Essential Estate Planning Documents: Protecting Your Assets

Estate planning is about protecting more than your assets. It is about protecting you and the people you love and care about. Part of estate planning involves protecting yourself while you are still alive. The other important part is protecting your loved ones after you are gone. By protecting your assets with the right estate planning documents, you can maximize the benefit to your survivors. You will likely need a variety of different documents. Modern estate planning involves far more than making a will. In fact, a will might not be the best way to protect your estate assets. Other means of passing on assets can offer greater benefit in a number of ways. It is important to begin estate planning somewhat early in life so that you can be sure everything is in order, as life is unpredictable. 

Documents You May Need to Guard Your Estate

A strong estate plan is comprised of multiple types of documents. Some essential estate planning documents you may need to protect your estate assets may include: 

• Trusts – Trusts are generally more protective of your estate assets than a will would be. A revocable living trust can allow you to continue managing your assets for your own benefit throughout the rest of your lifetime, and then allow for seamless transfer to your designated beneficiaries when you are gone. An asset protection trust can also go a long way towards keeping your estate property safe from creditors and others. 
• Financial power of attorney – A good financial power of attorney can offer you excellent protection during your own lifetime. You can use this document to appoint someone you truly trust to manage your financial affairs for you should you become incapacitated later in life. This way, you can appoint a person you know to be good with money. 
• Business succession plans – If you are a business owner, it is important to take steps to protect the company you have worked so hard to build. By creating a succession plan, you can help increase the chances that your business will be well-managed and can continue benefiting you and your family long after you are no longer able to manage it. 

The sooner you begin guarding your assets through estate planning, the sooner you will be protected. Having a plan in place can offer you peace of mind in knowing that your assets are safe even when you cannot manage them yourself anymore. 

Contact a Naperville Estate Planning Lawyer

The Gierach Law Firm can help you secure your assets through estate planning. Our skilled Naperville estate planning attorneys can help you design the plan that is best for you. To schedule a confidential consultation, please contact us at 630-756-1160.