Some senior citizens have not properly planned their estates. Others may have completed estate planning many years ago, but they may not have given thought to reviewing their estate plans. Perhaps there is information which should be updated. For example, a senior citizen might have completed estate planning years ago stating their intentions to leave their estate to loved ones who are deceased. They might also have people listed as beneficiaries who they now have strained relationships with.
It is important to update your estate if changes occur in your life. People who do not have estates also need to consider the potential problems that could arise if they were pass away without estate planning. It is best to use an estate attorney in Libertyville to help with your planning. This ensures that you do not forget to include anything. Estate planning is much more than writing down a few sentences about the disbursement of your property and life insurance.
Some people mistakenly think that estate planning only encompasses what will happen after their death. While it is true estate planning covers how assets will be divided, an estate attorney in Libertyville can also help you to outline your living arrangements should you develop a debilitating condition such as Alzheimer’s. Some people may want to use portions of their estate to pay for nursing care in their homes. Others might want to be admitted to a personal care home or nursing home. If this information is not documented, their loved ones might try to make this decision for them, and it could end a family quarrel.
Charles T. Newland and Associates have helped many people of all ages with their estate planning. They have also helped people amend their estate planning documents. You cannot simply expect to cross a line on a document to amend it. Attorneys can help to ensure that you make changes to your estate planning in a legally binding manner. They are also a good resource for adding more to your estate planning. Perhaps you have cashed out your retirement or acquired additional property. These should be entered into any existing estate planning documents.
