago or Lombard, contact the Estate & Probate Legal Group at 630-864-5835.
We serve Cook, Dupage, Kane, Lake, and Will counties.