FIRST STEPS TO INITIAL ESTATE PLANNING

Estate Planning can be a confusing and overwhelming process if you do not have previous experience with it. However, it is typically a combination of some straightforward decisions.

While each situation is unique, there are some general choices to consider that can streamline the process and help you feel more prepared going into your initial consultation with an attorney to discuss documents. Some of these decisions include who you would like to be the Trustee of your Trust if you need one, who you would like to be your Executor of your Will, who you would like to be your agents for Powers of Attorney for both your property and healthcare decisions, who you would like to be guardian of any minor children you may have, and if there are any specific gifts you would like to make. These are important decisions to make but by being prepared ahead of time, the attorney can assist in making suggestions specific to you and your estate while also helping you feel more prepared going into the consultation.

TRUSTEES AND EXECUTORS

Trustees and Executors are people that you believe will properly manage the money that you have left at the time that you pass away. These people would also be in charge of managing the money specifically left for any children you may have who have not reached an age where they can manage their own money.

AGENTS FOR PROPERTY AND HEALTHCARE POWERS OF ATTORNEY

Agents for both Power of Attorney for Property and Power of Attorney for healthcare are people who would make decisions for you financially or regarding your healthcare if you are still alive but incapacitated and unable to make your own decisions. The agents for these two documents do not have to be the same or in the same order but they should be people that you would trust to make important decisions for you and that would respect your wishes. One thing that is specific to these documents is that it is strongly suggested that you have each agent’s home address ready and available during the consultation if you have made your decisions. This is one way for these people to be specifically identified, especially if they happen to have a more common name. Although the home address is included, there is always the understanding that people will move so there is no need to worry about having to change your documents every time one of your agents moves.

GUARDIANS

Guardians of any minor children is a very important designation. While you may have had a conversation with a trusted relative or friend where they agreed to take care of your children if anything were to happen to you, assigning them as guardians within your Will makes it legally official. It is obviously every parent’s wish to ensure that their children are taken care of when they pass away, and this is one way to ensure that happens.

SPECIFIC GIFTS

Part of having estate plan documents is being able to specifically gift money, real estate, or tangible personal property such as jewelry, cars, antiques, etc. to an individual or organization. Preparing a list of such gifts that you may want to grant when you pass away, will help the attorney that you meet with make suggestions as to what documents are required to ensure those gifts are made in the way that you wish.

CONTACT THE LIBERTYVILLE WILLS AND TRUSTS LAWYERS AT JOHNSTON TOMEI LENCZYCKI & GOLDBERG, LLC TODAY

Johnston, Tomei, Lenczycki, & Goldberg, LLC is an established Libertyville law firm highly effective in estate planning matters, including the creation of wills, trusts, and powers of attorney. Our compassionate and driven team will be there for you the entire time, with open communication and a deep understanding of your rights. Contact us for further details or to schedule your initial consultation. Our first meeting is always free.