Estate planning consists of creating documentation to protect your rights to your property and assets. These concepts empower you to make decisions about your property before you die. This includes assigning ownership to your family members.
Planning Your Future Care
Estate Planning Lawyer Rockford, IL help you to understand your rights in terms of future care. For example, you can assign a power of attorney to a family member to care for you when you’re able to yourself. The power of attorney could make provisions such as ensuring that you visit the doctor of your choice. Your plan could make provisions pertaining to life support and long-term care.
The Use of Your Property
When you sign a power of attorney for future care, you can protect your assets by including provisions. For instance, you can prevent the family member assigned to this authority from selling your property. You can also outline how they are allowed to use this property and any conditions that could remove them from this assignment.
Writing a Will
Your will identifies more than who receives your property. It also identifies a guardian to take care of your children if they are minors when you die. The will could assign limitations on the financial support you set up for your children. For example, a trust fund designed to support your children may require the guardian to submit regular receipts to ensure they aren’t using these assets unethically.
Reviewing Tax Implications
Your loved ones will incur inheritance tax when ownership of the property is transferred to them. However, your attorney could help you to reduce these burdens by decreasing the total value of your estate. To accomplish this task, you can transfer money into trust funds, set up an organization, or start a charity.
Estate Planning Lawyer Rockford, IL help property owners to protect their interests. This includes constructing plans to ensure that their final wishes are carried out properly. This includes assigning ownership of their property to loved ones and making determinations for your children. The attorneys can also help you to create a care plan for the future. To learn more about these concepts, contact Crosby Law Firm now.
