When it comes to planning for the future, many people are unsure of the first steps to take. Lombard estate planning does not, however, have to be a challenge or stressor. With the help of a dedicated legal professional, you could simply state your needs and desires while an attorney drafts a flexible plan for your estate.
People should consider planning their estate in any situation where they are concerned about the uncertainty and the event of their passing. Not only does this include where they want their assets to go, but it also includes who they want to be in charge of their estate or their trust or who they want to take care of their minor children. Sometimes, the answers to these questions are obvious. Other situations present challenges which could be overcome by even a very basic estate plan. Remember, an estate plan speaks for the testator in the event they are unable to speak for themselves.
If there is any situation where they want those left behind to know their wishes, it is best to have it in writing in the form of an estate plan. If something happens and a person does not have an estate plan whether they passed away or they become disabled, Illinois law provides automatic rules that essentially activate in order to decide how their property gets passed on or there may be a guardianship court that determines who would be placed in charge of their estate of the disabled.
If there are minor children involved, there similarly a guardianship court which decides without any input from them who takes care of their minor children. If they want to prevent any of those automatic rules from taking place, it’s very important to take the first steps of estate planning in Lombard.
The earlier people begin planning an estate the better. Planning an estate early could simplify the process later on in several ways. Mainly, it already gives their attorney, their family background, and the overall importance they play on various aspects of their estate plan. This provides a solid foundation to make future planning easier. As the client’s family and assets grow, a developed relationship with their estate planning attorney could allow that attorney to more efficiently focus on what a client finds most important.
The first step a person should take to begin estate planning is to think about the goals they want to achieve with their estate plan. Oftentimes, these goals revolve around how they would like their assets to be distributed and who they want in charge of seeing that those distributions are carrying out. Do they want to make sure their grandchildren split their assets equally? Do they want to provide for their grandchildren at all? The answers to these questions are highly specific to each client as every client brings a unique situation with them.
It also becomes important to determine how their assets are held, where they are located, and how they are titled. Also was to whether or not, there are any beneficiaries with respect to those assets. Every single account or asset even they may think its insignificant could have an effect on how an attorney advises them to prepare their estate plan. The first steps to take when estate planning in Lombard consist of thinking about their family, thinking about their goals, and then determining the exact title and location of their assets that they want to see a part of their estate.
When a couple begins to plan their estate, they should, of course, consider the same aspects of their estate plan as they would if they were individuals. Namely, how they would like their assets to be distributed and who they want in charge of seeing that those distributions are carried out. An estate planning for a couple also requires the clients to consider what they would like to have happened when one of them passes away and what the surviving spouse is able to do with respect to the family assets. This could lead to an awkward yet important question.
Basically, each member of the couple should ask themselves how they would feel if they died and the surviving spouse remarries and leaves all the assets to that new spouse. It has a large impact on what the final estate plan might look like.
If that is something that bothers a person, in particular where there are minor children or just children in general of that marriage, they want to make sure those children are provided. It is very important to tell their estate planning lawyer that they feel that because that has a drastic effect on how their estate plan looks.
The first steps to take when estate planning in Lombard are often confusing for people with little knowledge of estate planning. Fortunately, and with the help of an experienced professional, these steps could be taken with little effort on your part. Once you have an estate plan ready, you could rest assured that an attorney could also update it as your needs change. Reach out to the help you need today.