Whether you like it or not, someday you will die. Fortunately, even after you're gone, your assets will continue to have value. The question is: who do you want to inherit your assets?
By planning your estate, you will ensure that your many assets are passed down to the specific beneficiaries you select. This is far from the only benefit of estate planning. Read on to discover the advantages of estate planning in Mount Prospect, Illinois.
Unfortunately, like all other transactions in the United States, the distribution of an estate is subject to administration costs, expense, and possibly taxation. In particular, this process can be burdensome, and costly, and may include inheritance taxes. These costs and taxes can be a significant percentage of an overall estate, greatly reducing the amount of money which beneficiaries of the estate will receive.
While you may not be able to eliminate all transaction costs and these taxes entirely, you can find ways to reduce them so that your beneficiaries receive as much benefit as possible. Looking to find ways to reduce your costs and inheritance taxes? You'll have to engage in estate planning.
Rapid Asset Distribution
The most common default for those dying with more than $100,000 of so-called probate property in Illinois is the probate process, which takes time. Typically, it will take at least 8 months and could take 2 years or more to be completed. Unfortunately, beneficiaries of an estate which must go through probate will not their inheritance until the probate process is entirely carried out.
Fortunately, you can avoid the probate process by planning your estate. By planning your estate, you can ensure that your beneficiaries receive their inheritances as quickly as possible.
Give to Your Favorite Charity
Perhaps you regularly give to a charity? Maybe you would like to give a sizable part of your estate to that charity after your death? If so, estate planning can help you to do so.
By drawing up a will, you can bequeath a desired portion of your total assets to a charity. You can either give this money as one lump sum, or have it distributed over a specified period of time. By doing so, you'll be helping in death just as you helped in life.
Establish End-of-life Wishes
When most people think of estate planning, they think of getting their finances straight after their death. However, there is more to estate planning than just finances. A good estate plan and set of documents will also address what happens medically at the end of your life, and ultimately, to your remains.
Perhaps you'd like to establish a power of attorney for health care or a living will for yourself. The way to do this is by planning your estate and including those documents in it.
Protect Business Interests
Do you own and operate a small business? If you want to preserve its value for your heirs, estate planning is a near necessity. If you don't draw up a document specifying how your business will be handled after you have died, either the courts or possibly no one will decide for you.
In most cases, business owners have an idea as to who will take over their businesses after they have passed. By planning your estate, you will be able to specify exactly how your business is managed in the short and medium term after you're gone.
Need Help With Estate Planning in Mount Prospect?
Interested in planning your estate? If so, you'll need an experienced estate attorney to show you the ropes. Need help with estate planning in Mount Prospect? The experts at John J. Pembroke & Associates have you covered.
We've been planning estates in the Mount Prospect area for over 30 years. Whether you're looking to create a trust or draw up a will, we can help you.
Contact us today to get started!