Death is understandably a difficult topic to discuss, let alone think about. Many of us avoid the topic at all costs, and the statistics validate this notion. The American Bar Association, for example, estimates that nearly 55% of Americans leave their heirs without a will or an estate plan. In the absence of these plans, the state is left with no other option but to transfer ownership of one’s assets or property to his or her closest relatives, despite what he or she may have orally expressed or wished during his or her lifetime.
How An Estate Planning Attorney Can Help?
Estate planning attorneys will walk you through the process of dividing your assets, and they will provide legal guidance for selecting the options right for you in maintaining your estate and final wishes; likewise, should you become incapacitated in the future, estate planning attorneys can draft a power of attorney to instruct the state, banks, and relatives as to the person you designate to make decisions on your behalf. Not only can estate planning attorneys draft wills, trusts, and other estate planning documents, they will also ensure that those documents are followed word-to-word upon your passing.
There are several ways an estate planning attorney can help you, including, but not limited to:
- Planning to decrease or eliminate estate tax
- Preparing a power of attorney for property and assets
- Helping with the probate process and preparing a will
- Assisting in putting your retirement plans, brokerage accounts, business and partnership interests, debt, insurance policies, and personal property into business entities or trusts
- Avoiding estate guardianship for incapacitated family members or minors
- Designating your beneficiaries
- Allowing for management of assets and establishing a living trust to avoid probate
- Creating special types of trusts, including irrevocable trusts
What You Can Expect From An Estate Planning Attorney?
Your estate planning attorney will ensure that all legal matters pertaining to your estate are in order and that the estate documents are legitimate and enforceable. They will further provide you with proper guidance as to whether you should leave your assets directly to individuals, or hold them in trust until the inheritors have met certain conditions. Estate planning attorneys can also assist you in creating a trust for a beneficiary, or for a disabled beneficiary.
Consult With Us
If you would like to further discuss wills, trusts and other estate planning options, you should call one of our experienced attorneys at the Jackson Abdalla Law Group. To schedule a free consultation, simply call 773-550-3853. The Jackson Abdalla Law Group proudly serves clients throughout Chicagoland, including Cook, Lake, DuPage, Kane, and Will counties.