Estate planning is a crucial aspect of planning for the future. Many individuals tend to overlook estate planning due to its association with contemplating one’s mortality and organizing one’s affairs. However, in today’s world, an increasing number of people are recognizing the importance of ensuring their affairs are in order to ease the burden on their loved ones. According to Caring.com, a leading online destination for caregivers seeking information and support as they care for aging parents, younger Americans are now 63% more likely to have an estate plan in place compared to three years ago. In this article, we will debunk some common myths surrounding estate planning.

Myth 1: Estate Planning Is Only for Wealthy Individuals

This misconception often arises from the term “estate” being linked to large properties and extensive assets. However, in the context of estate planning, “estate” encompasses all your personal affairs that need attention after your passing. This can include your financial resources, property, assets, and even legal guardianship over others. Additionally, it pertains to any legal obligations, responsibilities, or details associated with your name.

After your passing, all these elements must be addressed, resolved, distributed, or supervised. Failing to engage in estate planning can lead to unnecessary complications for your family. Therefore, engaging an estate planning lawyer now is a considerate step toward ensuring your family’s well-being.

Myth 2: I Don’t Need an Estate Planning Lawyer

Many individuals make the grave error of assuming they can avoid the expense of hiring a lawyer for estate planning. However, the realm of estate planning and asset distribution is intricately entwined with numerous legal intricacies. To ensure that all aspects are adequately covered, you require the expertise of a knowledgeable estate planning lawyer.

Myth 3: Estate Planning Is Only for the Elderly

The truth is that estate planning is relevant for individuals of all ages. No one can predict when they will pass away, making it advisable to address this aspect of your financial and personal life as early as possible. Early planning allows for periodic reviews to accommodate life changes such as marriage or the birth of children. A skilled estate planning lawyer will guide you through these adjustments.

If you are seeking a local estate planning lawyer, please do not hesitate to contact Ketlinksi Law Office, PLLC. We would be delighted to assist you in this crucial matter.

According to Caring.com, individuals in the 18 to 34-year-old category are more likely to have a written will compared to individuals who are aged 35 to 54. This is interesting and may have you wondering why younger people are working with estate planners. Read on to learn some of the reasons why this is the case.

The COVID-19 Pandemic Caused Young People to Face Uncertain Health

One of the reasons why young people have become more interested in wills is because they faced the COVID-19 pandemic. When the pandemic first started, no one knew how many people would be affected and why certain people would face worse symptoms. As such, many younger individuals started to learn about and draft wills in order to be properly prepared.

Young People Have Experienced Fallout From Their Loved Ones Not Having a Will

Another reason why younger individuals are becoming more interested in wills is that they may have seen or personally experienced the fallout when a loved one died without a will. Dying without a will can cause a lot of turmoil in a family, as family members fight over money and possessions. These types of cases can wind up in court, where lawyers can get the bulk of the estate and leave the family with very little. Younger individuals who have lived this know the importance of creating a will.

Young People Want to Choose Where Their Money Is Going to Go

The final reason why young people are becoming more interested in wills is that the younger generation may leave their estate to an organization or foundation, instead of their family. This is especially true with younger individuals who don’t have a partner or any children. Leaving a will allows the individual to state what happens to their belongings if they pass away without a spouse, partner, or children.

Everyone should have a will. A will helps to ensure that your possessions, including your bank account, home, car, jewelry, art, or other belongings, are left to the individuals or groups that are important to you. A will also helps your loved one to understand what your final wishes are. Estate planners can work with you to create a will, regardless of what age group you fall into. Reach out to Ketlinski Law Office, PLLC to schedule an appointment to have a will created.

Estate planners often face a question that is hard to answer. Many people with elderly parents have no idea if their parents have a will and if they should ask about it. According to Legal Zoom, about 30% of people don’t know if their parents have a will. Estate planners recommend that you find the time to sit down with your parents and discuss it. Of course, the next question is, when is the right time to talk about it? Here are some suggestions.

When You Become More Responsible With Caring for Your Parents

Talking to your parents about their will is less about learning what they plan to leave you and more about their overall plans. Most estate planners that help people create a will also create other documents for them simultaneously. Documents like a health care power of attorney are often drawn up, which you need to be aware of.

During a Casual Conversation

There is never really a good time to blurt out questions about a will. It’s much better to bring it up during a conversation by using an example like, “I met with my estate planners, and they helped me to write my will. Is that something you’ve done?” By easing into the conversation, you won’t put your parents on the defense. Sharing a story about your own experience will open the door to asking questions.

Not After a Crisis Has Happened

The worst possible time to ask about a will is during a crisis. It’d be best if you had a conversation before something unexpected happened. Inquiring about a will after a medical emergency can be viewed as crass behavior by your parents and other family members.

Asking your parents about their will and other estate planning can be uncomfortable, but you should talk about it. You can take the stress out of the situation by being a good listener and doing your best to accept their plans. It’s far better to deal with the discomfort of having a conversation than to find out they didn’t plan their estate.

Learn more about estate planning and how to speak to your parents about planning their estate by connecting with professional estate planners. Get in touch with our team at Ketlinski Law Office to start planning your will now.

There are key differences between wills and living trusts. For the 40% to 50% of people that don’t have wills, according to Legal Zoom, it can be difficult to understand the difference between living trusts and wills. Below are some differences that can help you decide which is best for you and your family.

Wills Are for After You Pass Away

With a will, your assets are distributed according to your wishes after you pass. With a living trust, your assets can be distributed while alive or after you die. Many wills are written with the help of family and a family lawyer and are important at any age, especially if you’re married with children.

A Living Trust May Avoid Probate

Probate is the legal process of distributing a person’s assets after they pass. If you have a will, your assets will go through probate, which can be costly and time-consuming. A living trust can help avoid probate because the assets in the trust bypass probate court. Unfortunately, many families that depend on inheritances are unaware of the probate process and how it can delay access to assets.

You May Need a Will if You Have Minor Children

If you have minor children, you’ll want to appoint a guardian in your will, which is the person who will care for your children if something happens to you. Without a will, the court will decide who will care for your children. Wills are important to prepare for an accident or other unexpected reasons for passing while your children are young. Many parents put off creating a will because they don’t want to think about passing, however, it’s one of the most important things you can do for your children.

A Living Trust May Help You Qualify for Medicaid

If you’re over the age of 65 or have a disability, you may need long-term care. This care can be expensive, so it’s helpful if you qualify for Medicaid. If you have a will, your assets may not be available to help you pay for long-term care. However, if you have a living trust, your assets can be used to help pay for long-term care without affecting your eligibility for Medicaid.

These are just some of the many differences between wills and living trusts. Speak to a family lawyer, like us at Ketlinski Law Office, for more information on which choice is best for you and how these legal documents can help you and your family prepare for end-of-life planning.