Estate planning is important for anyone who wants to protect their families. Planning ahead prevents loved ones from having to plan when they are mourning. The first thing one needs is a will. A will should do three things, state who inherits property, who will administer the estate and who will be guardian of minor children, if applicable. The second thing is deciding whether one wants a trust. Often, people leave money in trust for minor children. The benefit of a trust is the property does not have to go through probate.
Wills or trust documents need to be drawn up properly. Meet with a Probate Lawyer in Chicago IL to take care of these matters. Individuals should not try to write legal documents on their own. One mistake can invalidate a will. Visit Website and learn more about estate planning. Making decisions ahead of time just makes sense. Indeed, it is important to have a financial power of attorney and a living will. A living will specifies what to do if one is in a medical situation where they cannot speak for themselves. Signing a financial power of attorney allows someone to handle most of your business affairs if you are unable to. They will be able to sign checks and take care of valuable assets.
The Probate Lawyer in Chicago IL recommends adding a spouse’s name to deeds and bank accounts. In the event of the client’s death, the property and money goes to the spouse without going through probate. One of the most important things to do is plan your funeral. Experts recommend starting a bank account that is just for the funeral. This is better than prepayment for funerals. Often, funeral homes try to get additional money out of the deceased’s family. Further, let someone know what type of service you want. On the other hand, let them know if you want to be cremated. Always make sure that a person you trust has access to important legal documents. Many probate courts file original wills for a nominal fee. Taking these decisions away from your loved ones is one of the best gifts you can give them. You can also visit them on Facebook for more information.
