Get Help with Your Will and Other End-of-Life Directives
Do you have a will? Have you thought about who will make health care or financial decisions for you if you become incapacitated? These are elements of estate planning, and it is something everyone needs to think about. Estate planning is not just for the elderly or the rich. While yes, most of us would rather not think of the implications of an estate plan, it is important to come to the terms with the fact that an estate plan is an obligation you have to your family.
Estate Plans Are For Everyone
Crafting an estate plan is by no means just for the elderly, and with the help of an experienced estate planning attorney you will be able to achieve peace of mind that, should you become incapacitated, you will have someone you trust making decisions for you, and that after your death, your assets will be fairly distributed and will be handled smoothly without any complications. The Law Office of Joseph P. Lyons is highly experienced in Illinois estate planning legislation and can explain the options available to you. By leveraging this knowledge, we will diligently craft a custom estate plan for you.
The Estate Planning Process – Explained
Estate plans are by no means just for the wealthy, nor is it ever too early to start the estate planning process–there’s no better time to start than today! The process begins by answering a few simple questions. First, you will need to take an inventory of all your real and financial assets–everything from real estate investments, to automobiles, to money you’ve stored under your bed for a rainy day. The next step is deciding who you may want to receive your assets in the event of your death.
Finally you will need to determine the manner in which the assets will be distributed, and take the proper measures to ensure that the assets are protected. While the first two questions are straightforward enough, hiring an estate planning attorney with specific expertise is extremely important to protect and distribute your assets. This can involve creating trusts, wills, preparing for probate, and a wide spectrum of legal devices to make the estate plan both as comprehensive and efficient as possible. It should also include powers of attorney for health care and property, so you will have someone you trust making decisions for you if you are unable to.
Keeping An Estate Plan Up-To-Date
Since your assets and relationships will certainly change over time, it is important to have your estate plan up-to-date to ensure it is still relevant. Failure to employ a well-crafted, current estate plan can result in:
Large estate taxes
Wills being contested
Assets not being distributed as intended
Lack of control over health care options
The best way to guarantee the longevity of your assets and legacy is to have an airtight estate plan that can be created by a knowledgeable estate planning attorney.
Contact an Estate Planning Attorney Now
At The Law Office of Joseph P. Lyons, an attorney will be able to give you all the details and answer a wide range of questions regarding your estate plan. Contact us today at (708) 986-0004 for a consultation to dispel any concerns you may have about your or your loved one’s estate plan, and to start crafting an effective estate plan today.