National Estate Planning Awareness Week occurs during the third full week of October each year. It was adopted in 2008 by the House of Representatives to help the public understand what estate planning is and why it is such a vital component of financial wellness. That means now is the perfect week to begin or update your estate plan.
An estate plan is a way to prepare for your golden years and prepare your estate for when you are gone. The entire plan can be constructed so that all parts work together to take care of you when you cannot and distribute your assets after you have passed away.
Some documents included in an estate plan are:
These accounts must all work together to give you a strong estate plan. For instance, you do not include your life insurance money in your will or trust. This is because you have already named a beneficiary on your life insurance and do not need to do so again in your will or trust.
If you already have an estate plan, National Estate Planning Awareness Week is the perfect time to update it. In fact, it is wise to update your estate plan every 3-5 years or after a significant life event such as a marriage, divorce, new birth, or death in the family.
If you do not have an estate plan yet, we can help you get started.
It may sound overwhelming, but getting started on building an estate plan is not too difficult. We recommend that you begin with only 3 items:
A power of attorney allows someone to handle your finances if you cannot do so on your own. This can be temporary if you are injured or permanent during later in life.
A healthcare directive tells your loved ones and doctors your medical wishes. This can include the level of life-saving measures you want (do you have a DNR? Do you want blood transfusions?) This document takes the worry and stress off of your loved ones.
A will or trust includes much more than simply a way to disperse your assets when you pass away. In a will, you also name a guardian for your minor children. When choosing a guardian for your children, make sure to choose someone who will raise your children and instill strong beliefs and ethics.
Take National Estate Planning Awareness Week to establish or update your estate plan. An experienced estate planning attorney can help you get started or help guide you when making changes to your plan.
Let this be the week you start your estate plan. An estate planning attorney can guide you through all the steps of setting one up. Contact the Estate & Probate Legal Group in Oak Brook, Illinois, at 630-864-5835.
Areas we serve: Cook, DuPage, Kane, Lake, Kendall and Will counties
