DuPage County Estate Planning Attorneys
Knowledgeable Oakbrook Terrace Wills and Trust Lawyers
If you live virtually paycheck to paycheck—like many Americans in our current economy—and do not own a significant amount of assets, you may not believe you have an estate and, therefore, may not believe you should do any estate planning. In fact, most everyone has an estate, which includes your bank accounts and everything you own such as your home and any other property, such as your automobile, your life insurance and your furniture and personal possessions.
Whether your estate is large or modest, it is important you make provisions for yourself and your possessions. You must have safeguards and instructions in place to dictate how your assets are divided among your loved ones and/or the associations you care about most. You also want your assets to be divided with a minimal amount of hassle with the least amount in legal fees, court costs and taxes. Determining your estate with the help from experienced DuPage County estate planning lawyers can lessen the burden on your loved ones as they inherit the estate.
Good estate planning includes a minimum of the following:
- Instructions for your own care should you become disabled before you die;
- A guardian named for your minor children;
- Provisions for family members with special needs;
- Provisions for loved ones who could presently be irresponsible with money, or protection for an adult child’s inheritance in the event of a divorce;
- Instructions on how your assets will be divided;
- Instructions for how your life insurance will be distributed upon your death;
- Disability income to replace your income if you fall ill or are injured and cannot work; and
- Provisions for the transfer of your business should you suffer a disability, die or retire.
Estate planning should be more than a one-time event. Rather, planning your estate should be an ongoing process to be reviewed and updated as your family, the law, and your financial situation change.
Prepare for the Future
Many individuals procrastinate regarding estate planning. Many believe they are too young to engage in estate planning although life is very uncertain for persons of all ages. Others put off estate planning because they think they do not own enough assets. Some people are so busy in their day-to-day lives that estate planning gets put on the back burner. Finally, some people are confused about the whole issue of estate planning and simply refuse to think about it. You may have used one or more of these excuses. However, the bottom line is that you must plan for your future.
The lawyers at Farooqi & Husain Law Office can help you make the necessary plans for your future. Since you do have a choice in the matter, it only makes sense that you would want your private matters handled privately rather than by the state of Illinois. Our DuPage County estate planning lawyers will listen to you, determine exactly how you want your estate planning to progress, then will use extensive knowledge of Illinois estate planning laws to create the very best estate plan for you.
Oakbrook Terrace Estate Planning Attorneys
You can have all the right estate planning documents, but unless they have been properly prepared and executed, your estate planning efforts will be fruitless. The attorneys at Farooqi & Husain Law Office will ensure your estate plans follow state and federal laws and set forth your wishes clearly and concisely. If you are worried about being able to afford estate planning, attorneys Naveed S. Husain and Ausaf K. Farooqi are willing to work with you and are often able to create a unique billing structure which most closely fits your current financial situation. For attorneys who are accessible, community-based, experienced and knowledgeable, contact us at 630-909-9114.