Hiring a good Estate Planning Attorney in Chicago is vital for people who want to make sure that their property and assets are distributed according to their wishes after they die. An estate planning lawyer can help with a variety of issues, such as drafting a will and creating trusts. They can also advise on the state’s inheritance laws and help minimize estate taxes, which in Illinois can be as high as 16%. In addition, they can help establish a guardianship and draft documents like power of attorney declarations and healthcare power of attorneys.
An estate is the total value of your possessions and investments at the time of your death. It includes both tangible and intangible items such as your home, furniture, personal belongings, investments, accumulated work benefits, real estate, automobiles, and any other assets you own. It may also include life insurance policies, pensions, annuities, and retirement accounts. An estate plan is a document that outlines the way you wish to distribute your property and assets to family, friends, and charities. An estate plan is usually created by an experienced attorney who will review your current situation and create a document to suit your needs.
A Chicago estate planning lawyer can help you create a will, a power of attorney, and an advance directive. These documents will allow your loved ones to act on your behalf if you are incapacitated. A power of attorney for property can be used to manage your assets while a power of attorney for healthcare can dictate how you will be cared for in the event that you are not able to make decisions on your own. Additionally, an advance directive tells a healthcare provider how you would like to be cared for if you are unable to communicate your desires.
If you don’t have an estate plan in place, the state will decide how your estate is distributed and this might not be what you want. An estate plan is a critical tool for any individual.
It’s important to choose an estate planning lawyer who is a “real person” and that you can connect with on a personal level. Many attorneys spend their entire lives around other lawyers and are accustomed to speaking in ivory tower legalese. An attorney that you can connect with on a personal basis will be more receptive to your questions and concerns. This will make the entire process easier for you and your loved ones. In addition, they will be able to provide you with more realistic expectations about the cost of your estate plan. A good attorney will explain everything to you in a way that is easy to understand. They will be able to guide you through the complicated process of creating an estate plan and assist you in avoiding costly errors. This will save you and your loved ones a lot of grief in the future.