Securing Your Legacy: A Step-by-Step Guide

Ensure peace of mind for you and your loved ones by taking control of your financial and legal affairs. At Wilson & Wilson Estate Planning and Elder Law LLC, we are committed to guiding you through this process. With our insight and a consultation, you can confidently prepare for the future. Contact us at (708) 482-7090, and consider the following critical steps:

1. Establish a Durable Financial Power of Attorney

Appoint a trusted individual to manage your finances should you become unable to do so. This significant step can provide the assurance that your financial matters will be handled according to your wishes. To explore how this powerful legal tool can benefit you, reach out to us for in-depth advice and support.

2. Safeguard Your Children's Financial Future

Designate a responsible adult to oversee any inheritance you leave to your minor children—whether as a guardian, a custodian under the Uniform Transfers to Minors Act, or a trustee. This decision is crucial in preserving their well-being and future.

3. Consider the Importance of Life Insurance

Life insurance may be a key element in your plan, especially if you have young children, hold substantial debt, or wish to cover potential estate taxes. It's worth discussing whether life insurance fits into your comprehensive estate plan.

4. Name Pay-on-Death Beneficiaries

Bypass probate by designating beneficiaries directly on bank and retirement accounts. This straightforward solution permits your assets to transfer seamlessly to your chosen beneficiaries upon your passing.

5. Tackle Potential Estate Taxes

While many will not encounter federal estate taxes due to generous exemptions, state taxes could still pose a concern. Be proactive in understanding your potential tax liabilities and take steps to minimize them where possible.

6. Prepare Your Business for the Future

Business owners should contemplate a succession plan or a buy-sell agreement to ensure a smooth transition. Whether managing a business solo or with partners, let us help you establish a strategy that aligns with your objectives.

7. Plan for Funeral Expenses

Instead of prepaying for funeral services—a practice that can sometimes be unreliable—we can discuss creating a Totten trust to securely set aside funds for your final arrangements, giving you and your family peace of mind.

8. Safeguard Your Important Documents

It's vital to store your documents securely where they can be easily accessed by those you've entrusted to carry out your wishes. A comprehensive list includes wills, trusts, insurance policies, property deeds, and accounts, among others.

Wilson & Wilson Estate Planning and Elder Law LLC stands ready to provide you with personalized advice and assistance in each of these areas. Reach out to us at (708) 482-7090 to schedule your consultation and take the first step toward securing your legacy.

Client Reviews
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"Bill and his team are outstanding! They are thoughtful, caring and able to handle virtually any estate-related matter. They can take complicated matters and make them simple to understand. And on simple matters, they get it done quickly and for a reasonable fee. I highly recommend the Wilson & Wilson Estate Planning & Elder Law LLC team." G.Grant Dixon III
"Sandra and Debbie were very friendly but also professional. They were very efficient and concise and were able to answer all my questions about the paperwork. I felt very comfortable and confident working with Sandra and definitely would recommend her services to friends and family." A.S.