One thing you should never do is put off creating your own estate plan. After all, you have worked hard throughout your entire life to provide financial security for yourself and your family, so shouldn't you also work hard to make sure these assets are protected after you are gone?
Here are five very important reasons you need to consider if you ever find yourself wondering, "Why do I need an estate plan?"
1. Control over your property
Whether you use a will, a trust or some other estate-planning option, a comprehensive estate plan will ensure your assets and property go to the people you want them to, and not to whomever the government chooses.
2. Your children
If you have young children, you can use an estate plan to name their guardians and provide guidance regarding their care and education.
3. Minimize family infighting
If you don't create an estate plan, it may lead to legal battles among family members over your property. A well-drafted estate plan can help minimize the chances of these types of disputes.
4. Estate taxes
If you own substantial assets, such as a business, your estate may be subject to estate or inheritance taxes under both federal and Illinois law. Proper estate planning can reduce ― and in some cases eliminate ― estate taxes.
5. Your business
If you own a small business, you face many legal challenges, particularly when it comes to estate planning. However, if done correctly, a properly executed estate plan can provide for an orderly succession of your business by outlining how your business interests will be treated after you are gone ― making sure your business continues to run smoothly.
Contact The Law Firm Of Herman J. Marino Ltd., P.C., For A Consultation Today
Depending on your circumstances, there may be many other reasons why you need an estate plan. To speak to an experienced estate-planning lawyer in the Chicago area, contact Herman J. Marino Ltd., P.C. With nearly four decades of legal experience, attorney Herman J. Marino will carefully explain all of your estate planning options. Reach out to us today to schedule a initial consultation. You can call us at 312-347-9990 or 312-347-9991.