Estate planning involves the hiring of professionals who know your concerns and your goals, and it covers more than just who gets what after you’re gone. Estate Attorneys in Lake County, IL handle personal matters such as:
* Advance healthcare directives
* Beneficiary selection
* Organ donation after death
* Childcare
* Powers of attorney
* Final expenses
The primary estate pl anning document is the last will and testament. In this article, we will discuss estate planning at all life stages.
Choosing an Estate Plan that’s Right for You
The list below will help you choose an estate plan that’s right for you, no matter your life stage:
Single and under 25-: Unless you are terminally ill or of great wealth, you shouldn’t worry about estate planning.
Unmarried/living in a domestic partnership-: In these situations, estate planning is absolutely necessary. If you die intestate, your state’s laws decide who gets what, and your life partner may be left with nothing.
Parents of young children-: Those with young children should write wills that leave them property, and appoint a legal guardian. A life insurance policy is a good way to support your children after you are gone.
Middle age-: If you have accumulated a significant amount of assets and you are middle-aged, your estate planning lawyer can help you keep your case out of probate court. By converting your assets to POD (payable on death) or putting them in a revocable trust, you can spare your family the time and expense of probate.
Terminally ill and/or elderly-: This is the most important time to have or create an estate plan that minimizes the expenses associated with estate taxes and probate court. You may also wish to create a power of attorney, appointing someone to make financial and healthcare decisions on your behalf if you cannot do so.
Hiring an Estate Planning Lawyer
No matter your stage in life, consulting with Estate Attorneys in Lake County, IL is an essential step in putting together a plan that fulfills the needs of you and your family. A lawyer knows which type of trust or will suits your situation, and they can also help you limit tax liabilities.
