Although many people believe estate planning is only for the wealthy, everyone should go through this important process. All of your goods, including real estate, investments, life insurance, personal items, and even checking and savings accounts, are collectively referred to as your estate. When it comes to dividing up your possessions, an estate plan can save your loved ones a great deal of time, money, and heartache. It serves as a guide for how you want your assets and property handled following your death or incapacity.
A competent estate planning lawyer will go through your preferences, objectives, and assets with you and go over your options. They will also assist you in selecting the appropriate executor for your estate and any necessary trusts. They will help you draft other advance directives, such a durable power of attorney and health care proxy, in addition to a living will and power of attorney. They will also offer guidance on avoiding probate and protecting your estate.
The legal process of dividing an estate’s assets is called probate, and it may be costly, time-consuming, and upsetting for surviving family members. In addition, it can make your personal information available to anybody—including creditors—which is undesirable if you want to keep your affairs as secret as possible. A skilled estate planning lawyer in Chicago, IL can assist you limit the taxes your family will have to pay as well as completely avoid the necessity for probate.
Select an estate planning attorney with a proven track record and a great deal of experience. You should also think about how much their services will cost and whether they have experience dealing with circumstances like yours. If you’re not sure which lawyer to choose, think about scheduling a free initial appointment to assess the qualifications and fees of each.
In the first meeting, your estate planning lawyer will look through your current assets and discuss your goals and wishes. They will then design a strategy that best suits your circumstances. In order to get your approval, they will draft the paperwork and create a fee estimate. Once the paperwork are prepared, you and any additional witnesses required by your state will sign and notarize them.
Davis & Associates Attorneys at Law offers a broad range of legal services, including family law issues, criminal defense hearings, immigration hearings, real estate conflicts, and intellectual property concerns, to individuals and couples in addition to estate planning. Clients from all throughout the state are served by the Chicago-based firm.