Top Estate Planning And Probate Lawyer Martin J Fogarty founder of The Heartland Law Firm, in Glenview, IL emphasizes five key elements for a solid estate plan. For more information please visit https://www.heartlandlawfirm.com
-- Anyone considering drawing up an estate plan should invest some time and patience in ensuring they have one that is both solid, clear, and adaptable for the long term, said estate planning attorney Martin Fogarty this week.
For more information please visit https://www.heartlandlawfirm.com
He pinpointed five areas that would help someone plot a course to a better estate plan: up-to-date beneficiary designations, letters of intent, durable powers of attorney, appointments of executors, and a good estate planning attorney.
“These five pillars will enable you to create a well-conceived, bullet-proof estate plan,” asserted the Founder of The Heartland Law Firm, based in Glenview, IL.
A will is a document that lays out a person's wishes about allocating assets to beneficiaries after death. It should be accompanied by documents supporting beneficiary designations for savings, pensions, and insurance policies.
Fogarty said that a last will and testament helps to formalize the legal process as to what happens to a person’s estate. A Letter of Intent is a personal letter to loved ones that voices a person’s thoughts on how and why personal belongings should be managed and allocated.
While a Letter of Intent is not legally binding and only for loved ones to see, it enables a person to offer guidance or suggest how an asset of theirs is managed in the long term and why it is essential to do so. A Letter of Intent provides an emotional context to an asset.
An estate plan should also include a durable Power of Attorney that enables an executor to make decisions for a person if they cannot do so independently due to incapacitation. This could consist of financial powers of attorney relating to managing assets and paying bills to ones relating to medical care and making health care decisions.
He added that an estate plan should have nominated executors or powers of attorney. These usually are loved ones or an appointed attorney to oversee that person’s estate when they die or become incapacitated. “Consider having two executors, with one as a backup, just in case one is unavailable,” Martin Fogarty advised.
Finally, appointing an experienced estate planning attorney to help guide a person through an estate plan is essential. “An attorney whose practice area is focused within this field will be able to answer any questions, offer advice on trusts and wills, how to construct a plan and ensure it is relevant.”
“Once the estate plan is up and running, it is advisable to review regularly, every three to five years, so that it can be changed to reflect your changing times, as well as family and financial circumstances,” Martin Fogarty concluded.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Martin J Fogarty
Email: Send Email
Organization: The Heartland Law Firm
Address: 1545 N Waukegan Rd Suite 2 9, Glenview, IL 60025, USA
Phone: (847) 652-9175
Website: https://www.heartlandlawfirm.com
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