Estate planning can seem intimidating – after all, who wants to consider the possibility of becoming incapacitated or passing away? Furthermore, what type of documents do you need and how do you know if they are valid?
The good news is that the estate planning process does not have to be stressful or complicated if you have the guidance of an experienced Lincolnshire estate planning lawyer. An attorney can walk you through every step and advise you of what documents are beneficial in your situation.
Protecting Your Property and Loved Ones
Estate planning is most commonly associated with planning for after your death to ensure that your property goes to the proper loved ones. There are different mechanisms for putting such protections in place, including:
- Last will and testament, which designates your personal representative, guardians for your children, and how your property will be distributed
- Living trust, which allows you to have property managed and distributed without having it go through the probate court and with greater flexibility
- Beneficiary accounts, which tranfer funds directly to beneficiaries following your death
An attorney can advise which documents should be a part of your comprehensive estate plan.
Protections While You are Alive
Estate planning does not only address what happens when you pass away, as you can also have protections in case you become ill or injured and cannot make your own decisions. This is accomplished though power of attorney documents, as well as health directives and living wills. This is part of the process that you should never skip.
Speak with a Lincolnshire Estate Planning Attorney
If you want to learn more about estate planning, the legal team of Charles T. Newland & Associates can help. Contact us today for a consultation – we have convenient locations in Libertyville, Rolling Meadows and Lincolnshire to best serve our clients.