A competent estate planning lawyer can assist you in ensuring that your assets pass when and where you want them to. This is because an estate plan is a collection of legal documents that outlines your desires for the disposal of your property, the guardianship of your minor children, and even the management of your medical care. FindLaw’s goal is to put you in touch with a qualified estate planning attorney in your area who can assist you in developing a thorough strategy that addresses your individual requirements.

All of your goods, including your home, automobiles, life insurance policies, bank accounts, investments, and personal property, are considered to be part of your estate. The top Chicago estate planning attorneys will explain how these elements go together and work with you to develop a unique strategy for the transfer of your assets and affairs.

During the estate planning process, attorneys consider your objectives, family relationships and charitable inclinations, as well as federal and state inheritance laws and the relationship of gift tax, death tax and generation skipping transfer laws to your goals. They also review your current tax situation and recommend strategies to achieve your goals. They may also help you with your trust administration, assisting you in the implementation of your plan.

The purpose of estate planning is to organize your affairs so that after you pass away, your loved ones won’t have to go through the pricey probate procedure. The easiest method to prevent this is to place your assets in a trust, which will shield them from creditors and from being lost to probate. They can also assist you in lowering or avoiding taxes, which is crucial for people with significant wealth.

Another benefit of an estate plan is to avoid conflict among your family members after your death. You can do this by clearly stipulating in your estate who gets what and when. It is not uncommon for family members to disagree about who should get certain items, especially if those items are very valuable. An estate plan can prevent these disputes by removing the decision-making power from your family members and putting it in the hands of trusted professionals.

A skilled lawyer can also assist you in preparing for unforeseen events like blended families and disability. For example, you can create specific trusts for heirs with impairments that are organized so they can keep receiving government benefits like social security disability payments. A lawyer can also assist you in drafting a health care power of attorney and/or health care proxies, which will give your loved ones the legal right to make medical decisions on your behalf in the event that you become incapacitated. This will spare your loved ones from going through the challenging and pricey process of applying for a conservatorship.