Most people work all their lives to accumulate a nest egg to retire on and to buy their dream house. However, if you don’t make plans for what happens to your possessions after you die, then it could go to people whom you don’t want to have your money or property. Here are three reasons to contact an estate planning lawyer in Rockford, IL.
Protect Your Family’s Inheritance
A trust lawyer can show you how to protect your family financially by leaving them your assets in a trust. When you leave money or property in a will, it is subject to estate taxes, a divorce lawyer can name them in settlements, and creditors can go to court to be paid for any debts you owed them. Fortunately, clients near Rockford can contact the law firm of Hampilos & Associates, Ltd to make plans for their estates.
Make Healthcare Decisions
While you’re still in good health mentally and physically, you can dictate what should be done if you’re ever in an accident or get sick and are incapable of making decisions for yourself. An estate planning lawyer can put a “do not resuscitate” order in your file for when it is needed.
Name Guardians for Children
If you and your spouse have minor children, an estate planning lawyer can make sure that guardians are named in your will in case something happens to both of you. If you don’t name guardians, then your children could become wards of the state if there is no one to take them in. Even if you have relatives, you may want to name people whom your children are more familiar with to help raise them.
When making plans for your estate, a probate lawyer can provide advice about avoiding probate so that your family gets quicker access to the money and property you left them.
