Estate Planning is For Everyone
We all need an estate plan. Kevin Camden has one, his parents have one, his neighbors and friends have them. People across town on the East side of Chicago have them. Whether you live in a high rise on the lake, or out in one of Chicago’s beautiful suburbs, everyone, regardless of your age or financial status, should have an estate plan in place.
What is an Estate Plan?
An estate plan provides a guideline for what should happen to your assets after you are gone. Without an estate plan, your loved ones could be subject to the probate process and intestacy laws. Estate planning also involves giving permission to family members or an agent to carry out your wishes if you become incapacitated while still alive.
Estate planning can involve many legal strategies including Wills, Revocable Living Trusts, Irrevocable Trusts, Powers of Attorney for Property and Health Care. Camden Law Office have unique insights to help plan the steps you need to take in order to ensure your property is protected. A properly drafted estate plan will ensure your plans are followed. It can also minimize taxes and probate costs to your family.
Which Do I Need – A Will or A Trust?
This is one of the most commonly asked questions asked when people are first starting to create an estate plan. The answer is not simple. It depends on a multitude of factors that personally affect the makeup of your estate plan.
A will is a written document that outlines your intentions after you pass away, who will dispose of your property and who will inherit your property. A will must go through probate.
A trust helps you to avoid probate. Your property will be moved into the trust during your life and the trust will then own the property, of which your beneficiaries will receive after you pass away.
Even if you have a trust established, a will provides an additional backup plan for any new or old property that wasn’t included in the trust.
It all depends on your unique estate planning needs. That is why working with an experienced Estate Planning attorney from Camden Law will help you decided whether you need a will or a trust.
What Legal Documents Could My Estate Plan Include?
- a Will
- a Living Will
- a Power of Attorney for Property
- a Power of Attorney for Health Care
- a HIPAA Authorization
- and/or one or more Trusts
There are many considerations in deciding what kind of estate plan you need and there are a variety of tools available to meet your estate planning needs. Whether you need to designate someone to inherit your possessions or you want to minimize taxes and manage funds, we can advise you on the best strategy to meet those goals.
There may be additional tools available to help you meet your needs and goals with Camden Law on your side during your estate planning.
Please contact Camden Law for a consultation so that we can share with you our estate planning services and background.