As they acquire assets, many people worry about what will happen to the things they own when they die or are no longer able to make their own financial decisions. Whether they have children from more than one marriage or have no dependents at all, these people tend to be concerned about how their assets they’ve worked so hard for during their lives will be distributed when their own life is over. Most people would rather plan for the own demise than think about how their family will fight over their things when they are gone. An Estate Planning Lawyer in Moline, IL residents trust may be able to help a client set up a realistic plan.
That plan should include a strategy that enables the client to continue to create wealth as well as a plan to pass their assets on to their choice of heirs later. Depending on the value of the assets a person owns, taxes may be an issue upon their death. A good estate plan takes that into account so the heirs can get the maximum worth of their loved one’s assets. For some people, privacy is very important. They may want to protect their family by putting the majority of their assets into a trust so that when they die, those assets will not be part of a public probate case.
An Estate Planning Lawyer in Moline, IL residents rely on for information may also suggest other ways to protect assets with a trust. For example, a client might want to limit the transfer of wealth to their young adult children and grandchildren until they meet certain milestones. These options are not available with a will but are definitely a possibility when they use a trust. People who want to explore this option can visit the website to learn more.
It’s never too soon to start planning for the future. Everyone will die one day,
