As you get older and mortality starts to become a more serious consideration, it’s understandable to start prioritizing your financial security in ways you never have before. One of the most important parts of that security is establishing a sound and secure estate plan, allowing you to ensure your loved ones are taken care of in the event of your death. If your estate is substantial, you may have certain considerations. A Metro East, IL estate planning lawyer can help you.

Including Your Family Can Be Beneficial

If you have a sizable estate, it’s understandable to have concerns about how it will be distributed after you have passed away. You may have many different intended beneficiaries in your family, as well as trusted friends you want to take care of. At a certain point, you may have already started putting together an estate plan but have yet to talk to your loved ones about it. Everyone handles big life events in their own time, but that conversation needs to happen.

When it comes to preparing your family for inheriting your estate, the last thing you want is to pass away without a solid plan in place. That’s one of the worst mistakes you could make. If you should die without an estate plan, the state’s intestate succession laws will apply to your situation. The court will then decide how to distribute your estate, and it may pass it on to people you never intended to benefit from your estate.

Many people choose to update their estate plans following significant life events, such as a marriage or a divorce. According to information from the CDC, the divorce rate in Illinois as of 2022 was around 1.1 per 1,000 residents, making it one of the lowest in the entire country. At the same time, the median household income for a family of four in Illinois was approximately $125,000 as of 2024, according to the most recent U.S. Census data.

If you are struggling to bring up your estate plans to your family, you may want to consider seeking out assistance from a local grief counselor or support group, such as GriefShare. Having someone to help you speak to your family about what they can expect when you are gone may be helpful. After all, you may not know what to expect, so hearing it from someone who does can be a good thing. Ultimately, how you initiate this conversation is up to you.

How You Can Involve Your Family

Many elderly people with a substantial estate are reluctant to talk about it with their families. It can be morbid to discuss your own death. That’s understandable. However, if you don’t fill your family in on your intentions, they may not know what to do when the time comes. Consequently, they might accidentally ignore your wishes or make crucial mistakes. There are ways to make this conversation more painless and easier to deal with:

  • You should consider including your entire family in the conversation, not just your immediate family. To many, the concept of family extends beyond your spouse and children. Involve your cousins, aunts, uncles, grandparents, brothers, sisters, and even close family friends. If they are included in your estate plan, they should be present for the conversation about your intentions.
  • Make sure you pick the right moment. A discussion about your intentions after death is not something that should be casually brought up at the breakfast table. It’s something you may want to consider preparing for. Pick a time when you know everyone will be available. You may want to wait for a family gathering, like a birthday or a wedding.

FAQs

Q: Why Should I Discuss My Estate Plan With My Family?

A: There are many reasons you should discuss your estate plan with your family. Above all, you can ensure that your family is on the same page regarding your intentions and your plans to distribute your assets. The more people know about your intentions, the harder it will be for someone to contest your will or claim that you didn’t know what you were doing when you made your plan. Transparency can be a big help throughout.

Q: How Much Will an Estate Planning Lawyer Cost?

A: There is no telling how much an estate planning lawyer may cost you. Every estate planning case is different, and everyone has different needs when developing an estate plan. The more complex your plan is, the more your lawyer will likely charge for their services. Your lawyer’s fee will generally be based on the plan’s complexity and the lawyer’s own education, experience, and resources, among other possible factors unique to your case.

Q: Can I Change My Estate Plan Whenever I Want?

A: Yes, you can change your estate plan whenever you want. Since it’s your plan, you are the one who can make changes. You are legally allowed to change anything in it whenever you feel like it. If something in your life has changed significantly, and you feel like your estate plan needs to reflect that change, feel free to do it. You may want to hire an estate planning lawyer to help you, but it’s not required.

Q: What If I Die Without an Estate Plan?

A: If you die before you can establish a legally binding estate plan, it is up to the court to decide how to distribute your estate. They will work in accordance with Illinois’s intestate succession laws, which will prioritize your closest living relatives. Your spouse and your children will be considered first, and that may not be what you wish to happen, especially if you are not close with your spouse or children.

Reach Out to an Estate Planning Lawyer Today

Putting together a comprehensive estate plan can be a difficult thing to do alone. While you may know what you want to include, you may not know how. An estate planning lawyer can help you build a strong plan that includes everything you want your family to have after you pass away.

At Stange Law Firm, we can assist you in every part of the estate planning process. Contact us to speak to a member of our team about your case.