Estate planning involves taking stock of your personal and business assets and liabilities, family situation and values to ensure your wishes are met when you pass away. This process involves more than just drafting a simple will and it is a tool used to avoid probate. Utilizing an experienced estate planning lawyer in Downers Grove, IL
Importance of Estate Planning
Estate planning is not only for the extremely wealthy. Almost everyone, regardless of the volume or value of assets, has an estate that will be distributed at death. Estates can include personal and real property, cash, and insurance. If you pass away without an adequate estate plan, your assets may not be distributed how you would have liked. If married, your spouse may only receive a fraction of your estate. If you have minor children, they may be appointed a guardian whom you would not have chosen to control their inheritance. An estate planning lawyer can assist you in all aspects of creating a plan to meet your and your family’s needs.
Things to Consider
Estate planning is more than just determining who gets what. It can also include things such as: minimizing tax burdens, instructing your family on any medical care you wish to receive, providing for minor children, and setting up trusts, if needed. This planning is not a one-time thing: You should review and update your plan with an estate planning lawyer as often as things fluctuate in your life.
Finding an Estate Planning Attorney
For an effective estate plan, you will need an experienced and reliable estate planning lawyer. Do your homework and, more importantly, make sure you are comfortable maintaining a long-term relationship with the estate planning lawyer you choose. Click here for more information on how you can benefit from estate planning.