“Estate planning” is something we have all heard of and know we should do, but the nuances of preparing and planning for it are often lost. From handling complex issues like a recent divorce, marriage, or even plans for a pet after your death, the idea of estate planning can seem overwhelming and stressful. An estate lawyer can help.
From helping you plan your wills and trusts to understanding estate tax, an estate lawyer has the knowledge and experience needed to help you with estate planning. Here in Chicago, you can trust Bleakley Law LLC with your estate planning. In today’s blog, we will discuss the basics of estate planning so you can increase your understanding, but we encourage you to contact us today with any questions you may have or to get started on your own estate planning in Chicago.
What does “estate” mean?
When people think of “estate” — and subsequently estate planning — many people think of a mansion or castle in Europe with rolling hills. Because of this, many people think estate planning is only for extremely wealthy people.
However, estate planning truly is for everyone. Your estate consists of all property you own at the time of your death, such as:
- Bank accounts
- Life insurance policies
- Personal property (vehicles, artwork, furniture, jewelry, etc.)
- Real estate
- Stocks and other securities
The “size” of your estate does not determine whether you need estate planning or not — an estate lawyer can help you plan for the aspects listed above, no matter how large or small they may be.
What does estate planning plan for?
To put it simply, estate planning clearly outlines how you want your assets to be cared for after your death. From who will be the guardian for your minor children to business succession or care for your pets, a will lawyer can help you plan it all. Here are other factors estate planning can address:
- Funeral arrangements and payment
- Life-prolonging medical care
- Property division
If you have questions about how estate planning could be useful for you specifically, contact Bleakley Law LLC for help with estate planning in Chicago today.
Why should I do estate planning?
Estate planning can make life easier for your loved ones after your death and ensure that your wishes are honored. Here are reasons to do estate planning:
- You can identify loved ones that you wish to receive your property and ensure they receive said property quickly and legally.
- You can minimize the amount of taxes that will need to be paid for your property to be transferred to others.
- You can establish a living trust to avoid time and costs associated with the probate process.
- You can clarify what kind of life-prolonging medical care you wish to receive if the need arises.
- You can plan all funeral arrangements and expenses, which will decrease financial and emotional stress for your loved ones.
Ultimately, all of these reasons come down to making sure your wishes and desires are met and that your loved ones are cared for and experience less stress at the time of your death.
Get Help With Estate Planning In Chicago Today
Need to meet with a will lawyer or trust lawyer in Chicago? Elizabeth Bleakley is an experienced estate lawyer who can help you find peace and success in your last will and testament or your living will. For estate planning in Chicago, you can trust Bleakley Law LLC to work hand-in-hand with you to meet your goals. Contact us today to get started with estate planning.