The Benefits Of Estate Planning

Mortality is something we must all face. Although it is not pleasant to think about or plan for, if you have spent your life accumulating wealth and assets you must ensure that they are disposed of according to your wishes. Otherwise, your estate can go intestate, which means the courts will ultimately decide who gets what.

Benefits Of Estate Planning

Important of an Estate Planning Attorney

The best way to avoid this is to work with experienced estate planning attorneys in Crystal Lake. They can help you decide and to draw up the legal language that will determine how your assets are to be divided and who is to control the various parts of your business interests.

The latter is especially important if you have a controlling share in a number of companies. You have spent your life building up enterprises. You may have even trained and mentored the people you want to take over when you are gone. If this is not stipulated in your will, then the power to direct the operations of these companies will go along with the shares you own in them to a member of your immediate family.

This can be a disruptive and disastrous result. It may affect the lives and livelihoods of the employees and partners you’ve worked with for years. The better way to manage the situation is to separate your shares in the companies from the executive control you have over them. Estate planning attorneys in Crystal Lake can help you create a legal document that settles a certain amount of money and other assets on your loved one while transferring your controlling interests and executive power to the person or persons you designate.

Estate planning attorneys in Crystal Lake can also help you set up a trust fund if that is your wish. There are a number of different arrangements you can make for the operation of your trust fund. You can make it so that the individuals you have set it aside for, get all of the money once they have turned a certain age. Or you can make it so that the fund pays out over a set number of years. You can also set up trusts that offer financial support to people involved in causes you care about.

The distribution of your real estate is another significant job for your attorney. An estate planning attorney can help you get an overall understanding of the size and value of your property. You may want to leave certain parts of it to your loved ones and set aside other parts for other people and causes that are close to your heart or that interest you.

Making these decisions can be difficult. They will compel you to think in ways that you have not had to before. With an experienced and highly qualified lawyer by your side, you can determine your priorities and ensure that everyone gets what you believe they deserve. Drawing up an estate plan will also help you protect what you have spent a lifetime building up.

 


 

***This is not intended to be legal advice and you should consult with an attorney.

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