Even someone who does not own property and stock options should think about what would happen with any available assets once he or she passes away. The best approach is to contact one of the Estate Planning Attorneys in Chicago IL and put a few measures in place. Here are some examples of what the attorney can do. Creating Basic Estate DocumentsMost Estate Planning Attorneys in Chicago IL will begin by making sure clients have all the basic documents in place. This includes a last will and testament, a life insurance policy, and a medical power of attorney. These will form the foundation for all other planning, and will cover things like personal belongings and making sure there is money on hand to cover end of life expenses.
Considering Trust and BequestsIf the client wishes to provide for loved ones, the attorney can discuss various forms of trust funds. These can be set up to help with specific expenses, such as paying college costs. Trusts can also be structured to provide monthly disbursements to help a loved one with basic living expenses. Should the client like the idea of leaving certain assets to non-profit organizations, bequests are one way to go about making sure everything is in place. As part of settling the estate, ownership of those assets will be transferred to the organization named in the estate documents.
Covering All MattersThe ultimate goal of estate planning is to ensure there is no question of what is to be done with the assets of the client. Taking the time to organize the estate properly means loved ones will not have to figure out what to do with anything, including personal effects. With clear directions in place, the trustee appointed to manage the settlement of the estate will know exactly what should be done.
For people who are ready to begin their estate planning, contact the team at Website. Sitting down with legal counsel and going over the present financial affairs will provide a starting point for the process. From there, it is just a matter of updating the arrangements as new assets are acquired. You can also viist their Google+ profile.
