Estate planning is important — estate attorneys in Chicago will tell you that. However, many people don’t actually realize why it can be so important. Before you meet with Peck Ritchey’s estate attorneys in Chicago, take some time to get to know about the different aspects of a standard estate plan. Each part may not apply to your situation, but some of the most common components of any estate plan are trusts for minor children, a will and a living will.
Estate Attorneys In Chicago Can Help You With A Trust
While many people think that a trust fund is something reserved for the very wealthy, the truth is that anyone with children can benefit from establishing a trust. Minor children are too young to be the direct beneficiaries of a life insurance policy or a retirement account. Instead, parents can place their money into a trust so that the money is held until the child reaches a certain age. To enable access to the funds, a trustee will be appointed with the authority to use the money for the child. Make sure that you have faith in your trustee since he or she will be responsible for keeping the money safe until the child becomes of age. While a child does become a legal adult at age 18, many parents are more comfortable with not releasing any trust funds completely until the beneficiary reaches age 21 or 25. This can help ensure that the beneficiary is financially responsible to handle a large sum of money.
Estate Attorneys In Chicago Prepare Living Wills
A living will is a document that’s only needed if you’re suddenly unable to make medical decisions for yourself. The living will covers very specific situations, such as if you’re unable to breathe on your own or if you require a feeding tube to survive. Spelling out your wishes can help your family if they’re suddenly faced with making serious medical decisions.
Estate Attorneys In Chicago Prepare Wills
Your will is probably the most important part of your estate plan. This tells your loved ones where you want your belongings and assets to go once you pass on. Neglecting to prepare a will is often a cause of family strife, as family members argue about dividing up the assets during an extremely stressful time.
Other Ways Estate Attorneys In Chicago Can Help
A trust, living will and will aren’t the only ways estate attorneys in Chicago can help. Other services include legally protecting assets from Uncle Sam and funeral preplanning. It’s not uncommon for estate attorneys in Chicago to also concentrate in elder law, and many of these attorneys can help protect older adults through guardianships or powers of attorney.
If you suspect you need estate attorneys in Chicago, the law offices of Peck Ritchey can help. We work with clients when they’re going through some of the most difficult times in their lives and we know how important it is to treat each client as we’d like our own family members treated.