Ten Frequent Concerns, Questions, and Misconceptions
DuPage County Estate Planning Attorney
1. Q: What is the importance of titling assets?
A: How an asset is titled determines how it will be controlled. If it remains in your name only, at death, then it becomes part of your estate. If it is held in joint tenancy, then it may not be part of your estate.
2. Q: Why do I need an attorney when I can create documents and use online forms for less money?
A: Online forms and services may not properly meet your needs in your estate. Online forms and services may not be provided by an attorney or an attorney in your state or country. Wouldn’t you rather have an experienced attorney, tailoring an estate plan that specifically meets your needs? It is cheap for a reason. Remember, you get what you pay for. Further, most online services are not substantially less expensive than using an attorney
3. Q: I don’t need a trust because I don’t have a lot of money or property.
A: One does not need to have a lot of money or assets to create a trust.
4. Q: I don’t have time to create an estate plan.
A: It doesn’t take that much time to create a simple, effective estate plan.
5. Q: It is too difficult to create an estate plan.
A: If you use the services of an experienced attorney, he can make the process easy.
6. Q: I don’t care, I will be dead anyways.
A: Your spouse or children will care because they will deal with the mess you leave and have to pay the unnecessary costs and fees because you did not plan.
7. Q: I have plenty of time yet before I need to do this.
A: Anything can happen to any one of us at any time, regardless of age. If you don’t plan now, while you are healthy, you will not be able to do so after you become ill.
8. Q: I have a will, therefore no probate, so everything is fine.
A: Wrong. Having a will does not avoid probate. The value of your assets will determine whether probate is required.
9. Q: I have all of my assets in joint tenancy with my wife, so we are protected.
A: That is great, so long as at least one of you survives and retain your healths so that an effective estate plan can then be created. Why take the risk and wait?
10. Q: I can’t afford to create estate planning documents.
A: The cost to create an effective estate plan is not as much as you may believe if you use an experienced, local estate planning attorney.
For more information, contact the Oak Brook law office of Michael V. LoCicero, Attorney at Law.