Is This Your Situation: Confused About Starting Estate Planning

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.

Involve Your Loved Ones

Although your family may not like the conversation, it’s essential to make your requests known and 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.

Start Early

It’s better to have a plan and not need it 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), so you can present a comprehensive list of questions to the attorney. Your attorney will walk you through the necessary components of an estate plan and ensure that your plan complies with the law.

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 to protect yourself and your loved ones. Give a lawyer, like an estate planning lawyer in Palatine, IL from Bott & Associates, Ltd., a call to go over your particular situation and advise you on the next steps to take.