Begin Your Estate Planning with These First Steps
It might seem like a daunting task but planning your estate doesn’t have to be complicated. It can be easily broken in down into these simple steps. You should also contact an attorney about estate planning in Hoffman Estates such as Robert M. Kaplan.
Step #1—Figuring Out the Financials
There are plenty of financial ramifications in estate planning, including:
- Figuring out your net worth
- Deciding what you will need for an estate plan, based on your assets and your family
- Planning to exit from your business if you are a business owner and die or become disabled
Step #2—Hiring an Experienced Estate Planning Attorney
Estate planning is complicated, and it is important that you get a good attorney to help you with all of the decisions you will have to make. You want the best for your loved ones when it’s needed.
Step #3—Creating a Will or Revocable Living Trust Your attorney can advise you as to which would be better given your situation.
Step #4—Devising a Plan Should You Become Mentally Incapacitated Estate plans usually give more attention to planning after someone’s death, but it’s imperative to include disability planning as part of your estate plan. Without it, your loved ones risk losing control of you as well as your property.
Step #5—Devising a Plan in the Event of Your Death This will ensure that your loved ones get the things you want them to have after you’ve passed away.
Step #6—Reviewing and Updating Your Plan
Don’t create an estate plan and then put it out of your mind. The estate plan you create today is good for your current circumstances. Things change, and your estate plan will need to be updated accordingly. Make it a habit to review it periodically so it stays up to date with your needs.
Contact Our Hoffman Estates Law Firm Today
Don’t try to create an estate plan by yourself; you need an experienced Hoffman Estates estate planning attorney. Call Robert M. Kaplan today!