Estate planning gives your heirs, agents, and family members a road map to your wishes. Having these documents in place can greatly help you when you are incapacitated and unable to care for yourself as well as after you have passed away.
Most people think of estate planning as a way to provide instructions on how you would like your care if you were disabled or how you would like your assets managed for you and any dependents.
However, it can do much more than that. This includes:
Each plan is different depending on your assets and your goals and there is no one-size fits all solution. This is why it is important that you call our Greater Chicago Area estate planning lawyers at 708.279.4191 to discuss your unique situation.
Generally a last will and testament is not applicable until you pass away. It must also be probated in court which requires a great deal of time and expense to the estate.
On the other hand, a living trust takes effect while you are living. Your assets are transferred to your trust, which you maintain control over. If you become disabled or incapacitated, your trust typically identifies the person or entity that will manage your finances and assets. A living trust also allows you to avoid probate court.
Do not wait until you are ill to plan your estate. If you own any real estate, have life insurance, or any other major assets, you need to establish what will happen to them in serious situations. Remember, if you fail to plan, you plan to fail!
Schedule your estate planning consultation at our Matteson office today.