To ensure that your loved ones are cared for in the aftermath of your death, take time to create an Estate Plan. We can never know what the future may hold, so taking this important step now can spare your family stress, anxiety, and significant expenses during an already difficult time.
Everyone’s needs are different, but there are usually several documents that should be included. A Will is one of the most important elements of an Estate Plan. In addition to determining how your assets should be handled and ultimately distributed, you can also name a guardian for minor children, and include funeral provisions.
While a Will is important, it will not necessarily keep your family out of Probate Court. A Living Trust created during your lifetime avoids time-consuming and expensive legal process. Unlike a Will, a Living Trust defines when you want your property to be distributed, which is very important in situations where you believe a beneficiary may mishandle finances, or may be a minor at the time of your death.
Estate Planning is not just about ensuring your affairs are in order before you pass away. If you include a Statutory Power of Attorney, you can choose someone to carry out your financial decision on your behalf if you become incapacitated and cannot execute decisions on your own. In addition, you should also consider including a Health Care Power of Attorney. The person you assign to this role will be able to carry out your health care decisions if and when you cannot express them yourself.
No one is ever too young or too healthy to start thinking of preparing for the future. If you are interested in creating an Estate Plan, The Greenberg Law Firm’s experience is able to create a plan that meets your unique needs, and provide peace of mind for you and your family. We offer planning services in the DuPage County area, as well as Tampa, FL.