DuPage County Estate Planning Attorneys

Knowledgeable Oakbrook Terrace Wills and Trust Lawyers Serving DuPage County and Cook County

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, you may not believe you should do any estate planning. In actuality, most everyone has an estate, which includes your bank accounts and everything you own, such as your home, automobiles, life insurance policies, furniture, personal possessions, and any other property.

Whether your estate is large or modest, it is important to make provisions for yourself and your possessions. You must have safeguards and instructions in place to dictate how your assets will be divided among your loved ones and/or the people and organizations 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 how to handle matters related to your estate with 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.