If you are not properly prepared for it, putting together a comprehensive and enforceable estate plan can be a truly complicated endeavor. You may be starting entirely from scratch, and it’s understandable to want the right people by your side throughout your estate planning process. Having the right lawyer by your side as you manage your estate can make all the difference. A Chicago estate planning lawyer can help you recognize important estate planning steps.
Putting together an estate plan can be a reliable way to ensure your loved ones are taken care of after you pass away. It’s vital that you take care of this business when you can. If you pass away without a valid estate plan in place, your estate could end up being divided in accordance with Illinois’s intestate succession laws. Your estate will likely pass to your closest living relatives, and you may not want that. An estate plan can ensure your wishes are respected and carried out.
Why Should You Hire an Estate Planning Lawyer?
There are many important things to consider when you put together an estate plan. One of the most important things is deciding on an experienced estate planning lawyer who can fulfill your wishes. At Stange Law Firm, our multi-state legal team understands the effort and dedication required for a valid estate plan. We have helped many clients across the country develop their estate plans with an empathetic and personalized approach. We can help you, too.
According to statistical data collected by the U.S. Census Bureau, the median household income in Illinois is around $80,000 as of 2023. This amount may be considered by many to be significant enough to warrant an estate plan. After all, you want to be the one who decides how your estate is distributed, not the probate court. You will want to establish safeguards for that wealth, designate someone with power of attorney, and move forward with your plan.
Talking to your family about your impending death can be a difficult conversation to have. However, it is also wholly necessary. You want your family to be included in these difficult conversations so they know what to expect when the time comes. It’s understandable to feel apprehensive when having this discussion. You may want to reach out to a local grief support group like GriefShare for help in developing discussion topics or more.
Important Estate Planning Steps
Everyone’s estate planning needs are different. Some people may seek to redevelop their plans after significant life events like marriages, births, or divorces. You also want to make sure your plan is strong enough not to be contested by anyone who feels left out. You should consider hiring legal assistance to help you put together your plan effectively. Here are some important estate planning steps you may want to consider:
- The most important thing you will want to have is clearly defined goals. You can’t move forward with your estate plan if you don’t know what you want. Every estate plan is different, and recognizing your specific needs is vital to making sure your plan is sound. Your estate plan will be the document that the court uses to carry out your wishes. Make sure it’s clear and concise, and that it accurately reflects those wishes.
- It’s also important that you have a last will and testament included in your estate plan. A will is a common inclusion in an estate plan, and it will be the document that lists out your designated beneficiaries and what you wish to leave them. You should be sure that your will reflects your most recent wishes. There may be some beneficiaries you no longer trust, or there may be new people in your life you want included.
- Make sure your designated beneficiaries are the right people. It can be easier said than done when it comes to choosing who in your life deserves to benefit from your estate. Leaving people out can create familial rifts and emotional turmoil that you don’t want to deal with. Make sure you are as clear as possible when determining your beneficiaries.
FAQs
Q: What Is the Most Important Part of an Estate Plan?
A: Since no two estate plans are the same, it can be difficult to determine what the most important part of a plan is. Each part may be considered equally important, depending on who is developing the plan. To many, the last will and testament may be the most important part. To others, it may be the designated power of attorney holder. Your lawyer can help you determine which part is the most important to you.
Q: Which Step in the Process Is the Most Difficult?
A: Developing an estate plan can be a difficult process in itself. Everyone’s planning process is different. Some plans may not include certain elements. To many, the most difficult part of the process may be discussing your intentions with your family. Some people simply aren’t prepared to have such a difficult conversation with their loved ones. Still, having that talk is important.
Q: Why Is an Estate Plan Necessary?
A: An estate plan is necessary if you have significant wealth and/or assets that you want distributed a certain way among your friends and family. An estate plan lays out your intentions and wishes concisely, making it easier for the court to abide by your enforceable plan. Without a plan, your estate may be divided in ways you don’t want.
Q: Should I Hire an Estate Planning Lawyer?
A: Yes, you should hire an estate planning lawyer. Even if you are prepared for this process or have been through it before, you never know when setbacks could arise that you may not be prepared for in the slightest. Having the right experienced legal help by your side can make everything go smoother for you. Your lawyer can provide you with guidance and ensure no one takes advantage of you at any point in the process.
Contact Us Today
At Stange Law Firm, we can provide you with everything you need to put together a comprehensive estate plan. Contact us to speak with a valued team member about your case.