Holidays and estate planning go wonderfully together. The holidays and the end of the year are a time to reflect and review your year and your estate plan. Some people may be confused by the term estate plan. They don’t understand what it involves and how it will help them. And the confusion has caused many estate planning myths.
Misinformation and confusion can cause myths to build. Here are the top 3 holiday estate planning myths:
Unfortunately, you may have said this same statement last year as well. But the truth is that if you start your estate planning now, you can avoid stress and missed opportunities in the future. Sometimes, the hardest part of estate planning is getting started. And that may be because you do not understand what is involved with estate planning. But one meeting with an attorney can help alleviate your fear of getting started.
That is false. Everyone benefits from securing their assets. An estate plan can be complex or it can be easy. The easiest of plans include at least 3 documents:
After that, you can build your estate plan to include your retirement account, life insurance and more.
False. Having everyone together can be the perfect time for an estate planning conversation. It might be difficult to talk about your finances and death with your family. But it is much better than passing away and causing stress and confusion among your loved ones when they don’t understand your estate plan. And while having this conversation may not be easy, it must be done.
When you talk with an estate planning attorney, you can dispel these and other estate planning myths. An experienced lawyer will listen to your situation and final wishes and help you build an estate plan to benefit you and your loved ones.
Did you know that if you are in a serious relationship and even living together, if you pass away without a will or trust, your significant other will not be able to live in the home you shared if they are not on the deed or listed in a will? It doesn’t matter that you told everyone you want them to have the house. If an estate plan is not done correctly, the courts will follow Illinois intestate laws and distribute your assets to your nearest family members. Your partner has absolutely no say if you do not establish a legal estate plan now.
This is only one of many examples of what could go wrong if you do not have a solid estate plan.
Call us for more information on setting up an estate plan that works. Contact one of our lawyers today and schedule an appointment at 630-864-5835. We will review all aspects of your plan and ensure you understand everything.
AREAS WE SERVE: DuPage, Kane, Lake, Kendall and Will counties.
