Well, here is a scary thought for you. According to CNBC, 67% of Americans do not have an estate plan. Two of the biggest reasons people say is that they still need to get around to it or need help knowing where to start. Thankfully, it’s not difficult to begin the estate planning process – and we can help.
How To Begin the Estate Planning Process
When considering an estate plan, most people think about a will or trust. And that is a great place to begin. Here are some things to think about when starting your estate planning process:
- Transfer of assets
Take inventory of what you own and decide who you want to have your things after you’re gone. Start with a list of your assets. Next to each asset, write the name of who you think you want to have it.
- Guardianship of minor children
Your will is where you will name the guardians of your children. It should be someone who has the same values and beliefs as you.
- Choose your executor or trustee
Once you have the majority of your will or trust worked out, the next step is to determine who you want to manage your affairs after you’re gone. Choose someone in your state that you trust to carry out your wishes and who has the time to close your accounts, distribute your assets and wrap up any loose ends.
Once you have the basics of your will or trust established, there are two more documents that we recommend as essential parts of your estate plan.
- Healthcare directive – this document guides your family and medical professionals on your medical and end-of-life care. If you are seriously injured, a healthcare directive will inform your doctors of your desired level of care. And as you get older, the directive will let everyone know your wishes.
- Power of attorney – a durable power of attorney assigns someone to handle your affairs in a specific area, such as medical or financial. It takes effect when you become incapacitated. It can be for a short period of time or indefinitely.
Working With an Oak Brook Estate Planning Attorney
Starting your estate plan doesn’t have to be complicated. Once you have thought about the above provisions, the next step is the easiest – calling us. Prepare for the future by contacting the experienced estate planning attorneys at the Estate and Probate Legal Group. Call us today at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties