3 Common Questions and Concerns about Estate Planning

 Posted on December 10, 2014 in Estate Planning

Estate planning can be a highly involved process; however, it is an incredibly important financial step. While most people do not want to face the concept of securing assets before they die, estate planning helps ensure that family members do not suffer stress when it comes to dividing inheritance. If you are considering estate planning, you probably have several questions or concerns.

Is Estate Planning for Me?

One of the most common concerns for those interested in estate planning or writing a will is whether or not such preparations necessarily apply to them. Many believe, erroneously, that proper estate planning is only pertinent to the wealthy.

Estate planning is for everyone. It does not matter whether or not a person is wealthy. Anyone who has a desire to see their assets—extensive or not—go into the right hands after death should write a will and make all necessary legal arrangements.

According to Forbes, proper estate planning avoids the headache of having a state unnecessarily become involved after one's death. The process also addresses other concerns such as arranging the funeral, establishing guardians for any minor children, and distributing inheritance.

When is the Best Time to Get Involved in Estate Planning?

Ideally, everyone who is legally allowed to own property should invest some time and money in estate planning. Many people wisely begin the process as early as age 18.

Since everyone's case is unique, it is often very beneficial to consult an attorney about one's personal assets and estate planning. Having a legal expert available to review a specific situation can help sort out any confusion.

What Should I Include in My Estate Plan?

Some people put off or avoid estate planning completely because they believe their finances and assets are not complex or elaborate enough. Many legal experts will agree: Most people are not completely aware of the intricacy of their own financial situation.

While various expected areas—property, stocks, bank accounts, etc.—are commonly thought of when it comes to financial planning, it is also important to consider digital or intangible assets. Even pets are an important part of a thorough estate plan.

Consult an Illinois Trusts and Wills Attorney

If you have questions or concerns about estate planning, and are interested in speaking with an Illinois trusts and wills attorney, consider Stock, Carlson & Asso. LLC. We are more than happy to sit down with you to discuss your plans and intentions for your assets. Call us today at 630-665-2500.