Estate planning is the process of making a legal plan for the disposal of your assets when you die or are unable to care for yourself. This includes your home, life insurance policies, investments, personal possessions and even checking and savings accounts. Your family and loved ones can avoid a lot of time, money and grief by setting up your estate before your death or incapacitation.
Having an effective estate plan is essential to ensuring that your assets are transferred in accordance with your wishes. It also helps prevent the cost and hassle of a lengthy probate process. A good attorney will be able to review your situation and provide you with the right advice for your situation.
A quality Chicago estate planning attorney can help you set up a trust that can protect your assets, save on taxes and make it easier for your beneficiaries to get the benefit of your hard work. There are many factors that must be taken into consideration when choosing the right estate planner for your specific needs. The lawyer you choose should be someone you trust and feel comfortable working with.
Finding the best Estate Planning attorney can be a daunting task, especially when you have to research and interview dozens of candidates to find one that fits your needs. This article will provide you with tips and resources to help you find the best lawyer for your situation.
While you might think that an estate plan is only for those who have substantial wealth, everyone should have a proper estate plan. This will ensure that your property is distributed according to your wishes and not how a court might decide, and that any necessary expenses are paid without any unnecessary delays or costs.
The first step in estate planning is determining what your assets are and how you want them to be divided up. This can be accomplished through a will, or trust, depending on your needs and goals. It is also a good idea to create health care documents that state your preferences for what should happen in the event of a serious illness or accident.
Other important documents include a living will and durable power of attorney, both of which name a surrogate to make medical and financial decisions for you in the event that you are incapacitated. Lastly, you should consider your final arrangements, such as whether you want to be buried or cremated.
You might be thinking that you can just write your own estate plan, but it is a very complicated and time-consuming task to take on by yourself. It is also likely that you will miss important details, which may cause your family to pay unnecessary taxes and fees. In addition, you might make mistakes that could invalidate your will or trust.
The attorneys at the Garofalo Law Group have over 50 years of experience and are devoted to helping clients with their estate planning and probate matters. Their firm has a strong focus on providing personalized attention, preparation for each client’s unique situation, innovative solutions and thinking, and long-term relationships. They are also members of SuperLawyers, ElderCounsel and Advisors Forum.