When you are young and healthy, estate planning does not always seem like an urgent matter. But that is exactly when you should get started! It can be an unsettling thought, but life is unpredictable and it is never too early to solidify plans for child custody, money and possessions.
What is an Estate Plan?
The word “estate” implies that you have a vast accumulation of property or possessions, but the reality is that if you have any assets whatsoever, you have an estate. You car, home, business, savings, or retirement accounts (regardless of size) all count as part of your estate. An estate plan gives explicit instructions as to how those assets should be distributed, eliminating any stress or confusion for your family or friends.
Is an Estate Plan or Will Really Necessary?
Absolutely, yes. A will helps ensure that your wishes are carried out in respect to property distribution, designating a guardian for your children and naming an executor of your estate. Without a will or estate plan, you lose all control and a judge will have to make these decisions for you. The professionals at Churchill, Quinn, Richtman & Hamilton are here to make sure YOU get to make those decisions.
Estate Planning When Children are Involved
If you have children, this should be the most important reason to have a final plan in place now. Our lawyers cannot stress enough that everyone who has a child should have a current, valid will. If you were to pass away, you do not want the courts to make the important decision of who will take responsibility for your children. Guardians should be chosen carefully after a thorough discussion with the would-be caregivers to ensure their willingness and appropriate ability to provide for your kids.
Take the Time to Plan Properly
There are many details involved in properly executing an estate plan and will. Small errors could result in delays in the court system and open your estate to being contested. Our qualified attorneys can prepare and file the correct estate documents in order to protect your family, your assets and your wishes for what happens to your property.
Churchill, Quinn, Richtman & Hamilton has operated in Grayslake for over 100 years and our attorneys are experts in the field of estate law. Contact our legal professionals at 847-223-1500 for guidance through the estate planning process and to develop the best plan for you and your beneficiaries.
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