Most people do not like to think about estate planning. But it’s important for everyone to have their affairs in order, especially if they have family or loved ones. As the saying goes, “hope for the best, but prepare for the worst.”
Consider the following stress-free tips to help you plan your estate and to minimize confusion:
Involve Your Loved Ones
Although your family may not like the conversation, it’s essential to make your requests known. It is also import to allow them the opportunity to share their wishes as well. Explaining your plan to your family could reduce the burden they feel when it’s time to make tough decisions.
It’s better to have a plan than to leave your family unprepared should anything unfortunate happen. Even if you’re earning an entry-level salary or paying off debts, it’s important to clarify your wishes. This is particularly vital if you are married or have young children.
Meet with an Estate-Planning Professional
When you meet with an estate-planning professional, you can solidify the details. Do your research ahead of time (learn the difference between a will and a trust, for example). Be prepared with questions you want answered before the meeting. Your attorney should walk you through the necessary components of an estate plan, ensure that your plan complies with the law, and should alleviate any confusion you may have.
Update Your Estate Plan Annually
Your life can change dramatically in the course of a few years. Ensure that your will is current and accurately reflects your wishes. Most professionals recommend updating your estate plan annually so that you can be ready for any of life’s twists and turns.
Regardless of your age, it’s important to plan ahead to spare your family the difficult decisions involved in handling your affairs. Start planning today, and protect yourself and your loved ones.
Contact Garofalo Law Group at (312) 753-6000, and we’ll be happy to schedule a free consultation to go over your particular situation and advise you on the next steps.