Congratulations! You have decided to work with an estate planning attorney. You may have many questions, and that’s great. Go ahead and make a list of all of your questions; that way, you won’t forget anything. We also recommend you begin making a list of all your assets and beneficiaries. Listed below are the top 3 items to discuss with your estate planning attorney that you don’t want to forget.
Once you have written down all your assets and beneficiaries, you may wonder what else an estate planning attorney can do for you. And that is a good question, but a little too broad. Let’s narrow it down a bit. Your estate plan includes a will or trust, but there is more to consider. You want to be ready for when the time comes that you are no longer able to care for yourself or make medical decisions on your own.
Here are the top 3 items to discuss with your estate planning attorney:
There is quite a bit that goes into each of these items.
Will or Trust
Talk with your estate planning attorney to determine whether you need a simple will, or if a trust would work better for you. With a will, you can name the guardian of your minor children and beneficiaries of your assets.
You may require a trust, where you can be more specific with how your assets are given away after you’re gone. There are many types of trust, so let your lawyer know your situation and how you want to disperse your assets when you’re gone. Perhaps you want a:
You must also assign an executor of your will or a trustee.
Power of Attorney
As with trusts, there are several different types of Power of Attorney (POA):
These are only a few types of POAs. It’s best to discuss your needs with your attorney to determine what is best for you.
A healthcare directive informs your family and healthcare workers how you want your medical, and end-of-life care handled when you can no longer make these decisions. Two documents included with a healthcare directive are a medical power of attorney and a healthcare proxy. These tools together can ensure your medical wishes are carried out.
When you are ready to establish your estate plan, make sure to discuss the above items with your lawyer. Schedule a consultation with the experienced attorneys at Estate and Probate Legal Group. Call us at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties