Estate Planning Does Not Have to be a Grim Task

     In Naperville, estate planning is crucial. .  What exactly is estate planning?  It is a plan of setting out a series of tasks beforehand to get to a particular objective.  Your estate (titling, controls and transfer of your belongings).

The planning is done by a professional in assisting you to work out your affairs should an unexpected event happen in your life from incapacitation or death.  Documents and processes are done to ensure the follow through.

The client must work with the planner to develop a last will and testament.  This will be read in probate court in case of your passing.  It is imperative to choose a beneficiary! This gives the court your desires regarding your probatable estate.  It is in your best interest to minimize your probate estate as the costs can be up to 8% of the value of the assets.  You can minimize the assets by titling them in a way that would avoid the public disclosure.  This can be done by:  naming the assets beneficiaries (the person or group then has the legal right to claim the asset after your death and can include IRA’s, pensions, insurance and annuities), jointly own an asset with another person (real estate, investment accounts, bank accounts),   Be careful of naming your children as a beneficiary.  People often think that owning an asset jointly with their child will avoid an inheritance tax.  This is not true!  Probate is avoided with joint ownership but children are included in the inheritance and taxes apply.  Don’t go at it alone…contact your local Naperville estate planning firm.