No one ever means to let life get away from them before making final arrangements of their estate, however, accidents, illness and sudden catastrophes do happen and many people die before ever seeing to their estate planning. With that in mind, an Estate Attorney in Chicago, IL will be able to help you finalize you wishes and settle your estate as you wish, before your time comes. While many many people think of an estate lawyer as one who helps handle your final wishes if you die, they are also there to handle finances and plans should you become incapacitated or disabled, too.
If you have a substantial estate to leave to your family, the last thing you want is for it to be eaten up by taxes. Many unmonitored estates end up with excessive income, estate or capital gains taxes. This can often be avoided if you utilize the services of a qualified Estate Attorney in Chicago, IL to handle your affairs. A wise attorney will also put a no-contest clause into your estate to discourage challenges against your wishes. This should provide you with peace of mind about having your wishes carried out as you directed.
After you pass, it’s always a possibility your spouse could re-marry and have children with their new spouse. To protect your own children’s inheritance, a qualified attorney will prepare your estate so your spouse’s future children nor step children will have a claim to your birth children’s inheritance. Taking care of your children is a main purpose of an estate, but you want them to use their inheritance wisely. With proper planning, you can arrange for portions of your estate to be divvied out when important positive life decisions or accomplishments are achieved. For example, you may choose to have a portion of their inheritance be distributed when they graduate college or have been married for five years. These encouraging milestones allow your estate to remain funded for a longer period of time and keep it from being depleted by unwise financial decisions.
Estate plans often include a “no-contest” provision. Such an election can discourage challenges to your estate plan, giving you additional assurances that your wishes will be honored.