Will Law Firm Schaumburg, Illinois
A will law firm Schaumburg, Illinois relies on wants people to know that creating an estate plan is something you should think about as soon as you have any assets. Many people are aware of its importance but delay it and make up excuses along the way. Bott & Associates, LTD. Attorneys at Law recommend that you not put it off any longer. No matter how healthy or young you might be, your life can change in a flash. By having an estate plan in place with the guidance of our Schaumburg, Illinois will law firm; you can have peace of mind in knowing the future of both you and your children are in good hands.
Documents Needed in an Estate Plan
An estate plan usually include:
- A Will
- A Trust
- A Health Care Proxy
- A Durable Power of Attorney
It might also include special documents, such as a gun trust or special needs trust, but this is only when certain circumstances apply. Our will law firm in Schaumburg, Illinois, can guide you to ensure that all essential documents are incorporated into your estate plan.
Durable Power of Attorney
A durable power of attorney will name a person who makes any financial decision on your behalf in the event you are incapacitated. It becomes active as soon as it is signed by all parties involved, and is usually valid until your death or it is revoked. As a will lawyer serving Schaumburg, IL might recommend, it is best practice to name an alternate person in the event the primary party is unable to hold this position when the need arises.
Health Care Proxy
This document names a person who has the responsibility of making any medical decisions for you should you be unable to do so because of your incapacitation or illness. A health care proxy may be needed if you fall into a coma because of an accident or develop Alzheimer’s as you get older. A will law firm based in Schaumburg, Illinois, stresses the importance of naming two people to be your proxy just in case the first person cannot serve the position.
A health care proxy is not the same as a living will, which may include your desire for medical treatment should you be diagnosed with a terminal illness or be in a vegetative state and cannot share your wishes. As a Schaumburg, Illinois will law firm might explain to you, it is essential to discuss your medical desires with your named proxies.
A will is a legal document that discusses how your property should be disposed of upon your death. A personal representative, or executor, will need to be named. This person will make sure your wishes are carried out. They must act in the best interest of your estate and will need to pay for any outstanding debts.
Whomever you wish to receive your assets will be considered a named beneficiary. They can receive specific items or equal shares. Assets may include property, money, stock, valuables, and so forth. Our will law firm based in Schaumburg, Illinois, stresses the importance of providing your named personal representative with a copy of your will. If you have any minor children, a guardian should be designated. This person will have a duty to take care of your children until they turn 18 years of age.
There are a number of reasons to have a trust. That said, there are many different kinds of trusts, and what works for one person might not be ideal for another. A trust is a legal entity that holds property on behalf of named heirs. The primary benefit of a trust is that it will not have to pass through probate – as in a will.
To learn more about estate planning, call Bott & Associates, LTD. Attorneys at Law, a will law firm that you can rely on in Schaumburg, Illinois.