The older you get, the more important it can be to plan your estate. After all, you want to leave something behind for your loved ones after you’re gone. One of the most effective ways to make sure your family is taken care of is to establish a sound estate plan. To do this, you should have a frank conversation with your loved ones about what your wishes are. Talking to your family about this can be painful, but a Chicago, IL, estate planning lawyer can guide you on how to do so.
Why You Should Discuss Your Estate Plan With Your Family
Depending on the size of your estate and how many people you wish to include as beneficiaries, a conversation about your wishes may be critical. You may have already started to prepare your family for the inevitable, or you may just now be starting to consider an estate plan at all. Either way, an experienced estate planning lawyer can help you figure out your next steps. The last thing you want is for your family to be unprepared or have no plan at all.
There are many reasons why you should include your family in your estate plan preparations and discussions. To start, with everyone knowing your intentions from the beginning, the chances of someone contesting the will may be greatly reduced. If you pass away without an estate plan or even a last will and testament, it will be up to the court to figure out how to distribute your assets. They may make decisions that you or your loved ones disagree with.
Many people may choose to update their estate plan or establish one after a major family milestone. These include divorces, births, deaths, and adoptions. Others may want to update their plan if they’ve had a falling out with someone they once trusted wholeheartedly. Ultimately, it’s entirely up to you to determine how you want your assets distributed and when you want to update your plan. Above all, you don’t want to neglect it until it is too late.
Taking the Right Steps to Involve Your Family
An unfortunate number of elderly people pass away before they can establish a solid estate plan, leaving it up to the court to distribute their assets. This often happens because some people are understandably reluctant to have an important conversation with their family about their own mortality. Having this conversation does not need to be painful or even morbid. Death is a part of life, and it’s going to happen, regardless of how much or little you plan. Here are some steps you can take:
- Include everyone in your discussions. A lot of people may consider only their immediate nuclear family when having such a monumental discussion. For many people, family does not stop there. You may want to include aunts, uncles, cousins, nieces, nephews, grandchildren, and even close family friends. You should include everyone who seeks to benefit from your estate plan and anyone else you want included.
- Make sure you pick the right moment. A conversation about building an estate plan and your wishes for your death is a big deal. You shouldn’t mention it in passing as your kids are headed out the door. Make sure everyone makes time to sit down and talk about everything. You might want to wait for a family gathering to have this conversation. It’s ultimately up to you.
- Leave nothing out. This may be the only time you get to have this conversation with everyone together. Be sure to plan all your talking points, which your estate planning lawyer can help you do.
FAQs
Q: What Happens If You Pass Away Without a Plan?
A: If you should suddenly pass away without an estate plan in place, then Illinois’s intestate succession laws would go into effect. This happens when someone dies without a will. Their assets are then distributed in accordance with state law, which means your surviving spouse inherits the entire estate if there are no children. If there are children, they would inherit half of the estate equally, with the spouse getting the other half.
Q: Are You Allowed to Change Your Plan Whenever You Want?
A: Yes, you are legally allowed to modify your estate plan whenever you want. You are only required to be in your right mind and wholly aware of the documents you are signing. Circumstances change all the time. One day, you may be totally certain of your plan. The next day, you may have to make certain changes. Ultimately, your estate plan is yours to modify as you see fit. A good lawyer can help you make the necessary changes when needed.
Q: Is an Estate Planning Lawyer Expensive?
A: That depends entirely on your case. It is difficult to determine whether your estate planning lawyer is going to be expensive until they start working on your case. An estate planning lawyer’s fee is going to reflect the complexity of your case as well as their education and experience, among other factors. If your case is difficult, your lawyer’s services will likely cost more.
Q: Why Should You Include Your Family in the Estate Planning Process?
A: There are many reasons why you should consider including your family in the estate planning process. The most important one is that you don’t want your family to be financially unprepared to deal with your estate when you pass away. If you don’t have a plan, the court could distribute your assets in ways you don’t want. If your family doesn’t know your wishes, they may not know how to fulfill them accordingly.
Reach Out to an Estate Planning Lawyer Today
It can be difficult to speak to your family about your mortality. However, they deserve to know whether they are included in your estate plan and what they need to do when you pass away. An experienced estate planning lawyer can help you prepare for this conversation and work to make an accessible plan.
The legal team at Stange Law Firm can make sure your estate plan is enforceable and accurate. Contact us to schedule a consultation with one of our estate planning attorneys.
