Estate planning is basically deciding what happens to you, your assets, and your dependents when you're no longer able to make a decision for yourself, either due to death or incapacitation. This makes it pretty clear why everyone needs estate planning in Chicago. A top-rated financial advisor can be of tremendous assistance when it comes to planning your estate. They can ensure your estate plan is intact and help you in other ways, including educating you on the importance of making necessary changes on your estate. For instance, if you get divorced, you should update your will, and an advisor can remind you when to make the changes.
At The Tranel Financial Group, we make real estate planning simple. Our advisors will aid you in creating a thorough plan tailored to your wishes. We’ll also check it periodically to make sure everything is in order.
FAQs About Estate Planning in Chicago
Below we answer frequently asked estate planning questions we receive from clients:
What is the Going Rate for Real Estate Planning?
The average hourly rate for advisors ranges anywhere between $150 and $400 per hour. The amount you’re billed will depend on the expertise and experience of the advisor. For a project like creating an estate plan, you could be charged roughly $2,000 to $5,000.
What is the Difference Between Will and Estate Planning?
A will is a legal document containing your final wishes, including your beneficiaries and the distribution of assets. On the other hand, estate planning is the process used to secure your assets in the unfortunate event that you’re incapacitated or once you pass away. In estate planning, some documents are effective when you’re alive and others after your death. This isn’t the case with a will as it becomes effective upon your death.
Do You Have to Be a Lawyer to Be an Estate Planner?
No. Although you’ll need an estate planning lawyer, a financial advisor is critical in generating an estate plan that reflects your values, goals, resources, as well as legacy.
Estate planning has many moving parts, including financial aspects, legal liabilities, and tax elements. For this reason, you’ll need an advisor, tax professional, and attorney working together to ensure everything regarding your estate planning goes smoothly.
Can I Do My Own Estate Planning?
Yes, you can. Even though the DIY route saves you money, a lot of things could go wrong, especially if you aren't an expert in estate planning. For example, if you get beneficiary designations wrong on your retirement plan and insurance policy, the people you name could become ineligible to receive proceeds.
What Should You Never Put in Your Will?
There are various items that should not be written in your will, such as property held in joint tenancy, contingency gifts, and provisions for pets as well as those with special needs. Also, you shouldn't leave funeral instructions in your will as the will might not be read until after your funeral.
Estate Planning Experts
Do you need estate planning in Chicago? Our advisors at The Tranel Financial Group can help you determine the extent of your estate, identify the best methods to reduce expenses, update the plan as your life changes, and do so much more. As your trusted partner, we'll guide you through the entire process of estate planning and connect you with specialists and resources that align with your needs. Contact us to get started: https://thetranelfinancialgroup.com/contact-us/.Estate Planning Chicago