Why Should You Begin Estate Planning As Soon As Possible?
Losing a loved one can be a very traumatic and difficult time. In order to make this stressful time easier for your family and loved ones, you should consider creating an estate plan so that your family knows all your wishes and so that your assets are protected when you pass away. This will secure your family’s future and let them grieve without the stress of navigating the court system alone.
In order to create an estate plan without loopholes that details all your wishes, you should work with an expert Estate Planning Attorney who is intimately familiar with estate law. The attorneys at Leon J. Teichner & Associates, P.C. are here to guide you through the details of planning your estate and securing your family’s future. If you live in or near Chicago, IL, call (312) 900-9818 for a consultation.
Why Should I Work With An Estate Planning Firm To Create My Estate Plan?
Estate planning can be a very detailed and intricate process. It details how you would like your assets protected and ultimately distributed to your family and loved ones. It can be quite detailed, so that you are sure that all your wishes are expressed. Because of this, it is best to work with an experienced attorney who specializes in Estate Planning Services. Here are some benefits to working with an Estate Planning Attorney.
- A Trust Estate Lawyer can help with more complicated estates. If you have a larger estate with multiple assets, an experienced attorney knows how to protect your assets so that they go exactly where you would like them to once you pass.
- An Estate Planning Lawyer can save you time. Because Estate Planning Attorneys create estate plans regularly, they are intimately familiar with the law, forms, and protections that can be used to protect your assets from taxes and other fees. Your Estate Planning Attorney can do most of the work in a fraction of the time that you could, should you do it on your own.
- A Wills And Estate Planning Attorney will make sure that everything is done correctly. Your attorney will make sure that all documents are airtight, so that your family does not face any challenges later.
If you are ready to begin creating your estate plan, you need to be sure that you consult with the best Estate Planning Firm. The attorneys at Leon J. Teichner & Associates, P.C. are here to guide you through the details of planning your estate and securing your family’s future. If you live in or near Chicago, IL, call (312) 900-9818 for a consultation.
What Is Included In An Estate Plan?
Each person’s estate plan will look different. Estate plans are individualized, based on the person’s assets and wishes for distribution of those assets to their families and loved ones. The following documents might be a part of your estate planning. If you have questions, you should consult with an experienced Estate Settlement Attorney, who will have the knowledge to protect your assets and help you decide the best way to distribute them upon your death.
- Wills– legal documents that itemize your wishes regarding your children, assets, and property after your death
- Trusts– part of an estate plan in which a third party holds assets on the behalf of a beneficiary
- Powers of attorney– legal documents that allow a person to act in place of another person
- Healthcare Directives– legal documents that explain how a person would like to be taken care of medically across end-of-life stages, taking the stress of decision-making off your family and loved ones
- Living Wills– legal documents that spell out specifically what a person’s medical preferences are for end-of-life decisions, taking the decision-making off loved ones
- Blended Families Planning– legal documents that provide for distribution of property and wealth to the current spouse and how it is distributed once that current spouse dies
- Business Succession Planning– legal plan that states who will own or run your business upon your passing
- Gift and Estate Tax Planning– strategies to help keep your taxes lower and pass your wealth to your beneficiary
- Property Tax Planning– projections of how much property tax might be paid over time
Your estate plan might could include any combination of the above documents, or it could just be a simple will. To better understand what is best for your circumstances, consult with an Estate Planning Attorney.
When you are ready to create your estate plan, consult with a reputable Estate Planning Attorney. The lawyers at Leon J. Teichner & Associates, P.C. are here to guide you through the details of planning your estate and securing your family’s future. If you live in or near Chicago, IL, call [(312) 900-9818 for a consultation.
How Often Should I Update My Estate Plan Once It Is Created?
While there is no requirement to look over your estate plan and make changes, it is a good idea to do so under certain circumstances. Whenever you make any major life changes is a good time to re-evaluate your estate plan. Some of those changes are:
- Buying a home
- Having children
- Changes in health
If you have questions about updating your estate plan, consult with your Estate Planning Attorney. The lawyers at Leon J. Teichner & Associates, P.C. are here to guide you through the details of planning your estate and securing your family’s future. If you live in or near Chicago, IL, call (312) 900-9818 for a consultation.