Creating an Estate Plan That Protects Your Legacy and Empowers You!
Everyone has an estate. The things you own are part of your estate. Your possessions such as: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, and personal possessions. No matter how large or small your estate, you should protect your legacy.
In the event of death or incapacity, you should want to control how your estate is given to people or organizations. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it.
This process is known as estate planning. However, good estate planning is about so much more than naming whom you want to receive the things you own after you die. It should also:
- Minimize taxes, court costs, and unnecessary legal fees.
- Provide for loved ones who may be careless with money or who may need future protection from creditors or divorce.
- Include instructions for passing values (religion, education, etc.) in addition to your valuables.
- Provide for family members who have special needs without disrupting government aid.
- Name a guardian for minor children.
- Provide for the transfer of your business at your retirement, disability, or death.
- Include instructions for your care should you come disabled before you die.
- Include life insurance to provide for your family after your death, disability income insurance to replace your income if you cannot work due to illness or injury, or long-term care insurance to help pay for your care in case of an extended illness or injury.
- Be reviewed and updated when there are major life events.
Estate Planning Documents
- Testamentary Will
- Durable power of attorney
- Beneficiary designations
- Letter of intent
- Healthcare power of attorney
- Guardianship designations
- Power of Attorney – Health
- Power of Attorney – Finance
- Living Trust – Individual
- Living Trust – Joint
Contact our office today and let us help you with your Estate Plan. For more information or to schedule a confidential consultation with Attorney Reynolds, call 708-981-3344 or contact our office online.