No one likes to think about no longer being around. Even so, it will happen. Your demise could not take place for decades or it could happen tomorrow. What would your loved ones do in terms of managing whatever you leave behind? Now is the time to talk with one of the trusts and estate lawyers in Carpentersville to structure your estate. Here are three areas that need attention right this minute.
Covering the Basics
The foundation for your planning involves creating a few key documents. Your last will and testament is the first one that needs your attention. Make a list of what you own and who should receive it after you pass away. The lawyer will help organize everything, so that there’s no question of what you want to do with everything, from your personal belongings to your financial assets.
Adding medical and legal powers of attorney are also important. If you become incapacitated, these documents remove all doubt about who can act in your stead. Don’t forget a living will; it will ensure that your wishes about medical treatment are honored, even if you cannot speak for yourself.
Making Provisions for the Kids
What happens to your children if you pass away? There are different types of trust funds that will ensure there’s money to take care of them and cover the costs of education. Some trusts make it possible to ensure each child receives an allowance each month so there are resources for basic living expenses. The right trusts and estate lawyers in Carpentersville can explain each trust fund option and help you identify the one that works best.
Ensuring the Surviving Spouse is Financially Comfortable
Estate planning also ensures that your spouse has enough assets to live comfortably if you are no longer around. See it as one last way to demonstrate how much you love your spouse and want to ensure he or she never has to worry about a place to live or food to eat. Are you unsure where to start your estate planning? The team at Casement Group, P.C. can help. Together, we can go over your present situation, ensure that all the bases are covered, and provide some advice on how to enhance the planning as your circumstances change in the future.
