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Addressing some potential misconceptions re estate planning

Individuals in Illinois and across the country may have thought about what will happen after they are gone, but hesitate to plan for it. While some may believe they have plenty of time left to handle such affairs, there may be additional factors that are holding them back, potentially involving certain myths about the process of estate planning. A person may find it beneficial to speak with someone with experience in this area for information before making a decision bases on potential misconceptions.

Some may believe that estate planning is only beneficial for those who are of considerable wealth. One doesn't necessarily have to be wealthy to have a plan in place to ensure that property and assets are handled according to his or her wishes. Estate planning may also go beyond finances, providing many with the ability to plan for a variety of circumstances, such as choosing a person to watch over one's children in the event of an untimely death.

When considering a similar process, a person's first thought may automatically default to a will. However, there are numerous estate planning tools that offer a variety of benefits, and exploring these options may help one find a plan that is in keeping with his or her wishes for the future. An additional aspect that may give some individuals cause for concern about debts being transferred, but this responsibility doesn't necessarily fall on the shoulders of beneficiaries.

With numerous available options, each of which may offer diverse benefits, a person may feel somewhat intimidated and/or overwhelmed by the process. However, one doesn't have to navigate it alone, and seeking guidance from an estate planning attorney could be beneficial. An attorney in Illinois can address a client's concerns and provide advice that may assist in finding the path that is in keeping with his or her wishes for the future.

Source: wealthmanagement.com, "Five Myths to Overcome with New Estate-Planning Clients", Patrick Carlson, July 12, 2017

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