For people without many assets and with few debts, estate planning is pretty simple. Those people might even be able to draft a will and powers of attorney with the help of some commercially available software. However, if your life is more complicated than that, consulting with Estate Planning Lawyers in Chicago IL might ensure you fully document your wishes so your family members don’t have to spend much time interpreting your estate plan.
Before you get started on your estate plan, you need to consider who you want to take care of your dependents when you die and how you will provide for them. When your children are young or if you are currently caring for a disabled family member, it is essential that you make arrangements for their continued care if you die before they are self-sufficient. The person you choose should be familiar with your family and financially stable enough that the money you leave will be used for the care of your dependents. Be sure to discuss your wishes for them to take guardianship before you add their name to your will.
Trusts are another tool that many people use to plan their estate. Using a trust will give you additional options but setting one up can be complex. Talk to your Estate Planning Lawyers in Chicago IL before you start working on a trust. Any property you want to be included must be properly transferred. Your lawyer could either transfer the property for you or look over your documents to ensure all transfers are complete. With a revocable living trust, you have the option to change it at any time. Be sure to talk to your attorney before you make any major modifications.
Blocher-law.com offers a wealth of information about estate planning that may help you get started. Read the information about wills and trusts very carefully so you understand the benefits and limitations of each document. When you are ready to put your plan together and gain peace of mind, knowing your family will be taken care of when you die, contact a lawyer who focuses on estate planning to help you draft the documents necessary to execute your plan. You can also visit them on Facebook for more information.
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