The chances are, a person in their 20s or 30s has not written a will and does not have any medical directives on file that would tell doctors how to treat them if they were incapacitated. Unfortunately, young people die every day, and they leave families behind to make end-of-life decisions for them. After a death, the family has to incur the time and expense of going to probate court to divide assets and settle the estate. This could all be avoided if a person took the time to learn how an estate planning attorney in Glenview could help them.
Most young people still working on getting established in their career won’t need a complicated estate plan. However, by getting started early, they can lay a foundation that may be updated as they build their family and gather assets. For many, a will is enough to give directions on how to handle any solely owned assets, pay debts, and give to charity. A will can also be used to name a guardian for minor children. It’s important for anyone who wants to write a will to know the legal guidelines. For a last will and testament to be recognized by the court, it may need official signatures. An unofficial will could present a problem for surviving family members.
As a person gets older and starts to accumulate wealth, gets married or divorced, and has children, their needs may change. Those who own property in multiple states might be able to help their family avoid costly tax bills by putting their property in a trust. A trust may also be helpful for allocating assets to children from previous marriages after a parent gets remarried. Because a trust is more flexible than a will, an estate planning attorney in Glenview may recommend one to meet the needs of someone with a more complicated estate.
Compassionate and experienced attorneys at Law Office of Jeffrey P. Story, LLC can help clients assess their current and future needs so they can put together the most effective estate plan for their unique situations. Over time, this plan may be reviewed, updated, and changed to reflect growth in the clients’ estates.