In the past, estate planning was considered a daunting task only taken on by wealthy adults, typically aged 50+. Often people thought estate planning was strictly for millionaires who have multiple properties, assets, and bank accounts to manage. However, these stereotypes are dated! They don’t reflect our society’s current state of young adults today, including the Millennial and Gen Z cohorts.
The millennial generation is typically defined as being born between 1981 and 1996. Millennials have constantly shattered previous notions of what careers, partnerships, and social awareness look like. Because of this heightened sense of self, they report to feel more responsibility for the world around them.
Younger adults aim to be more financially stable and economically responsible, especially after these tumultuous 18 months our country – let alone the entire world – has experienced. None of us are invincible. Estate planning is a must for everyone, regardless of generation. The possibilities of the unknown happening should be reason enough for all of us to seek financial stability, peace of mind, and security.
According to Trust and Will: “While “having a child” was the number one reason the respondents said they decided to create their estate plans (37%), “2020” or “The Pandemic” came in second with 17%. This suggests that the unrest experienced in 2020 was a substantial trigger for millennials to consider their end-of-life and Estate Planning. “Buying a home” and “marriage or divorce” were further down the list of reasons at only 6% respectively, behind “general life planning” (13%).”
This age group is now seeking a financial foundation and committing to building wealth early on. It’s crucial to have a plan for what to do with that wealth in case something happens. Attorney Ben Weaver is here to assist people of all ages and backgrounds with estate planning! Are you part of this younger generation? Not sure what estate planning entails?
“Far too many Americans put off creating an estate plan until they’re older, but every adult should have one. To die without one — known legally as dying intestate — puts your surviving family through far more work, headaches, and legal steps than necessary.You owe it to your loved ones to leave behind a clearer, easier legal process if you die prematurely. Fortunately, the process need not take long. Most younger adults can spend just an hour or two once per year to create and update their estate plans. The fewer assets you own, the simpler it is.” Money Crashers
Read 23 Legal’s basics of estate planning for millennials to help you start preparing for the future…
What is Estate Planning?
Life is filled with uncertainties. Attorney Ben Weaver and the 23 Legal team are here to help you prepare for anything that may come your way. While there are numerous definitions for estate planning, our vision is to provide the right estate law advice that gives you and your family peace of mind by putting a proactive plan in place. We can’t pretend that bad things only happen to other people or to other people’s parents. What we can do is to try to make sure that if something does happen that our estate, our children or even a surviving parent is protected and will have a good life.
What is an Estate Lawyer?
An estate lawyer works with people from newlyweds in their 20s and 30s to the very elderly; to help them make sure their long-term care needs are met. For example, our firm specializes in serving as a lawyer for wills, estate planning, probate law, elder law and living trusts. After a lifetime of hard work, investing, saving and creating wealth, the last thing you want is for the government to take it all back. An estate planning attorney can protect you. Learn more about how 23 Legal specializes in estate planning.
Another common question for those seeking estate planning is, “Why do I need an attorney? Can’t I do this on my own online?” We strongly advise against taking on legal matters by yourself! Read our blog about why working with an attorney is a smart investment.
What Does Estate Planning Include?
Within estate planning are a variety of legal documents; most noted is a living will. You may be asking yourself questions, such as: What if I don’t plan on having children? Estate planning isn’t just for parents! A living will allows you to set up detailed specifications regarding various lifestyles, such as protecting children, parents, partners, pets, assets, and even charities. Living wills can even determine how your beneficiaries handle your personal medical decisions, should you become incapable of making them yourself. It becomes imperative for parents to make a living will to ensure their child’s safety and security in the event that they need another guardian.
Protect your family’s future with a living will, or set up a trust for your children so they can rest assured that everything is taken care of in case the worst happens. Many people are surprised when they discover that real estate law firms can help with more than simply buying and selling property. Did you know that an REA (real estate attorney) can help you create various legal documents that can protect your family – financially and medically – for generations to come? A couple of great examples of these vital legal documents are a living will or trust fund. Are you curious about drafting up a living will or trust fund? Learn more below…
Here’s a list of key details to be planned:
- Limiting estate taxes by setting up trust accounts in the name of beneficiaries
- Establishing a guardian for living dependents
- Naming an executor of the estate to oversee the terms of the will
- Creating/updating beneficiaries on plans such as life insurance, IRAs, and 401(k)s
- Setting up funeral arrangements
- Establishing annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate
- Setting up a (POA) to direct other assets and investments.
