Take Care of Your Loved Ones with Proper Estate Planning
Whether it is family, friends, pets, or other loved ones, we all have people in our lives that we want to take care of. Proper estate planning is one of the best ways to do this. Estate planning not only allows you to ensure that your wishes are followed after your death, it also saves your loved ones a significant burden upon your passing.
Benefits of Estate Planning Go Beyond the Financial
Estate planning is often used to reduce taxes and other costs associated with transferring assets after death. However, the benefits of creating a comprehensive estate plan go far beyond the financial advantages. When you create an estate plan, you can establish specific instructions for handling your estate and assets, such as who will receive certain possessions and how assets will be distributed. Your loved ones will not have to guess what your wishes are. They will have peace of mind knowing that your estate is being handled just as you wanted it to be handled.
Without an estate plan, your surviving loved ones may face a long and difficult process of settling your estate. They may have to go through probate court proceedings and incur substantial legal fees. This can be an emotionally and financially draining experience for them. With the proper estate plan in place, your loved ones will not have to deal with unnecessary stress or complications during such a difficult time.
Estate Planning Reduces the Chances of a Dispute
Few stories better illustrate the importance of estate planning than the Terri Schiavo case. In 1998, a legal battle lasting nearly a decade ensued after Terri’s husband and her parents disagreed regarding her medical care. Terri was in a persistent vegetative state, and her husband wanted to have her feeding tube removed while her parents wanted it kept in place. If Terri had established a living will with clear instructions regarding the medical care she wanted and did not want in a situation like this, the lengthy legal battle could have been avoided.
Understanding Your Estate Planning Needs
There are many different estate planning tools that serve many different purposes. The type of estate planning instruments you need will depend on your unique situation. Trusts are useful tools for transferring significant amounts of wealth, while wills are more popular for smaller estates. Power of attorney documents and living wills are powerful tools for incapacitation planning. If you wish to incorporate charitable giving in your estate plan, you can use tools like charitable trusts, gift annuities, and more.
Call Us for Help Setting Up an Estate Plan
Estate planning can seem overwhelming and intimidating, but it doesn’t have to be. Our Naperville estate planning lawyers can help you set up an estate plan that protects you and your loved ones. Call the Gierach Law Firm at 630-920-8855 today to set up a consultation.
Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.