Estate planning is a task that everyone needs to deal with eventually. This includes people who think that they have little to nothing of value. The fact is that the only way to ensure that assets and personal possessions are passed on to the right people, it pays to talk with a Wills And Trusts Attorney in Chicago IL.
Here are some examples of how the attorney can help bring some order to the estate. Preparing Basic Documents For a client who has made no legal arrangements regarding the dispersion of personal property and assets, the Wills And Trusts Attorney in Chicago IL will start with the most basic document. Preparing a last will and testament will account for any personal possessions, as well as determine who is granted access to any types of bonds, stocks, and other investments. The will can be structured to allow for various changes in circumstances.
For example, if property is to be divided equally among the children, the will could include a provision that would allow a spouse of a child to inherit that share if that child is no longer alive. There can also be provisions that will apply if there is a divorce in the family, or if there is a change in the relationship status of any person named as a recipient in the will. Considering Trust Funds One approach used to provide for loved ones is the establishment of trusts. A parent may choose to place certain holdings in a trust for each child, ensuring that there is money for college or even to act as a monthly stipend to meet basic living needs.
The attorney can provide guidance on the type of trust to consider, and how to go about structuring it so that the funds are used for the purpose intended. No matter how much or how little people have in the way of worldly possessions, there is the need to make sure they are passed on without anyone arguing over who gets what. By scheduling an appointment with law offices of David Blocher, it is possible to draft a legally binding will and also explore what other types of measures would help to ensure that assets are passed on in a timely and organized manner.