You know it’s time to write a will or set up a trust. And maybe you know you should be planning for retirement. Now is the perfect time to actually do it! The peace of mind that comes with an established estate plan and legacy plan will make it all worth it. The terms estate planning and legacy planning are similar but with a subtle difference.
Most people think of an estate plan as simply a will or trust – but it involves more. A good estate plan will help establish resources of how you will be taken care of when you can no longer do so on your own and how you will distribute your assets after you are gone. An estate plan should include:
But a good estate plan also works with your life insurance policies, retirement funds, and other accounts. It brings everything together to ensure your care while you’re alive and who gets your belongings after your death.
A legacy plan takes the estate plan one step further. It infuses your estate plan with your morals and values. It allows you to attach a personal purpose to your estate planning needs.
Whether you have much to leave your loved ones or only a small estate, it is wise to work with an estate planning attorney who can help you prepare the necessary documents to carry out your wishes. A will may go through probate court, costing your loved ones time and money. Some people prefer to establish a trust to pass along their assets.
You may want to choose from different types of trust to ensure your assets are used as you want them to be after you’re gone. Some different types of trusts are:
This way, you pass along your standards when you pass along your assets. An experienced estate planning attorney will help you prepare an estate plan that is unique to you and will reflect your goals and legacy.
Talk to the experienced estate planning attorneys at the Estate and Probate Legal Group. We can help you establish a plan for leaving your legacy behind after you’re gone. Contact us today at 630-864-5835.
AREAS WE SERVE: Cook, DuPage, Kane, Lake and Will counties