Also known as estate law or probate attorneys, estate planning attorneys are licensed and experienced to determine how your estate will be valued, inventoried, taxed, and dispersed after your death according to state and federal laws.
Besides taking you through the probate process, your estate planning attorney in Rockford, IL will help you with the following.
Drafting estate planning documents
Estate planning documents dictate what you want to be done with your estate.
- Last will and testament– This is the most common document, defining who will inherit your property and assets, both personal and commercial.
- A living will– This is a health care directive to let the people around you know about your medical preferences, decisions, and care if you get a debilitating illness.
- Power of attorney– This identifies an agent you want to make vital decisions about your estate on your behalf. It allows them to make healthcare and financial decisions on your behalf.
- Trust– This document designates a trustee to hold your assets or property on behalf of other beneficiaries. They can work instead of a will or serve as a supplement.
Appointing beneficiaries and transferring property
Designated beneficiaries are the ones you have chosen to receive your properties and assets. Your estate planning lawyer will help you with the designations. They also help you identify all properties and assets.
Minimizing estate tax
While federal and state estate tax is not an issue in all states, it is one of the main reasons you should get an estate attorney. They provide credible legal advice to help you minimize estate tax, which can be between 18 and 40% for estates over $12.06 million.
The Crosby and Crosby LLP Attorneys at Law is a recognized family law firm with compassionate, experienced, and highly-trained attorneys dedicated to offering personalized services. Speak to an estate planning attorney in Rockford, IL for more information.
