However, with appropriate estate planning, you can help your family avoid a number of issues after your passing. As the saying goes, “only two things are certain in this life: Death and Taxes.” An estate plan can assist your heirs in avoiding the costly and time-consuming probate process if you want them to be free to enjoy the things you leave for them.
When you decide to engage with a skilled Chicago estate planning attorney from Davis & Associates, your lawyer will be able to develop a strategy that satisfies your preferences for how you want your assets to be distributed. This frequently involves beneficiary designations and trusts. It also include the drafting of advance directives like durable power of attorneys, living wills, and health care proxies. Your attorney will probably take income, gift, and generation-skipping transfer taxes into account as part of the planning process in addition to how your assets are distributed.
The process of hiring an estate planning attorney can be a long one, but it’s important to find the right fit for your unique situation. You should start by asking the attorney if they’ve worked with people in your situation before and how they handled it. It’s also a good idea to ask for references.
Once you’ve found the right lawyer for you, you can schedule an initial consultation. During this meeting, you and the attorney will discuss your goals, needs, and assets. The lawyer will then take the time to understand your situation and present you with your options. This initial meeting usually takes about 1 – 2 hours.
After you’ve decided on a plan, your lawyer will draft documents that reflect your desires. They will then submit the drafts for your review and approval. You and your lawyer will then have a final meeting to sign the documents and make any necessary changes. Once the documents are signed, they will become effective.
The documents should be regularly reviewed by both you and your attorney. This is done to ensure that the documents reflect current law and that you are aware of any changes to your situation.
A well-written estate plan will cover a number of potential future concerns, including potential medical challenges and unforeseen court actions. It will clearly outline how to divide your assets, saving your heirs the expensive and arduous process of probate.
A competent estate planning lawyer can assist you in creating a thorough agreement that takes into account both your needs and those of your family. We can put you in touch with the top lawyers in your area, whether you need a Chicago estate planning lawyer or a Boston probate lawyer. To guarantee you’re dealing with a top lawyer, our innovative screening process is based on peer-influenced reviews and professional accomplishment. To get going, just fill out our form to get in touch with a reputable estate planning lawyer nearby!