What Is Estate Planning And When Do We Need It?
Estate planning is the process of creating legal security for your future. An estate plan can benefit everyone at any time in their life. While many people only think of estate planning as being beneficial to older people, it is incredibly important for everyone, including parents and single individuals.
How Often Should We Be Reviewing And Updating Our Estate Planning Documents In Illinois?
Our office typically recommends that clients review their estate plans every 3 to 5 years, or whenever a significant event has occurred in their lives. Some of the events that may warrant an estate plan review may include: the purchase of property; the birth of children; a dispute that has resulted in an altered relationship with a person included in the estate plan, etc.
Are There Ways I Can Protect Assets For My Living Parent Or Spouse
That Survive Me In Illinois?
There are many ways in which a person can protect their assets in order that they may be used to the benefit of their surviving spouse or parents. The method that will best suit each situation will vary depending on the assets that are in concern. The best way to determine what the best route in your situation may be is to speak with an Estate Planning Attorney. They will be able to use their years of experience and knowledge of the law and various options available to direct you toward the best form of security for your estate.