Planning For The Future? Why You Need An Attorney When Planning Your Estate

When it comes to planning your estate, it’s never a good idea to proceed without legal representation. This is particularly true if your estate planning¬†will go beyond a basic last will and testament.

planning your estate

Importance of Estate Planning

Leaving Specific People Out of the Will

When most people think of wills, they usually think of the people that they want to provide for once they’ve passed away. However, there are times when it’s necessary to leave people out of a will. If you’ve decided that there are people that you’d like to leave out of your will, you’re going to need legal assistance, especially if you want to protect your estate from legal disputes. It is up to you to decide whom you’d like to provide for once you’ve passed. However, when leaving people out of your will, you do need to ensure that the wording is correct, especially when it comes to leaving family members out.

Providing for the Care of Minor Children

If you have minor children, it’s crucial that you take precautions to ensure that their needs will be met once you pass away. The best way to do that is by working with an attorney who specializes in estate planning. When it comes to providing for your minor children, you’ll need to designate guardianship of the minor children, especially if your passing will leave your children without a living parent. You’ll also need to designate a conservator of your estate. This will be someone who will ensure that the proceeds of your estate are distributed according to your wishes and that your children’s needs are being met once you’re gone. An estate planning attorney in Fox River Grove can help you with those details.

Protecting Your Estate From Probate

When you pass away, you want your family to be able to access your estate as soon as possible. Unfortunately, that can’t happen if your estate goes into probate. Once your estate enters probate, all your assets will be frozen until the courts dispense with the formalities. In the meantime, your family will be precluded from accessing any part of the estate. However, when you work with an attorney, they can help you set up trust accounts that will allow your family to access the proceeds without going through the lengthy probate process.

Ensuring the Transfer of Ownership of Real Estate Holdings

If you own real estate that will be part of your estate holdings, it’s essential that you seek legal representation, especially if you’re leaving that real estate to family members. Without proper legal counsel, you may make mistakes with your real estate holdings that could leave your family members owning taxes and other fees on your estate. Not only that, but your loved ones will need assistance transferring that real estate into their own names.

Don’t put your estate at risk. Before you begin with your estate planning, sit down with an attorney near you to discuss the detail. They can help you avoid costly mistakes.

 


 

***This is not intended to be legal advice and you should consult with an attorney.