Estate Planning Lawyers Protect A Client's Property From Becoming State Property
How estate planning lawyers protect your assets: Find out what estate attorneys do to protect clients' estates and guarantee their final wishes.
Devising a plan as for how assets should be distributed in the event of a death is something that most people have given thought to, but not everybody has carried out. There are common misconceptions regarding this important aspect of preparing for the inevitable, and among them is the idea that most people do not have enough assets or property to constitute an entire estate.
This doesn't have to include lavish homes, large sums of money or ownership rights to profitable business ventures. Anything of value must be considered, whether it's land, antiques, jewelry or rare collections. For those who wish to pass their cherished possessions onto their loved ones, hiring estate planning lawyers to devise a living trust or will can be the best way to ensure that final wishes are carried out. Estate attorneys devise plans that are used to properly acquire, protect and allocate physical and liquid assets that are to be inherited, per the request of the testator.
Why Do Estate Attorneys Draft Wills And Trusts?
When it comes to planning, attorneys can guide clients through the legal process of drafting documents that state which beneficiaries will inherit specific possessions, and how much each beneficiary is entitled to. There are two methods that estate planning lawyers use to protect their clients, their assets and their loved ones: living trusts and wills.
Trusts and Wills are drafted by an attorney that specializes in elder law, where they take the instructions specified by their client and create a legally binding document that ensures that their assets are divided in ways that they consider fair and just.
Trusts and Wills can be viewed as legal documents that complement one another. A Trust is used for planning purposes and serves to dictate how property and valuables will be distributed, with the Will being used to cover any property or assets that are not contained within a Trust. Wills and Trusts should be updated regularly as to reflect changes within the law. This small step is a very important requirement for protecting these documents from being disputed later on.
What Happens Without A Will Or Trust?
In the event that someone dies without drafting a Will or Trust, they are considered to have died intestate. When this happens, the state gains control of any possessions that belong to the deceased person and reserves the right to distribute them in ways that they consider to be appropriate. The most common scenario includes property and assets being divided amongst blood relatives. In addition to physical property, the state also makes the determination regarding the placement of any minor children.
In the absence of a Will or Trust, many would-be beneficiaries are left without an inheritance. In addition to having little to no legal grounds for recourse, the amount of energy and financial assistance to successfully appeal a state-mandated division of assets leave many people with no options when it comes to collecting their promised share of an inheritance.
Hiring estate planning lawyers to draft a Trust or Will is the best way for individuals to guarantee that their final wishes are carried out. In addition to specializing in elder law issues, estate planning lawyers have the experience and knowledge that is necessary for protecting their clients within the legal system.
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ABOUT THE AUTHOR
When it comes to elder law in Chicago, Peck Bloom's Chicago estate planning lawyers have extensive experience in protecting the best interests of their clients. If you or a loved one needs the assistance of estate attorneys in Chicago, contact Peck Bloom, LLC today.