What is Legacy Planning?Share this post
Legacy planning encompasses the financial, legal, and emotional aspects of preparing for death. It’s important to take care of your family’s well-being after you’ve passed away by making sure their needs are met. One common way to do this is through a will or trust because it outlines who gets what assets when someone passes away.
1. Help You Scribe a Will
To secure your legacy, an estate lawyer should be involved. In a meeting, you should communicate your wishes for how to manage your estate or what should become of it after you’re gone. It’s also helpful to have any preferences in writing when doing estate planning, such as a will. The attorney can help with donating part of the wealth to charity and set up trusts that benefit future generations.
2. Tax-Efficient Will
A good estate lawyer will not only protect your family but also help you get set up to pass on wealth in a tax-efficient way. If you are a high-net-worth individual, there are many ways to do this, such as setting up a trust, charitable giving, and insurance.
3. Organization of Important Documents
A lawyer will help you get organized for your legacy by organizing all of the important documents like wills and trusts. These legal tools ensure that everything runs smoothly after somebody has passed away. It’s also a good idea to have a power of attorney in place so that someone else is able to make decisions on your behalf if you are unable to execute financial planning.
4. Estate Planning
If you are a Chicago resident and you want Chicago land estate planning assistance, then consider Anthony J. Madonia & Associates, LTD. With 15+ years’ experience, you will have the best representation available when you want to leave a legacy.
5. Execution of Your Will
An estate lawyer from Anthony J. Madonia & Associates, LTD can provide legal services like securing your will and reading it to your beneficiaries. They are also responsible for the transfer of assets after you pass away, which is called probate.
Legacy planning is important because it ensures your loved ones are taken care of after you pass away. It’s also a good idea to have an estate lawyer involved in this process, especially when creating wills and trusts for your family members.