Apr 25, 2013
Talking about what happens after you pass away isn’t an easy thing to do.
Most people avoid it like the plague… and that’s normal!
That being said, we have to remember that after we breathe our last breath, something does happen to our estate… whether we planned for it or not.
Most people think that a will is all you need as you plan for your eventual death. But these days, things have changed. You may want to make the process of managing your estate as easy as possible for those you love.
If you only have a will, your estate will pass into a court proceeding called probate when you die. This will help determine exactly who gets what parts of your estate according to your will.
If you don’t have a will, your estate will still go through probate and will pass to your rightful heirs (depending on who the government decides that is).
Sounds simple, doesn’t it? The problem is that probate can be a huge weight on your already-grieving family. Moreover, it can cost your family thousands of dollars, and drag on for months… or even years after your death.
As you might imagine, if your family is forced to deal with probate for months or years, it can become extremely time-consuming and costly. In addition, what passes though probate is public record… meaning all your laundry is aired, for better or for worse.
In my office, I have seen far too many people fail to properly plan. And the person who fails to plan may pass a huge burden onto their spouse or children!
The good news is, with proper documents in place, you can avoid putting that load on the ones you love after you pass. With planning that is right for your unique situation, you can put your mind at ease that your family will have the best possible outcome when you die.
Always be sure you talk to a qualified Elder Law attorney before you take any steps. While probate can be expensive and inconvenient, for some, it is the best option. Every person’s circumstances are different… make sure you’re making the right choice for your family before you put anything in place.
If you’re ready to start getting your estate in order and secure your assets for the “worst-case” scenario, please give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now.
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Appointments available in Chicago, Aurora, Oak Brook, Schaumburg, and Joliet. Call 800-310-3100 for your free consultation now!
My wife and I had our first child three years ago. That’s when we decided to set up a trust, should anything happen to either of us. We reached out to Zach Hesselbaum to help us out. He was very thorough and professional throughout the whole process. Zach went above and beyond to make sure that we understood every detail of setting it up and he did an excellent job. We recently had our second child a few months ago. With the new baby, he helped us make the necessary revisions to the trust. Zach made this process great for us! I would definitely recommend using him for any of your estate planning needs!
Tom G., Naperville, IL