Believe it or not, everyone has an estate. A person’s estate is a compromise of everything they own such as saving/checking accounts, personal possessions, cars, home, furniture, investments, and life insurance. No matter how modest or how large, everyone has something in common, you cannot take your estate with you when you die.
When this happens and it is a when not an if you probably will want to control how your things are give to the organizations or the people you care the most about. To ensure your wishes are fulfilled, you will need to provide instructions stating who you wish to receive something of yours, when they receive, and what you wish for them to receive. A person will, of course, want this to happen with the least amount paid in court costs, taxes, and legal fees.
This is known as estate planning. Making plans in advance and naming who you want to receive your things after your death. However, good estate planning is more than this. It should also:
Estate planning is not just for people in retirement, although some do tend to think about estate planning as they age. Unfortunately, people cannot successfully predict how long he or she will live, and illnesses and accidents can happen to everyone at any age.
Estate Planning is not just for the rich, either, although people are said to be wealthy often think about how to preserve their wealth. Good Estate planning will often mean more to the families who have modest assets, because he or she can afford to lose the least.
Individuals will often put off estate planning because they believe they do not own enough, think they have enough time, they are busy, they are not old enough, they do not think about it, or they don’t know who can help them. Then, when something does happen its up to someone’s loved ones to pick up the pieces.
When a person knows the have a proper plan in place, one, which contains instructions and will protect loved ones, will give you and your family peace of mind. Planning your estate is one of the most considerate things a person can do for themselves and their loved ones.
Serving these Illinois counties:
McHenry County, DuPage County, Coock County, Will County, Kane County, Kendall County, Grundy County and Livingston County. Also serving the Greater Chicago Area.