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A Person’s Estate: It is More than Physical Property

When people think of planning their estate, they often believe this means establishing a document that expresses who will inherit their home, automobiles, or other physical property after they pass away. While their physical assets are a primary aspect that is tended to during estate planning with a lawyer in Moline, IL. There are nonfinancial attributes that need to be considered and included when planning an estate. To ensure your final wishes are carried out after you have passed away, it is critical to establish a legally binding document with an experienced attorney.

Aspects that Should be Included in an Estate Planning

  • Funeral arrangements can be established when meeting with an estate planning lawyer in Moline, IL. You can legally document the type of burial you want, service, and other aspects you want to occur during your funeral.
  • How the taxes on the estate will be paid to ensure the beneficiary receives a large portion of their inheritance.
  • Who should gain custody of minor children after you pass away to ensure they remain with the family member or friend you want to raise them.
  • Beneficiaries of any retirement funds, this is important to ensure the right person is named in case there has been a change in who you want to inherit the money.
  • Trusts can be set up to help financially care for minor children to make sure they are well-taken cared for.

Avoid Family Arguments by Consulting with an Attorney Today

When an estate is not legally documented, this leaves the property up to the state’s laws on how it is to be distributed. This can lead to disagreements between loved one when more than one wants a specific piece of property. While documenting how you want your estate distributed will not stop all arguments, you can prevent a majority by making your final wishes known. David J. Franks Attorney at Law offers the reliable and professional services that you require to adequality prepare your estate.

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