Preparing a will is a large portion of your estate plan. You may have accumulated a lot, or at least something, during your lifetime. A will allows you a say in what happens to your assets after you’re gone. But what if you don’t want to wait until you die to give away your belongings? Transferring assets while you are still alive is becoming more common. But as with anything, there are pros and cons of transferring assets during your lifetime.
There is no hard-set rule that says you must keep everything you own to yourself until you die. Giving away some belongings before you pass is within your right.
Items such as a home, land, automobile or collectibles can be given to your planned beneficiaries now rather than later. But be careful; there are good and bad circumstances with transferring assets while you are still living:
As with any decision regarding transferring your assets, there are pros and cons. But working with an experienced estate attorney can help you make a decision that is best for you and your situation.
When you work with an estate planning attorney, they can inform you of alternative options for transferring assets while you are still alive. One alternative is a Transfer on Death Deed. This allows you to keep your home but give it to your beneficiary without going through probate court.
Another option is to transfer your assets through a living trust. This leaves you in control of your assets but is owned by the trust company and doesn’t count against you if you are receiving government aid such as Medicaid or assisted living.
Our estate planning lawyers can advise you on the best options to help you develop a plan to transfer assets to your loved ones. To talk to a qualified attorney in Chicago, contact the Estate & Probate Legal Group at 630-864-5835.
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