Estate Planning Lingo

It's never too early to think about estate planning, no matter what
anyone may tell you. Make your first call to a qualified estate
attorney to make sure your wishes are observed later.

When it comes to estate planning, there is a lot of lingo of which
many people aren't familiar; for instance, power of attorney, living
will, and last will and testament. What do these things really mean in
the greater scheme of making your last wishes known?

If you speak to an estate lawyer, you will discover that these
particular documents are critical to making sure your assets are
properly distributed, not only according to the law, but that your
legal interests are protected as well. It goes without saying that you
would also like your assets apportioned the way "you" want them to be
and not at the whim of another.

In general, a will is a document that outlines how you want your
assets distributed when you die. It's funny, but the number one myth
many people have about wills is that you have to tell the lawyer
drafting the will all your personal financial information, where it is,
how to access it, and how much you have on hand. This couldn’t be
further from the truth.

The only thing you need to worry about when writing a will is to
whom you want your assets to go, what percentages each should receive,
and the distribution of special items, e.g. a much loved painting, car,
horse or home. That's it in a nutshell, aside from the legal drama
within the four corners of the document itself, meaning the legal
jargon that is necessary for the will to meet the legal requirements of
the state in which you live.

You will, of course, need to name an executor/executrix to handle
the estate affairs once you pass on. Choose well and ask the person's
permission, as this is a very significant job in some instances. The
executor figures out all the estate's assets and liabilities, pays
bills, distributes assets according to the will, and in general takes
care of the hundreds of other nitpicking details to finalize an estate.

If your will calls for money to be left to a minor, you will also
need to name a Trustee. Again, ask the person you want to if it's ok
with them if you do this. Your legal counsel will outline all these
details for you when you are drafting your will. If you have a living
will, that is another thing and relates to medical treatment, not the
disposition of assets.

Primarily a living will tells your loved ones what you wish to do
should you be permanently disabled with no hope of recovery. Usually
this refers to a coma or a permanent vegetative state. In some states
two doctors must certify there is no hope of recovery. Ask your estate
lawyer which law applies in your state.

Patrick Warwick is the lead content contributor for Chicago
Bankruptcy firm, The Law Office of Jay F. Fortier, P.C.. To speak with
a Chicago bankruptcy lawyer or to learn more about creditor rights, Chicago bankruptcy, Chicago bankruptcy lawyer, Chicago bankruptcy attorney, visit Westsidebankruptcy.com.