Oct 03, 2013
By Elder Law Attorney and Senior Estate Planner Rick Law of Law Elderlaw, serving West suburban Chicagoland
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 state decides that is). Sounds simple, doesn’t it?
The problem is that probate can be a huge weight on your already-grieving family. It can cost many 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 costly. In addition, what passes through probate is made public record… meaning all your laundry is aired, for better or for worse.
In my office, I have seen too many people fail to plan properly. Unfortunately, the person who failed to plan has not only passed their estate to their loved ones, but they have also passed a huge burden onto their children and/or spouse.
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.
Too many families needlessly lose everything they have. Don’t let that be you. If you need help paying the overwhelming cost of long term care, 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, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney and 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. Call 630-585-5200 or 800-310-3100 for your free consultation now!
“Everyone in the office was absolutely wonderful to work with whether on the initial set-up of the trust, adjustment to such following my father’s passing, or processing of his home sale and proceeds.
They genuinely care for your family’s well-being and walk you through each step of the process. They are also exceptionally responsive even when parties involved live in different locations.
This is a definitely a team you can trust and one I highly recommend.”
W.W., Client of Law Hesselbaum