If you have not executed a will or a trust yet, describing how you want your assets distributed, then you are said to have died intestate. Without an estate plan, your property may be subject to unwanted fees, taxes, and probate costs. Your house and other assets may even end up in the hands of unintended beneficiaries or the government. That’s why it is so important to have a plan. An estate plan gives you the option to give your assets to whomever you choose and protect your assets after you are gone.
The best time to do estate planning is when you are not under pressure and can think clearly. It is important to note that you must have both a will and a trust to avoid the probate process. At the Herbert Law Firm. We draft and review all documents necessary to create a thorough estate plan. We can help you with the planning tools:
- Asset protection
- Durable powers of attorney or power of attorney for finances to pay your bills if you are hospitalized
- Power of attorney for health care or living wills
- Last will and testament
A trust accomplishes several things:
- With assets in a trust, probate court can be avoided.
- When you are living, your assets can be placed in a trust so that when you die or if you become very ill and incapacitated, your wishes regarding your property will be honored.
We recommend you review your estate planning documents on an annual basis to ensure that they are up-to-date, accurate and include major changes in your life, including births, deaths, marriage and/or divorce.
Contact the Herbert Law Firm at 312-655-7660.
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