Tips for Selecting an Appropriate Estate Planning Lawyer
The best Estate Planning Attorney in Chicago will work closely with you to design and draft your estate plans, including trusts, wills, advanced health care directives, power of attorneys, and guardianship designations. He or she will also consult with and advise fiduciaries in probate and trust administration, as well as in connection with contested trust and tax matters.
While no one likes to think about their own mortality, it is important to have an estate plan in place. This will ensure that your family, friends and heirs are provided for after your death, and help avoid costly and complicated legal disputes in court. There are many unique situations that call for the services of an estate planning lawyer, from caring for disabled children to owning property in different states or countries.
A good estate planning lawyer will help you create a comprehensive strategy that reflects your personal goals and protects your assets for generations to come. An initial consultation will usually take up to two hours, during which the attorney will listen to your wants and needs, gather your assets and discuss options for your situation. After this meeting the attorney will draft a plan and explain what documents are needed.
Once your estate planning attorney has drafted and signed all the necessary legal documents, you will have peace of mind that your estate will be handled exactly as you wish after your death. However, it is important to keep in mind that your situation will change over time and you should revisit your estate plan accordingly. You may have new children or grandchildren, you may have purchased or sold a piece of real estate or your marital status may change.
In addition to drafting a will, your estate planning attorney can prepare other legal documents, such as a living trust, advance health care directive, durable power of attorney, HIPAA authorization, and beneficiary designations on investment accounts, life insurance policies, retirement funds, and real estate. They can also help you minimize estate taxes by utilizing strategies such as trusts and buy-sell agreements.
An experienced estate planning attorney can also help you with business succession planning. This involves establishing a business entity and preparing legal documents that detail how the ownership of your company will transfer upon your disability, death or retirement. The process requires careful consideration of tax consequences, asset protection, and business continuity. A skilled probate attorney can help you establish a business entity that fits your individual needs and goals.
In Illinois, without proper estate planning, the state will decide who gets your assets and how they should be distributed. In addition, the state may impose estate and inheritance taxes, which can significantly reduce your family’s wealth. An estate planning attorney can help you minimize the impact of these taxes and ensure that your loved ones get the full benefit of your hard-earned assets. In the end, you’ll be glad you took the time to make a plan.
