When an LGBT estate planning lawyer in Chicago is hired, they can ease the angst regarding estate planning and ensure that the inheritance of property is fully protected after death. Attorneys that provide services in this field can help people create their estate planning strategy by establishing a trust or executing a Will. It is especially important to work with an estate planning lawyer when an estate needs to go through probate. Probate is the necessary process for ensuring that the proper heirs receive any assets.
LGBT couples need special care in creating an estate plan. At the very minimum, estate planning needs to include a will, healthcare proxy and the power of attorney rights.
The type of trust that is developed will be dependent on some different factors. There are some trusts that will offer a periodic cash distribution, which is beneficial for any beneficiary that receives any governmental benefits. Others will offer a tax saving advantage. When creating a trust, it creates an easy process for the distribution of property since trusts are exempt from the probate process.
An LGBT Estate Planning Lawyer in Chicago will also be beneficial for any person who has a small estate, as it can help them to avoid probate. Some of the strategies that are used to achieve this goal include titled property, investment portfolios and establishing the beneficiaries for the various financial accounts.
A person’s will is considered one of the most crucial documents involved in estate planning. This document is used to appoint a Trustee or appoint a personal representative for your estate. It is also necessary to develop guardian rights for minor children.
The Will is also going to include a number of details, such as preferences for burial and to inform the administer of the estate of the location of important documentation, such as life insurance policies. The will can also be used for noting important records, such as property appraisals, automobile titles and deeds to real estate.
You can find out more about hiring an LGBT estate planning lawyer in Chicago. Metz + Jones LLC provides the best estate planning practices for gay and lesbian couples.
