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Orland Park estate planning lawyer

Preparing for your future is the best way to ensure that things go as planned in the legal department. No one can accurately predict what will happen; however, taking preventative measures is a good step in the right direction. Many put off creating an estate plan until they are older, thinking that they will have plenty of time to do it later in life. However, this places them at risk of losing everything in the event of an emergency. The future may be unpredictable, but with an experienced estate planning attorney’s help, you can make sure that all of your bases are covered.

The Basics of Estate Planning

An estate plan has many moving parts, all of which are unique to each person or family. Some individuals decide to complete only one of the following legal documents, while others have an attorney help create them all: 

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Oak Forest estate planning attorney

While a will documents your wishes for what will happen with your belongings after your death, a living trust allows you to determine how to handle your assets both while you are alive and after you have passed. In your trust, you may be called the “grantor,” “settlor,” or “trustor,” and you will be able to designate who will get your possessions. These people are called your “beneficiaries.” You will also name someone as your “trustee,” which means that he or she will be the one to ensure that your wishes are carried out correctly.

You may be your own trustee, or you can name a survivor trustee who will take control of the trust after your death. You may also set yourself up as a beneficiary of the trust while you are living, and you can add others as beneficiaries, including a spouse, children, or a friend. A living trust can be changed as you feel necessary at any time, or you may cancel it altogether. The trust will be empty until it is funded, which means that until you have transferred your assets to the trust, it will not go into effect.

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