An Estate Attorney in Libertyville Can Ensure that Your Final Wishes are Followed
When you have a substantial amount of assets that you want to be passed to your heirs in a very specific manner or you have minor children that you want to appoint a guardian for in the event that you die before they are adults, you can benefit from the services of an Estate Attorney in Libertyville. Your attorney can help you draft documents that will give you control over how your assets are passed down to your heirs or donated to charities.
Many people think that writing a will is sufficient estate planning. In fact, the power of a will is very limited. Your will is where you will designate a guardian for your minor or disabled children. If you want to leave real estate or other high-value property, a will may not be the place tool to do so. Property that is left to a loved one or a charity in a will must go through probate. The probate process can take several months to conclude.
Some assets cannot even be transferred in a will. Retirement accounts, life insurance policies and funds on deposit at banks are transferred directly to the person listed on the beneficiary designation form. Keeping those forms up-to-date is an important part of estate planning. Not changing the forms can result in a former spouse receiving your entire 401(k) or IRA.
If you want to help your surviving family avoid estate taxes, you may consider setting up a trust. An Estate Attorney in Libertyville can help you set up a trust and determine which assets you want to include in the trust. A trust provides more control over the assets and can include rules and restrictions on when assets are passed to heirs. Assets that are part of a trust do not have to go through probate.
It is important to hire an attorney with extensive estate planning experience. When you choose an attorney such as Charles T. Newland to handle your estate planning, you can be sure that your will and trust are drafted so there is no question how you want your assets disbursed to your loved ones after you die.