As many people are aware, a will is an important document that sets forth one’s final wishes regarding their assets and properties. A will can also help heirs avoid probate, which can often be lengthy and costly. But a will is just one part of an estate plan, and to ensure that all your goals are met, you need to work with an experienced and knowledgeable estate planning attorney.
An attorney who specializes in the area of wills and trusts can help you craft a comprehensive estate plan to achieve your goals, while taking into account your specific circumstances. Some of these include:
When it comes to your estate, you want to make sure that your assets and property are protected and that your heirs receive the exact items you wish them to have. A skilled attorney will work to ensure that your estate plan addresses these needs, including creating trusts that help prevent the costly and time-consuming process of probate.
A will can also provide you with the opportunity to grant powers of attorney, which enable someone to make financial and health care decisions for you should you become incapacitated. Without this, a loved one would have to petition a court to obtain the power to do so, which is often a long and complicated process. Lastly, a will can name guardians for any minor children you may have.
In addition to establishing trusts and powers of attorney, a trusted attorney can help you prepare a living will to address issues regarding incapacitation. With a living will, you can name a trusted agent who can act on your behalf should you become incapacitated, such as a healthcare representative or financial manager. A lawyer will also help you set up other documents, such as durable power of attorneys and medical directives, which can be utilized should you need to appoint a health care representative or agent.
Preparing for incapacitation
A good Chicago wills and trusts attorney can provide you with the peace of mind that a well-drafted living will provides. A will can be used to create various trusts that allow you to keep private information while avoiding the cost and hassle of probate, as well as to give directions on how you want certain property that isn’t held in the trust to be distributed.
A lawyer can also help you settle ownership on complex or valuable assets that require special attention. Additionally, a lawyer can assist you in the creation of a transfer on death instrument, which allows your chosen beneficiary to take possession of a residential real estate upon your death without going through probate. They can even help you to establish a special needs trust for family members with disabilities that are designed to supplement government benefits without disqualifying them from such assistance. They can also help to minimize tax burdens on your estate, which is always a concern for any client.