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Lombard estate planning attorneysWhen the average person thinks about the concept of estate planning, they tend to think about wills, trust funds, inheritances, and other methods for passing assets down to the next generation. While these images are not really incorrect, they do not tell the whole estate planning story. In fact, there are many good reasons to create an estate plan that have almost nothing to do with possessions or money.  With this in mind, estate planning is an important consideration for any family, regardless of their wealth or overall net worth.

Reason 1: Privacy Considerations

Unless you plan ahead, Illinois law will likely require your estate to go through probate. Probate is the legal process through which an estate is settled when there are no alternative plans for doing so, and the process can be unpredictable, time-consuming, and cumbersome. You should also know that probate proceedings are usually matters of public record, which means that your affairs are available to be reviewed by the public at large. Through estate planning, you can minimize the effects of probate or even avoid it completely, thereby keeping your family’s personal matters private.

Reason 2: Minor Children

If something were to happen to you tomorrow, who would care for your children? If you answered, “My spouse,” let’s take the hypothetical situation a step further. If something were to happen to you AND your spouse tomorrow, who would care for your children? While you might have an idea regarding which family members might step up to help, it is important to have plans for your children’s care recorded in your estate plan.

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Lombard estate planning lawyerWhen most people think about estate planning, they think of wills, inheritances, and other ways to pass down a person’s property and assets to their heirs. Such an image is not necessarily wrong, but it certainly does not tell the whole the story. There are a number of reasons for estate planning that have very little to do with money and possessions, which makes the process important for every family, regardless of wealth or net worth.

1. Control Over Privacy

Without proper planning, your estate will be required to go through the process of probate, which is often long, cumbersome, and unpredictable. Probate is also a matter of public record, meaning your family’s affairs are made available to the general public. By taking steps in advance, you can limit the impact of the probate process and possibly avoid it altogether. In doing so, you can keep your personal details within your chosen circle.

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