Do you own a home? Have financial assets like stocks or savings accounts? Are concerned about what will happen to your minor children should you pass? Want to ensure your property is distributed in a certain order? If you answered yes to any of these questions, you need to consider estate planning.
Estate planning is not only for the wealthy. It has serious benefits for all families, regardless of whether there are children or an array of financial assets.
In Illinois, there is an asset value benchmark that, when crossed, triggers probate if the appropriate documents have not been established. Simply creating a Will may not be enough to best provide for your loved ones. Establishing a Trust with a Will can ensure the lengthy and financially burdensome costs associated with probate are avoided. There are many factors that should be considered before deciding which type of document (Will or Trust) should be the centerpiece of your estate plan.
Planning your estate is often a dynamic or fluid process. For example, new laws, additional assets, or changes in relationships may affect the design of an estate plan. Once established, it can be easily amended during your life when circumstances change.
An experienced attorney will be able to determine what documents should be created in order to provide the most benefit to you during and after your life. Remember that prudent estate planning is an investment not only in your future but your family members as well.
If you are considering creating or updating your estate plan, contact our office for experienced, high quality services.