By estate planning attorney Rick Law. Rick is founder of the multi-generation law firm Law ElderLaw in West Suburban Aurora, IL.
Talking about what happens after you pass away isn’t an easy thing to do.
Most people avoid it like the plague… and that’s normal!
That being said, we have to remember that after we breathe our last breath, something does happen to our estate whether we planned for it or not.
Most people think that a will is all you need as you plan for your eventual death. But these days, things have changed. You may want to make the process of managing your estate as easy as possible for those you love.
If you have only a will, your estate will pass into a court proceeding called probate when you die. This will help determine exactly who gets what parts of your estate according to your will.
If you don’t have a will, your estate will still go through probate and will pass to your rightful heirs (depending on who the state decides that is).
Sounds simple, doesn’t it? The problem is that probate can be a huge weight on your already-grieving family. It can cost many thousands of dollars, and drag on for months… or even years after your death.
In my next installment, you’ll discover some tactics you can use to avoid probate.
Too many families needlessly lose everything they have. Don’t let that be you. If you need help paying the overwhelming cost of long term care, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law ElderLaw, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!