Hiring a good Estate Planning Attorney in Chicago is essential for protecting your assets and providing for your family members after you die. A well-planned estate can help avoid costly legal battles, minimize taxes and protect your family’s privacy. Estate lawyers assist in writing instructions for the future handling of your property, finances and healthcare, and they also help you establish a guardianship and draft documents like wills and power of attorneys.
The right attorney can help you create a plan that takes into account all of your goals and needs, including providing for young children or disabled family members. They can also advise you on how to structure your assets and trusts to maximize tax benefits. They can also handle legal issues related to the probate process, such as contested trust and estate disputes.
There are many options available for estate planning, from do-it-yourself forms to professional services. You should choose an attorney who you can work with on a personal level and who will take the time to understand your goals. An ideal attorney will be down-to-earth and speak to you in plain language rather than ivory tower legalese.
An experienced lawyer will be familiar with the laws in your state and how they differ from those of other states, so that you can avoid unintended consequences. They can help you decide who will receive specific possessions such as jewelry, automobiles and investments, and they can assist with contingency beneficiaries for life insurance and pension plans. They can also set up trusts to manage assets, avoiding the probate process and minimizing risks. They can also help you plan for business succession, detailing how a company will be transferred on disability or death.
You should review your estate plan periodically, and you should always keep it up to date with the latest information. You should also make changes to your plan whenever there is a significant life change, such as a birth, divorce or marriage. It is recommended that you visit an estate planning attorney to review your plan every two to three years.
A Chicago estate planning attorney can help you prepare documents like a will, advance directive and power of attorney declaration. They can help you establish a trust and transfer assets to it, as well as protect them from creditors and lawsuits. A good lawyer can also advise you on avoiding probate, if possible, so your loved ones will not have to wait for months or even years to get access to your wealth and inheritance. They can also help you deal with disputes that may arise after your death. A reputable attorney will be knowledgeable about the probate system and can represent you in court if necessary. You can find a Chicago estate planning attorney by searching our comprehensive directory of professionals on FindLaw. You can also read the reviews of other clients and attorneys and request a consultation with one you find interesting.