Estate planning is a difficult process, in which we often face a lot of fears common to all humanity and fears that are often felt by the main earners in families. It is hard enough to confront the prospect of the end of life, but it is also difficult to ensure that our loved ones will be safe in the future.
It is never an easy task to plan for the end of life, but the process can provide a surprising amount of peace of mind for the makers of wills and their family members. The right path for estate planning can ensure a personal legacy for generations to come.
Preparing for the end of life is always a difficult process, with many emotional challenges for people writing wills as well as their loved ones. One of the most complicated aspects of end-of-life planning is often how to deal with the product of a lifetime of work.
People are allowed by law to determine the fate of their property and possessions after their death or inability to manage it. This must come as a relief to people who have spent their lives building businesses, eager to pass it on to a new generation or beloved cause. One of the best ways to manage assets is a trust.
Being young and single doesn't mean you don't need a will. Being young and single should be a big reason why you get a will created. Many young, single people like to live life to the fullest. They go on adventures that they might not get to enjoy at an older age. If they are able to, they travel the world. A will helps to protect your assets should die at a young age.
Sitting down with a family law attorney to draft estate plan documents is a very difficult situation for some people. The thought of dying prevents a lot of people from doing this important task, leaving their loved ones in a tough spot upon their death. Putting these documents together now not only protects you should you become incapacitated, but it also protects your family and here's how.
Estate planning is an important part of life, one that many put off until it is too late. For those who have planned ahead and have created an estate plan, there are certain times in life when these documents should be updated. We will discuss those reasons and their importance in today's post.
A special needs trust is an important component of any estate plan for parents who are raising a special needs child. Obviously, parents with special needs kids are going to be worried about what kind of care their children will receive when they die. Parents will also worry if anyone could provide the level of care and love that they give to their child on a daily basis.
Imagine your brother passed away unexpectedly in an accident. He was raising your 10-year-old niece by himself because your niece's mother died of cancer several years ago. You're ready to assume all parental responsibilities of your niece unquestionably, but you may have to jump through a few legal hurdles before you can do so. You need to become the legal guardian of your niece.
Do you own a home? How about a classic car, even one that isn't in mint condition? If you are like a lot of individuals in Northern Illinois, you own your own business and all the assets and equipment that go with it.