The Importance Of Starting The Estate Planning Process Now
We know it is crazy to think that we are preparing for yet another winter and flu season with the pandemic continuing to spread. With staying safe and healthy in all of our minds, having the security of a completed estate plan helps us get ready for the unthinkable.
A common misconception is that only the wealthy can plan their estate,; however this is far from true. By planning your estate, you can make the process of settling your affairs easy for when you are no longer here.
This also avoids expensive and long-lasting effects on the ones you love. If you do not have an estate plan then the probate courts and your state laws will designate individuals to be responsible for any health-care or financial decisions in the instance that you become ill; meaning there will have to be a transfer of assets upon death.
You should have a say in how your property and life should be handled if you become incapacitated. Therefore planning now is the first step in making sure that your wishes are heard.
To ensure that there is no strife in your family or any legal issues, think about these essential factors when estate planning:
Your Plan
Estate plans are not just necessary for when you pass away, it is also in place to keep you protected if you end up incapacitated and can’t make your own choices. Discussing with your loved ones helps to make sure that all of your requests are met if this is to occur. Healthcare agents are also another thing to consider as well.
Your Children's Plan
As stated earlier, with so much uncertainty and the pandemic still spreading, planning ahead is vital because no one is exempt. Being a parent means making hard decisions for the best interest of your child everyday, one of those choices being planning for the unthinkable.
Having your estate plan established early makes sure that your children are covered by
guardians that you approve of if you pass away before they turn eighteen. Due in part to the courts making decisions for who the children are raised by.
Your Assets Plan
If you do not have a plan for your estate finished, like a living trust or will, the state that you live in will decide how your assets are distributed once you pass.
Your assets will be plainly documented in your estate plan, explaining how you will have them transferred once you die. Being prepared avoids time wasted and relieves stress for everyone while making sure everything gets transferred as it should be.
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Interested in Working With Us?
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
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