Estate planning is a process to help people manage and arrange their property when they die. It involves drafting many legal documents and creating a plan for how your assets will be passed on to your loved ones. It’s important to work with an experienced estate planning attorney who can handle federal and state law, trust administration and more. A good attorney can help make sure your assets are transferred according to your wishes, protect against family disputes and minimize tax bills. The best way to find an estate planning attorney is to ask friends and family for recommendations. You can also check with your employer, as many offer a legal plan benefit that can connect you with an estate planning attorney for a low monthly fee.
A qualified and experienced estate planning attorney will be able to review your situation and recommend the best course of action for you. They will help you document your wishes and create a legal document that will give you peace of mind. This will include drafting a durable power of attorney, letter of intent and guardianship. In addition, they can help you avoid pitfalls such as the need to probate your estate and the loss of privacy during the process.
The right lawyer will be familiar with your state’s laws and local probate procedures, which vary by location. They may even specialize in certain areas of law, such as elder law or trust and financial advisors. Additionally, some attorneys have additional certifications and designations that can help you identify them.
It’s important to choose an attorney with whom you feel comfortable sharing your personal and financial information. You’ll likely be revealing sensitive information, including your end-of-life preferences and financial status. A good attorney will put you at ease and treat you with respect. They will listen to your concerns and answer any questions you may have.
A top estate planning attorney can help you set up trusts and other legal vehicles to avoid the probate process. This can reduce the chance of a court battle over your estate and allow your loved ones to access the funds more quickly. They can also provide advice about how to protect your assets from Medicaid recovery, which claims a portion of your estate after you’ve passed away to pay for long-term care services.
If you have a spouse or children with special needs, an estate planning attorney can help you create a proper plan for them and appoint a guardian to care for them. They can also help you create a fund to pay for their care, and prevent the government from taking your home and other assets.
Having a top Chicago estate planning attorney can ensure that your wishes are documented and enforceable. They can also help you avoid any legal pitfalls that may arise during the process, such as challenges by beneficiaries or creditors. Contact our team today to schedule a free consultation.