Protecting Your Family's Future
Nobody enjoys thinking about the “what if” situations, but it is important to establish a back-up plan to ensure the safety and security of your family. Having an estate plan in place is one of the best ways to guarantee that your family and loved ones will receive the care and protection they need when you are gone. At Ahmad Law Firm, we understand how daunting and overwhelming the process of creating an estate plan can be, which is why our experienced attorneys will guide you through each step of the process.
Call our firm at (847) 791-2294 to get started on your estate plan.
Why You Need an Estate Plan
An estate plan is a compilation of documents used to guard your assets and properties, dividing and caring for them in a way that you choose. If something were to happen to you and you did not have any estate planning documents in place, it could put your estate in probate, making them difficult for your loved ones to access. There are a variety of documents that may be included in an estate plan, depending on what types of assets you have, how much you own, and the manner in which you chose to pass along your assets.
Estate planning documents often include:
- Will: A will designates who will be given your assets, including any donations made to charities. It may also be used to designate a guardian for your minor children.
- Trusts: Trusts may also be used to give away property and assets, though they will go through a trustee to manage the property on behalf of the beneficiary until he or she is able to take the assets in the trust.
- Power of Attorney: A person may select a power of attorney to make any and all financial decisions, should he or she be otherwise unable to do so. Typically a spouse or adult child, the power of attorney may take charge of your bills when you are in a coma, or make financial decisions on your behalf if you have advanced Alzheimer's disease, and so on. You may also appoint a medical power of attorney, who will make much of the same decisions regarding your health if you are unable to do so.
- Advanced Healthcare Directive: The advanced healthcare directive is a document used to designate what your medical wishes are in the event that you are unable to express them. For example, if you do not wish to be maintained on life support, or you wish to receive care in a certain hospital, you may express these wishes in your advanced healthcare directive.