An Estate Plan Created With Your Needs in Mind
Everyone should have an estate plan. An estate plan does not need to be complicated. An initial discussion with a lawyer can assist you with developing an estate plan tailored specifically to meet your needs and requirements.
My law firm, Kumor Law, LLC, assists individuals and families with regard to preparing themselves and their loved ones for future uncertainties. I accomplish this through the preparation of legally binding estate planning documents such as
- Last will and testament
- Revocable living trusts
- Powers of attorney for heath care
- Powers of attorney for property and financials
- Living wills and medical directives
Working closely with our clients, we develop plans that are tailored for exactly their needs and wishes.
Why Do You Need An Estate Plan?
Many people incorrectly assume that estate planning is only for the wealthy, the elderly, or persons and families with minor children. As a result, people procrastinate in preparing an estate plan. Unfortunately, many people put off all of their estate planning until it is too late and only then does the importance of a well thought out and properly estate plan become obvious.
Generally, the process of distributing a deceased person’s estate to the person’s heirs is handled in probate court. A will provides instructions to a deceased person’s appointed representative as well as the probate court for how the deceased’s property should be distributed. Without the instructions in a will, the probate court will utilize the state law in determining how to divide and distribute a deceased person’s estate. A properly prepared estate plan that includes both a will and a revocable living trust can avoid the need for a probate court to oversee and administer a deceased person’s estate. Further, a properly prepared estate plan that contains a revocable living trust can also avoid the need for probate court cases in several jurisdictions if a deceased person owns real estate in several different counties or states.
Within revocable living trusts, a person can also provide for their children’s financial wellbeing in case of an unexpected event. This is accomplished by creating children’s trusts within your revocable living trust. These children’s trusts are particularly important for people with minor children or children that have not achieved financial maturity.
My goal is to prepare an estate plan for all of my clients that is not complicated and allows for easy and potentially independent estate administration. I accomplish this in many ways, whether simply advising clients to assign beneficiaries to certain assets to drafting a full and comprehensive estate plan that includes a last will and testament as well as revocable living trust.
Speak to an attorney regarding your estate planning needs. Call my office today at 773-625-2200. You can also reach me online.
In addition to estate planning, I also represent clients with residential and commercial real estate closings.