It is generally recommended that adults who have assets and property to their name create an estate plan as soon as possible, regardless of their age. While it may be more common for individuals in their later years to have an estate plan in place, unforeseen circumstances can occur at any time, and having an estate plan can provide peace of mind and ensure that your wishes are carried out in the event of incapacity or death.

Young adults who are just starting their careers and accumulating assets may not have a significant estate, but they may still benefit from having an estate plan. For example, a young adult who owns a vehicle or has a life insurance policy may want to designate beneficiaries for these assets in case of an unexpected death.

As people age, their estate plans may become more complex and involve a wider range of assets and beneficiaries. However, it is important to remember that an estate plan is not a one-time event, and it should be updated periodically to reflect changes in personal circumstances, assets, and laws.

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A Power of Attorney (POA) is a legal document that allows you to appoint a person or organization to manage your affairs if you become unable to do so.

There are generally two types of power of attorneys, medical (health care) and financial (property). Power of attorneys for health care and property enable your designated agent to act regarding all or some of your very necessary health care and property decisions. This is particularly useful in event you are unable to act due to disability or incapacity.

Your Power of Attorney/Agent must be:

•          Over the age of 18,

•          Able to make his/her own decisions,

•          Someone other than your primary healthcare provider (such as your doctor or caregiver).

Without power of attorneys, a legal proceeding and court approval may be necessary to execute decisions.

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A Land Trust is a legal entity (business or organization) that takes ownership of, or agency, of a piece of property. The property owner generally hires a company to hold their property.

Some of the benefits of a Land Trust are personal anonymity which may protect against creditor attachment and lawsuits; avoidance of probate upon naming remainder beneficiaries; avoidance of co-ownership disputes, if an agreement is entered between the beneficiaries of a Land Trust; and, much more.

In contrast to a Living Trust, a Land Trust can only hold real estate. If you are interested in a form of Estate Planning that covers all of your assets another type of Trust may be best.

To learn more about Land Trusts or other forms of Estate Planning contact our office (708-981-3344) to schedule a free consultation.

A revocable living trust is a form of estate planning that has many advantages. One benefit is it allows your estate to avoid probate. Probate is the legal process for reviewing the assets of a deceased person. Probate generally requires you to hire an attorney and a judge (court) oversee the process. Probate is very costly. You may have heard (or experienced firsthand) how expensive and long the probate process can be. If you have a revocable living trust your family/friends/beneficiaries can avoid that headache and cost.

A revocable living trust also provides benefits before death. During your lifetime you can control the trust assets. You can also amend and revoke the entire revocable trust. If you change your mind, you can always amend it! In case you become disabled or incapacitated your trust plans for your care. You can select who can help you, where you will live, and how your medical bills will be paid. You are in control!

Additionally, a trust also allows you to: name beneficiaries, name a guardian for your minor child, provide for the financial welfare of your children, avoid certain income/estate taxes, and conserve and manage your property for a better way of Life.

Contact our office (708-981-3344) to schedule a free consultation.

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