Estate planning directs what will happen to a person’s estate after death. An estate can include cars, real estate, bank accounts, investments, life insurance, personal possessions, and more. And while an “estate” may feel like something limited to the rich and famous, estate planning is not about the size or value of the estate. The process allows you to make decisions during your lifetime, provides protection, and ensures your wishes are honored after your passing.
Here are just some of the questions you should ask yourself when considering an estate plan:
- Who will receive my money and property when I die?
- How much property should go to each member of my family?
- How do I handle my children from a previous marriage?
- How does my property settlement agreement with my former spouse impact my estate?
- Do I have enough money to provide for my family’s needs?
- What is the exact worth of all my property?
- Who will manage my estate after I die?
- Who will manage the property given to my minor children?
- Who will manage the property if my child is disabled?
- Can I stop my minor child from receiving their entire inheritance at age 18?
- Can my minor child’s inheritance be paid out in parts as the child matures?
- Will my estate be affected by the death tax?
- Can death taxes be reduced?
- How will the ownership and control of my family business or farm be transferred?
- How will the taxes on my farm or business be paid?
- Should I have a buy-sell agreement with my business partner?
- Who will manage my assets and pay my bills if I’m living but I’m no longer able to do so?
- Who will make my health care decisions for me if I am unable to make those decisions for myself?
Once these and other questions have been answered, a proper estate plan can be formulated and the accompanying documents can be completed.
An estate plan will include documents such as wills, trusts, beneficiary designations, power of attorney for healthcare, buy-sell agreements, and more.
Finding the answers to the above questions and completing the necessary documents can be a challenging and personal task. Accountants, trust officers, life insurance agents, financial planners and attorneys can be valuable resources in the estate planning process.
If you are in search of legal advice regarding estate planning, please do not hesitate to reach out to an Illinois estate attorney at the law firm of Kovitz Shifrin Nesbit. You can reach us at 855-537-0500 or by find us online at www.ksnlaw.com.
This article is made available by the lawyer or law firm publisher for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By reading this article you understand that there is no attorney client relationship between you and the article author. This article should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. © 2018 Kovitz Shifrin Nesbit, A Professional Corporation.