If you’re looking to create an estate plan, you should speak to a property planning lawyer Schaumburg, IL residents trust. An estate plan is a complex document, so it’s helpful to have someone with knowledge and experience on your side. There’s much more to estate planning than just drafting a will or trust. Here are items every estate plan should include:
Wills and Trusts
A will or trust should be one of the most important components of an estate plan. This is true even if you don’t have substantial assets. A will guarantees that your assets are distributed to your chosen beneficiaries. A trust is more expensive to create, but it can help you avoid probate and reduce the risk of legal challenges.
Letter of Intent
A letter of intent is designed to let the executor know what you want done with a certain asset after your death. This document can also provide details about your funeral or other special requests. If your will is determined invalid, the letter of intent will let the probate judge know about your true intentions.
Guardianship Designations
If you have minor children, you want to make sure they’re taken care of if you should die unexpectedly. That’s why it’s important to name a suitable guardian in your estate plan. Your property planning lawyer in Schaumburg, IL may suggest choosing someone who is financially sound, shares your views on parenting and is in good health. You should also make sure this person is actually willing to take on the role as a guardian before appointing him or her.
If you don’t include guardianship designation in your estate plan, it will be up to the court to decide where your children will go. They may decide to have your kids live with a family member you wouldn’t have chosen.
Durable Power of Attorney
If you should become mentally incapacitated at some point in your life, you want a trustworthy person to make important financial and legal decisions on your behalf. Otherwise, the court may have to determine what to do with your assets if you become incapacitated.
Healthcare Power of Attorney
A healthcare power of attorney is a legal document that appoints another person to make medical decisions for you if you become incapacitated. It’s important to select a person who has similar views and would make healthcare decisions that you would make for yourself.
Speaking to a Property Planning Lawyer
Creating an estate plan can be quite overwhelming. It’s a good idea to consult an estate planning lawyer in Schaumburg, IL as soon as possible. He or she can help you draft an estate plan that reflects your wishes and answer any questions you may have.
Call a property planning lawyer in Schaumburg, IL today to schedule a free consultation.