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Lombard estate planning attorneysIt is unbelievable that the winter holiday season is already upon us. By this time next week, you will probably be on your way to—or at least preparing for—Thanksgiving celebrations with your family members and loved ones. Just a few short weeks after that, families will be getting together for Christmas. If your family is spread out around the country, the holiday season might be the only time your whole family gets together throughout the entire year. With that in mind, it may be the only opportunity you have to discuss important topics like estate planning.

Being Prepared

There is no question about it: it can be tough to discuss your estate plans. Voluntarily confronting the idea of death can certainly be uncomfortable, but the conversation is important. Discussing your estate plan does not necessarily need to take hours, nor does it need to ruin the fun of the holidays. You have the power to control the conversation and to keep things positive by preparing in advance.

For example, you may wish to:

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Lombard estate planning attorneyThinking about the end of your life is not an easy task, especially if you are still fairly young or currently in the prime of your life. Yet failing to do so can have serious consequences for you and those you love the most. Of course, you are not alone. In fact, statistics suggest that only about 40 percent of American adults have a valid will. Do not continue leaving your family unprotected. Learn how creating an estate plan can improve the future of your family and how you can create one that protects everyone’s best interests.

How Creating a Plan Can Protect You

People do not generally consider how an estate plan can help them, yet there are some clear benefits to having one. If, for example, you become incapacitated, a valid power of attorney can help ensure your wishes are followed. You can name someone you trust to make any medical decisions you have not already considered. It is also possible to assign someone to watch over your financial affairs. In short, an estate plan can protect and preserve your interests in the face of the unthinkable.

How Creating a Plan Can Protect Your Family

A valid and well-designed estate plan can protect your family, regardless of whether you have become incapacitated or have passed away. By having someone you trust assigned to your financial matters, your estate is preserved, even if you are incapacitated. By having a clearly defined will, you can save your loved ones the stress and worry of probate or long, drawn-out battles over who gets what. Your plan can also reduce the state and federal taxes that your family may have otherwise been responsible for paying.

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Lombard estate planning lawyersAccording to surveys, only about 40% of Americans have a last will and testament and much fewer have a comprehensive estate plan. There are many reasons why people neglect to plan for their future in this way. Some people are simply unaware of the ways an estate plan can help protect their wishes and decrease the burden on their family. Others assume that they do not have enough assets or make enough money to qualify for estate planning. The reality is that everyone can benefit from planning for the future using estate planning tools.

They Think They Do Not Need a Will If They Are Young and in Good Health

In movies, wills are only written by characters who have just learned that they have a terminal illness or are otherwise planning to die. This is very misleading. One of the worst times to write a will is when you are in bad health. A person should write a last will and testament while they are still cognitively competent to do so. A will written by a person of questionable mental capacity due to old age, dementia, or another illness is very vulnerable to being contested, or formally disputed in court. Furthermore, there is no need to wait until an advanced age to write a will or create a trust which determines how your assets are distributed after your death. The best idea is to create a will while you are young and to simply update it as your life circumstances change.

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