Tag: Approval of wills

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The Importance of Having an Estate Plan

Estate Planning AttorneyAn estate plan is a set of documents that helps you determine how to distribute assets and manage your estate after you die. It can include a will, a trust, an advanced healthcare directive and other forms of documentation that can meet the needs of almost any family situation.

Having a well-crafted plan will make your final wishes known to your loved ones and ensure that they receive your assets when you are no longer there. Having an estate plan can also help you avoid costly and time-consuming probate, which is the process of administering your affairs after your death.

A good Estate Planning Attorney in Chicago will take the time to understand your individual circumstances and needs. They will then develop an estate plan that is tailored to your specific situation, goals and objectives.

Your objectives may range from helping your spouse avoid the expensive probate process to protecting your children’s financial future in case of divorce. They may also involve making charitable contributions and minimizing estate taxes.

State-specific expertise is important, as laws and procedures vary by state. A good estate planning lawyer will be familiar with the laws and regulations in your jurisdiction and will make sure that your estate plan complies with those requirements.

The best way to find an estate planning attorney is to check out www.chicagoprobateattorneys.net/estate-planning/. You can also scour the legal ads on television and print to see which lawyers specialize in this area.

Keep Your Paperwork Organized and Up to Date

It’s a good idea to store all of your estate-related paperwork in one place. This makes it easier to locate and access at a moment’s notice. Moreover, it can make it much simpler to transfer the contents of your files as needed and to protect them from misplacement.

Taking steps to preserve your assets, such as creating digital copies of important papers and archiving them in a safe location, can also be helpful. This can also prevent heirs from relying on second-hand information that you haven’t updated to reflect changes in your circumstances.

Once you have all of your legal documents in order, it’s time to start laying out your plans. An estate planning attorney will work with you to draft a will, trusts and other documents that will outline your last wishes.

Your estate planning attorney will also help you decide how to disperse your assets and ensure that they go to the right people when you die. They will help you minimize estate taxes and advise you on how to use your assets to maximize income tax savings.

They will also help you appoint an executor to oversee your estate and assist with its administration after your death. They can even help you file a will or other legal document in a timely manner, so it’s not too late to prepare it and ensure that it is deemed valid by the court when you die.

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Guide in Filing for Probate of Will and Application for Guardianship

The process of planning a person’s estate is called an elder law plan. It is intended to help protect the interests of your future family from creditors, when you pass away, and to ensure that your wishes are respected during your lifetime. An elder law attorney can be a very valuable asset in ensuring that your wishes are followed and all your assets are distributed according to the law. Here are some of the basics you should know about elder law and how it affects your estate plan.

Elder Law and Estate Planning

 

An elder law, estate plan is very much like an adult will. It is designed to protect your interests in property and financial affairs during your lifetime and to ensure that they remain in your name alone. Unlike the will, which is rarely used in estate planning today, a proper elder law estate plan can help ensure that all beneficiaries get their fair share of assets upon your death. If there are no written provisions for your estate or trust, an elder law attorney can help you draft a plan ahead of time so that all beneficiaries have a clear understanding of the steps to be taken after you pass away, said an elder law lawyer in Miami.

 

You may think that financial assets like real estate and cars are exempt from the probate laws that apply to everyone else. That’s not the case though as probate can force distribution of your assets to distant family members in addition to creditors you may have. Elder law and estate planning attorneys can help you determine if you need to change your legal protections or if your original plan still applies.

 

A good lawyer can also help you negotiate the transfer of your assets during your lifetime and ensure that these transactions do not violate elder laws or the rights of other relatives. Many people do not understand what happens once a relative passes on, even if that relative was well-known for being very frugal. When an elder law attorney is retained, a family meeting can be arranged to go over how property and money will be dealt with after the death of the last living relative.

 

Estate and elder law are different than other types of personal law because it deals with the assets and financial interests of others. According to Miami elder law and probate attorney, it can be a complicated area of the law, but the right lawyer can make it easier to navigate. There are several types of trusts: revocable or irrevocable trusts, also known as life-estate; power of attorney or living trust; and devise or living trust. Although there are specific rules governing each of these types, their basic structure remains the same.

Life-estate trusts must be established before distribution of the assets can take place. Power of attorney and living trusts can be created after death, however, and are operated exactly the same way as life-estate trusts. Deceivers and administrators can be family members or the lawyer. An experienced elder law attorney can help you set up a trust or take care of it once you pass away so your estate assets will remain protected and secure. For more information visit www.georgiaprobateattorneys.net.