An estate plan involves many steps to protect the estate for the owner’s heirs. Asset protection during their lifetime and after death requires careful attention to detail. An estate planning attorney in Rockford, IL, can help them through these practices. Continue reading to find out more about protecting your estate.
What are Irrevocable Trusts?
An irrevocable trust is a way to separate critical assets from the estate. The transfer removes documentation that shows direct ownership of these assets and wealth. The owner of the irrevocable trust and their successor control the trust and all assets in it. For example, an estate owner transfers assets into the trust. Once they die, their successor decides what happens to these assets and wealth. These assets won’t go through probate after the transfer.
A Living Will and Healthcare Proxy
Speaking to an estate planning attorney in Rockford, IL, helps you decide which family member you want to make health decisions for you when you cannot. This person becomes your healthcare proxy, and if you create a living will, this family member enforces your wishes.
Writing Your Will
Your will dictates which heirs get each asset and how much money you leave for them. You can add stipulations to limit the disbursement of a trust fund or add an administrator to manage assets for minor children until they reach the age of majority.
Estate plans are a viable way to protect assets and wealth. After the owner dies, an estate of a considerable size must go through probate before the heirs collect their inheritance. If you haven’t created a plan, it could be time to start. Contact Crosby Law Firm to create an estate plan today.Lawyers
