Structuring your estate is something that you want to do now. Even if you don’t have much in the way of possessions or assets, putting the basics in place is to your advantage. An estate planning lawyer in Rockford, IL, can help with the process and provide helpful suggestions along the way. Here are three recommendations the lawyer is likely to make.
A last will and testament is essential, but don’t think that things stop there. You also want to have medical and financial powers of attorney in place. That ensures if you are not capable of making decisions as the end of your life nears, a trusted individual can do so for you.
Adding beneficiaries to all of your bank accounts is a must. By designating beneficiaries, you make it possible for them to access the funds without having to wait for the probate process to be complete. Remember, all of your bank accounts should have at least one beneficiary. That includes checking, savings, certificates of deposit, and any other accounts you have in place.
Last, you can expect your estate planning lawyer in Rockford, IL, to stress the importance of maintaining life insurance. This is another way to provide financial resources to your loved ones while the estate is being probated. You may consider making the executor of the estate the beneficiary, as this provides an infusion of funds to ensure that the individual does not experience financial hardship while carrying out your final wishes.
Your lawyer will provide more advice. Listen closely and make use of every suggestion. Even if it may not be relevant to your present situation, many of those recommendations are likely to come in handy as you accumulate additional wealth.
For more information, please contact the Crosby Law Firm today.