Most people have a basic understanding of an estate plan, though they may have many questions about the specifics of the estate planning process. You should never hesitate to speak with an estate planning lawyer in Illinois about your individual situation, and the following are only a few of the questions we regularly answer.
When is it time to create an estate plan?
Many people associate estate planning with old age or extreme wealth. However, it can be beneficial for anyone over the age of 18 to create an estate plan. Even if you do not have much property or a family of your own yet, a will can still serve an important purpose should something unexpectedly happen to you. You also want to consider estate planning in the following situations:
- You get married
- You have a child
- You accumulate property and assets
- Other important life events
What is involved in a comprehensive estate plan?
While a will is undoubtedly a critical estate planning document, it is far from the only estate planning tool you should consider. A comprehensive estate plan will address your wishes after death and your needs should you be incapacitated. Some additional documents and tools include:
- Special needs trusts
- Powers of attorney
- Healthcare directives
- Beneficiary accounts
How can an estate planning attorney help?
An estate planning attorney can help in many ways, by first evaluating the nature of your family and your property and identifying the documents you need. They can then execute these documents to ensure they are enforceable and include all necessary terms. Attorneys can assist with choosing executors, trustees, and powers of attorney, and can help with will or trust disputes after a loved one’s death.
Discuss Your Questions with an Estate Planning Lawyer in Illinois
If you have questions about estate planning or probate, you should never hesitate to consult with Illinois estate planning attorney Charles T. Newland directly. Call 847.797.9300 or contact us online to schedule a confidential consultation.