5 Reasons to Make Estate Planning a Priority Today

Planning for death is neither fun or stress-free, but getting ahead on estate planning is a controlled way to make sure you are prepared for the unexpected. Working with an estate planning attorney can ease the process and relieve some of the stress when it comes time to protect your assets and dependents.

Here are a few reasons you should make estate planning a priority right now:

1. Make sure your house finds a home

   An individual’s home is generally one of their largest assets. Estate planning allows you to keep your beloved dwelling in the family through a separate trust.  This strategy can remove the value of your home from your taxable estate, reducing potential estate taxes while ensuring it’s passed on to the right person or people.

2. Secure that valuable collection

   Where will your valuable collections go? Your collectibles, jewelry and other small assets can add up in value, and you will want to make sure that they get into the right hands—whether it’s your heir, a close friend, or a dependent. Through your estate planning, you’ll be able to ensure that collection of GI-Joes or your great-grandmother’s diamond ring will end up exactly where it’s supposed to.

3. Make sure your favorite niece gets that college money

   Setting up trusts to pass down your savings and investments to those you intended it for is absolutely necessary within your estate plan. It’s important to take a comprehensive look at every account you have out there. To minimize your estate taxes and have control over who gets what, an estate plan is necessary and should be considered as soon as your accounts reach a level that could make a significant impact—which may be sooner than you think.

4. Give the right brother durable power of attorney over your health

   A trusted power of attorney is someone you name that will be legally authorized to make important decisions for you, if you become incapacitated to make the decisions on your own. A power of attorney for your health care will aid in making medical decisions for you if you are unable to do so. It’s appropriate to make sure you appoint your durable power of attorney for your health so it doesn’t fall into the hands of the brother you’ve had a beef with for the past 21 years.

   
   

5. Ensure that your Facebook account is properly managed

   These days, online accounts are the new normal. Along with ensuring that your social media profiles are properly managed, you will also want to pass down the pins and passwords to online accounts such as bank accounts and other online storage spaces for your electronic records. Making sure that loved ones and heirs have access to these records by securely storing and providing these passwords through your estate will make certain that your last wishes are granted.

Planning for one’s estate can equate to a long process and Anselmo & Wojcicki, LLP wants to make it as simple and stress free as possible. With competitive rates and a free, initial consultation, we will carefully consult with their clients to provide a professional, courteous, and cost-effective Estate Planning experience. Contact us for more information on all of our services.

About Anselmo & Wojcicki, LLP

Anselmo & Wojcicki, LLP is a multi-disciplinary law practice based in Schaumburg, Illinois, specializing in real estate, estate planning, tax planning, business formation, and the sale and purchase of businesses. Our commitment to our clients and our values set us apart from the crowd. Our team of legal specialists has a wealth of experience and expertise to help you meet your legal needs. We are dedicated to providing quality service and building lasting relationships with our clients.