Estate planning is crucial for seniors that are getting older and keep ignoring their estate and asset protection legal needs. What is estate planning law?
Estate planning law is a concentration that utilizes wills, trusts, powers of attorney, and other legal strategies to smoothly transition one's assets to their loved ones. Unfortunately, most seniors are unprepared for this transition period. Many seniors and their families will lose a lot of money due to large attorney's fees and families will split up due to a lack of planning. Many families fight because a parent failed to understand the importance of preparing one's estate planning documents.
Often times, seniors believe that wills are the best strategy for inheritance issues. In my opinion, wills are problematic because wills must undergo a court procedure called "probate court". Probate court is a court process, which determines who are the appropriate heirs after a decedent has passed away.
Probate court is time consuming and long drawn out process. Furthermore, family members often conflict with one another, which drags out the estate planning process and pits family members battling against each other. In contrasts, a revocable living trust is a private documents and disposes of one's assets in a smooth manner with no court involvement.
A will is a public document which may be seen by anybody. On the contrary, a revocable living trust is a private document and a document that avoids the long drawn out court battle of probate court.
Sean Robertson is an estate and asset protection attorney based in Chicago and Naperville, Illinois. Sean can be reached at 312-498-6080 or Sean@RobertsonLawGroup.com.
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