October means the pumpkins, fall leaves, and estate planning. Yes, they do go together because October is National Estate Planning Awareness Month. Each October is the perfect time to bring awareness to the importance of estate planning.
Estate planning isn’t only for the rich and famous. In fact, having an estate plan in place is important for people of any age or income status. Unfortunately, according to the American Bar Association, approximately 64% of adults in America do not have a Last Will and Testament or a Trust. And of the people with an estate plan, inflation is causing them to re-evaluate their plans. Care.com’s 2023 Wills Survey finds that 1 in 4 Americans see a greater need for an estate plan.
An estate plan is a preparation for how to care for yourself in your older years, your final wishes regarding your medical care and what should happen to your belongings after you have passed away. Some basic documents of an estate plan include:
Working with an experienced estate planning attorney can help you set up an estate plan that is right for your situation. And since October is National Estate Planning Awareness Month, now is the time to get started.
Many find that getting started is the hardest step of estate planning. It’s the unknown that feels overwhelming. But don’t worry; an estate planning attorney can easily walk you through each step. An attorney will listen to your unique situation and help you establish the best estate plan for you and your loved ones.
There is some work you can do before you meet with your attorney. Gathering documents and information will help move the first meeting along. Bring with you:
You do not need to have all of this figured out right away. These are some options to think about before you meet with the attorney.
Let October be the month you start your estate plan. An estate planning attorney can guide you in all 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 and Will counties.