Do You Really Need An Estate Plan? Elder Law Lawyers Say Yes!
There is some debate about the necessity of having an estate plan. However, with the recent increase in elder law legislation, elder law lawyers stress that it is more important than ever to plan your estate in order to protect your assets and your final wishes.
However, even if you are young, unforeseen illness or tragedy can occur. According to elder law lawyers, everyone should plan. No matter what your circumstances are, discussing your final wishes with strong litigation attorneys ensures that your loved ones are protected and provided for.
Estate Planning 101 - Advice From Litigation Attorneys
Estate planning is daunting at best. It requires that you consider your mortality and what the future will hold after you are gone. The process can be overwhelming too. Where do you start? Some people begin by researching on the internet. While the internet can help you gain preliminary knowledge, it is not advisable to take a 'do-it-yourself' approach via the standardized kits available online. Instead, it is best to consult litigation attorneys, particularly elder law lawyers with relevant expertise. Litigation attorneys who are knowledgeable in elder law can provide you with a much more comprehensive plan, including the following:
• expert guidance regarding elder law provisions that affect your estate
• implementation of not only your will, but also such things as powers of attorney, guardianship provisions, trusts, and long-term care plans
• expertise on tax planning
• options that meet your unique needs
• consideration of any unusual circumstances you have
Enlisting the help of elder law litigation attorneys will ensure that your final wishes are carried out as completely and effectively as possible.
Now That You've Got Your Estate Planned…
Once you have finalized your plan with the help of good litigation attorneys, you will have accomplished a major goal in securing the future for you and your loved ones. However, the planning should not stop there. As your life progresses, you should periodically consult with the elder law lawyers who helped you in order to keep your plan current and reflective of your life's circumstances. For instance, if you change your marital status, or if you have more children, you will likely want to modify the document accordingly. As you age, you might have unanticipated needs that change your financial status. You'll want to make sure that is reflected in your estate plan. Finally, it is always advisable to periodically review your estate plan to ensure that it is clear, concise, unambiguous, and in accordance with current legislation.
Estate planning is one of the most important, wisest things you can do. It will help you to feel more confident about what the future will hold for those you love after you are gone, and it will play a major part in defining the legacy you leave behind.
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ABOUT THE AUTHOR
Kerry Peck is a managing partner at Peck Bloom, LLC, a renowned firm of litigation attorneys in Chicago. These expert elder law lawyers in Chicago help local families with their estate planning needs.