real estate

There are a lot of misconceptions circulating about estate planning, and those misconceptions can encourage people to put it off for far longer than they should. Your Illinois estate planning lawyers at Legacy & Life Law Firm want you to be able to prepare for your future with confidence. Here are a few key things to know about estate planning and why they’re so important.

1. It’s Never Too Soon to Start

Many people assume that estate planning is something for those close to retirement or individuals with existing health conditions. But nothing could be further from the truth. Estate planning is for everyone who has assets they want to leave to someone they trust or care about. It’s something people of all ages should do, whether they’re just starting out in the workforce or have retired in the last year.

2. It Doesn’t Matter How Much You Make

Though people with larger incomes and more assets (think homes, cars, investments, and more) can more readily see the benefit of creating an estate plan, it doesn’t matter how much you make. Estate plans help look after the ones you love and create a plan to distribute your assets—however large or small—to designated beneficiaries. You can create an estate plan even if you’re not earning anything at all.

3. Your Beneficiaries Can Change Over Time

When you appoint your beneficiaries, you’re doing so based on your current situation and preferences. As your situation changes, you may want to update your beneficiaries. Say you create an estate plan when you’re unmarried and designate your siblings as your beneficiaries. When you get married or have kids, you may want to list your spouse and/or kids as your beneficiaries instead. Changing beneficiaries is a normal part of your estate planning journey and your estate planning attorney can help you do just that.

4. You’ll Need to Review Your Plan Often

Life can change quickly and the estate plan you initially put together may not be one that works for you two years down the line. That’s why it’s important to review your estate plan on a regular basis. Make sure your assets are accurate and consider how you want your estate managed if you pass away unexpectedly or are unable to make decisions on your own. Many people benefit from an annual estate plan review, but your Illinois estate planning lawyer can help you decide on the right review schedule for your situation.

5. Working With an Estate Planning Lawyer is a Must

Creating an enforceable estate plan on your own is incredibly difficult. That’s why it’s best to work with an experienced Illinois estate planning lawyer from the very beginning. They’ll help you create a valid will, identify and designate your beneficiaries, and more.

Schedule a Consultation Today

Creating an estate plan is a simple way to protect your loved ones and establish a plan for your future. But it’s not something you should handle on your own. Schedule an appointment with the experienced Illinois estate planning lawyers at Legacy & Life Law Firm today.