Estate Attorneys in Moline, IL
Estate plans are essential to carry out your objectives for the transfer and administration of your assets. To help you achieve your goals, our lawyers provide advice on a variety of legal structures such as wills, trusts, joint ownership, transfer-on-death instruments, and inter-vivos gifts. We are also frequently retained by trustees, executors, and administrators to assist in the court processes involved in handling an estate.
Estate planning gives you the opportunity to make decisions, while you’re still living, as to where your possessions go, who they go to, and what happens to you and your loved ones if you can no longer make those decisions. However, the process is a complex one.
What is Estate Planning?
Estate planning is about preparing for the possibility of death or illness within your family. Instead of leaving the management of your assets to chance, estate planning gives you the opportunity to create an effective, comprehensive plan for the things you’ve worked hard to accumulate over a lifetime.
The goals or objectives of estate planning include the protection of your financial security, estate tax reduction, probate avoidance, planning for nursing home care expenses, planning for second marriage, distributing assets to your children in the manner you prefer, and planning for your children and grandchildren’s inheritances.
An estate plan is designed to include incapacity or disability planning, including a living will, healthcare power of attorney, and durable power of attorney. In the Last Will and Testament, you can specify who is to be the legal guardian of your minor children in case of your death.
You can also plan a revocable living trust to avoid probate and to help you manage your estate matters during your lifetime, as well as after you’re gone.
Why Would Someone Need Legal Representation for an Estate?
Drafting an estate plan is serious business that involves a lot of legal terms and documents. One wrong word or a missing signature on a document could change the whole intent of your will or trust. Here are three additional reasons why you need to hire qualified legal representation when planning your estate:
1. State Laws Rule Estate Plans
State laws are very specific as to what can and cannot be in your will, trust, financial or medical power of attorney. They are also clear about who can and cannot serve as a trustee, personal representative, healthcare surrogate, or attorney, as well as the people who can or can’t be witness to your will and trust, and so on. An estate attorney gives you the confidence and peace of mind of knowing that everything is done according to the laws in your state so you can avoid these types of costly mistakes.
2. Buyers Must Beware
‘Buyer Beware’, or ‘Caveat Emptor’ certainly applies to the process of estate planning. If you’re trying to save a few dollars by doing it yourself or downloading forms off the internet, your family may get a rude awakening when they find out that part of your will, or even all of it, is not legally valid. If you want things to work the way you intended, it’s important to get the help of a qualified and experienced estate attorney.
3. Simplify Complex Family and Financial Situations
Your estate attorney will have the necessary skills and knowledge to help you sort out complex financial or family situations so that your loved ones, and not a probate lawyer, the IRS, and/or the state’s department of revenue that gets the largest piece of your estate. These issues include second or later marriages, minor children, owning one or more businesses, recently divorced, leaving part or all of your estate to charity, and so on.
Are You Ready to Create a Well-Rounded Estate Plan?
If so, contact us right now to speak to an experienced estate attorney. We offer free initial consultations to help guide you toward the best option to cater to your estate planning needs.
Estate planning is a crucial step to ensure your assets and wishes are protected, even after you're gone. At Katz Nowinski P.C., our experienced team of attorneys in Moline, IL, serving the Quad Cities, understands the importance of planning for the future. We offer comprehensive estate planning services tailored to your unique needs. From drafting wills and trusts to establishing powers of attorney and healthcare directives, we guide you through the process with care and expertise. With our assistance, you can have peace of mind knowing that your loved ones will be taken care of and your legacy will be preserved. Let us help you navigate the complexities of estate planning – contact Katz Nowinski P.C. today.
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