Who Can Benefit from an Estate Planning Attorney?

For those who wish to ensure that their assets and property are divided in accordance with their final intentions, it is imperative that they retain the services of a competent estate planning attorney in Chicago. Creating trusts and preparing wills are only two of the many matters that an estate planning attorney can assist with. They can also help reduce estate taxes, which in Illinois can reach 16%, and offer advice on the state’s inheritance laws. They can also assist in the establishment of a guardianship and create legal documents such as declarations of power of attorney and healthcare power of attorneys.

The total worth of your assets and interests at the time of death is known as your estate. Your home, furnishings, personal possessions, investments, cumulative employment benefits, real estate, cars, and any other things you own are all included, both tangible and intangible. Annuities, retirement accounts, pensions, and life insurance coverage may also be included. An estate plan is a written agreement that specifies how you want to leave your assets and property to friends, family, and charitable organizations. Typically, an estate plan is drafted by a knowledgeable lawyer who will assess your existing circumstances and draft a document that best meets your needs.

You can draft an advance directive, a power of attorney, and a will with the assistance of a Chicago estate planning attorney. If you become incapacitated, your loved ones will be able to act on your behalf thanks to these documents. While a power of attorney for healthcare can specify how you will be taken care of in the event that you are unable to make decisions for yourself, a power of attorney for property can be used to manage your assets. Furthermore, in the event that you are unable to express your wishes, an advance directive informs a medical professional of your preferences for care.

You might not want the state to decide how your fortune is dispersed if you don’t have an estate plan in place. A vital tool for every person is an estate plan.

Selecting an estate planning attorney who is a “real person” and with whom you can establish a personal connection is crucial. Many lawyers grow up surrounded by other lawyers and are used to talking in legalese that comes from ivory towers. A personal connection with the attorney will make them more open to your inquiries and worries. You and your loved ones will find the procedure easier overall if you do this. They will also be able to provide you more reasonable estimates for the price of your estate plan. You will receive clear explanations from a competent attorney on everything. They will be able to help you avoid expensive mistakes and navigate the convoluted process of drafting an estate plan. This will prevent a great deal of future sorrow for you and your loved ones.

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