Read our blog to learn more about living wills!
“Ben did an excellent job for us on our wills & trust, and so we definitely chose him to work on our real estate sale & purchase as well. Very timely and responsive, highly competent work, and friendly. Glad to finally have a lawyer worth coming back to.” Gregory E.
How Can I Set My Loved Ones Up for Success?
Every day, you are making a financial choice that can affect your loved ones. Lawyers often see the best and worst in humans. In times of loss in the family or difficult medical decisions to be made during an emergency, you want to have a definitive plan in place. People’s judgments tend to be heightened by emotions, which is a troublesome mixture for all those involved. By having a clear estate plan and medical proxy, you are helping those most important to you and eliminating room for error. Reduce the risk of misunderstandings, possible arguments, and make sure your wants are applied even when you can’t speak for yourself. A way to solidify the option of creating an estate plan is by understanding the excellent personal benefits of having one…
Benefits of estate planning:
- Peace of mind: You are less overwhelmed by the unknowns of the future because you created a solid plan with the support of a knowledgeable attorney like Ben Weaver.
- Plan for medical emergencies. Your wishes can be heard whether you are unable to speak for yourself or not.
- Think of the children: Estate planning protects your children’s financial futures as well as yours.
- Prepare for the future: During the process of planning, you and your family have the opportunity of sharing thoughts on the future financial well-being of the family.
- Working with a professional: You are establishing a long-term relationship with a trustworthy attorney. You will be able to update your estate plan whenever necessary as life changes.
“If you want to choose who will inherit what among your possessions and valuables, you need to do some estate planning. Estate planning allows you the ability to name your children’s guardians in the event of your premature death. Reducing taxes on what you leave behind is a common estate planning goal. Estate planning minimizes the chances of family strife and ugly legal battles.” Investopedia
When is the Right Time to Begin Estate Planning?
Anytime is the right time! There is no age minimum or wealth requirement for wanting to protect your future, loved ones, property and finances! There are countless stories of people foolishly attempting to DIY their legal documents and it ending in personal and financial woes. The best way to avoid unnecessary, preventable complications is to welcome the advice of legal counsel. Like all legal matters at the very least, it’s essential to consult a reputable attorney like Ben Weaver.
“Ben was great! He was super professional and personable. We would definitely recommend him!” Erin R.
Do You Already Have a Living Will?
When was the last time you updated your legal documents and reviewed all of your previous choices? Power of attorney documents should be updated about every five years to add or remove critical assets. Even if there’s no change to your support and all seems correct, having an updated and notarized will is an extra safety precaution to protect your family. Did you recently have a child or adopt a pet – or lose a family member? These life changes should be noted and covered appropriately if necessary. In some states like Illinois, officials can be hesitant about accepting outdated forms. Staying on top of all your financial responsibilities and legal documents is the best gift you can give your family. Read more about why living wills are the ultimate gift!
Don’t Have a Living Will Yet?
No worries, there’s no time like the present to fix that! Most living wills, especially for younger people, do not take long to draft up and likely won’t be complicated. It’s better to be safe than sorry. Many adults in our country do not have a will in place…huge mistake. 23 Legal is here to make the process easy to understand and simple to accomplish together!
“Estate planning can be a complex and emotional process. Nevertheless, the earlier you get started, the more prepared you and your family will be to face a variety of challenging situations. Because of the legal complexities involved with estate planning, it’s typically best to seek advice from your wealth advisor and/or estate planning attorney before making any major decisions. They can help guide you through the process and develop strategies to protect your wealth well into the future.” Forbes
If the pandemic and current social climate has taught us anything, it’s the importance of being prepared and protecting our loved ones! Stay ready for anything life throws at you with the assistance of a knowledgeable, trustworthy real estate attorney. Obtaining a living will and estate plan can increase your gratitude for all that you have – regardless of age.
Ben Weaver has been serving his community for a long time and wants to help people learn more about financial protection. Be empowered by having the right lawyer on your side!
The 23 Legal team is known for going above and beyond for his clients. Whether you request guidance in buying or selling your home, have an estate planning question, or another legal problem in regard to real estate, you’ll need an experienced lawyer who cares!
Contact us today to start responsibly safeguarding your loved ones’ financial futures.
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Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.