When you think of estate planning, what comes to mind? For some people, estate planning is a practice they don’t need to worry about until they are old and gray. For others, estate planning seems premature since they are not making enough money to have a hefty “estate”.
At Bell & Shah, we often hear clients wish they had started estate planning years earlier. Each of our attorneys underscores the importance of proper estate planning practices to anyone who will listen. Here is what you need to know about getting your affairs in order and the answers to some common questions.
How old should I be to begin estate planning?
You are never too young to begin estate planning. Developing trusts and a will does not need to have the only objective of providing money to your heirs. You can begin planning for your future with estate planning in your early 20s. Consider it a part of your long term financial plan.
How often can I change my will or other documents?
Your will and other documents are flexible and can be changed with a trip, or phone call, to your attorney. It is common to need to change your documents, as your business changes or as your family grows. You never have to feel locked into a will that no longer fits your needs.
How can setting up a trust help me right now?
Setting up a trust can protect you from paying large taxes. At Bell & Shah, we provide a comprehensive review of your financial and insurance documents in order to give advice that will benefit you and your heirs.
What are documents included in estate planning?
Your estate planning documents include much more than just a will and trust. We also work to document your wishes when it comes to Power of Attorney for both healthcare decisions and financial decisions, if you are ever unable to make those decisions independently. We can also work with you to write a Living Will that states your wishes for circumstances that can occur in life threatening situations.
How can I get started?
Your estate planning documents are legally binding and important. The best decision is to make an appointment with a skilled estate planning lawyer in your area. Here in Chicagoland, the team at Bell & Shah offers decades of experience working with estate plans of all sizes. We would love to partner with you and give you solid advice. Give us a call to get started today.