You never know when you will pass away. You could be fine and healthy one day and in a devastating wreck or stricken with a serious illness the next. Your life could end on a moment’s notice.
Rather than have your estate be caught off-guard, you can take steps to plan out your final wishes right now. By hiring an estate planning lawyer Moline IL clients can dictate what you want done with your money and property and to whom you would like it bequeathed.
Organizing Your Estate
When you retain an estate planning lawyer Moline IL customers can plan out how you would like your estate organized. You might want some of it to go to charities with the rest going to the people whom you name as heirs.
Your lawyer can determine how much your estate is worth and then report back to you. Once you know the worth, you can decide if you want to liquidate certain assets or have them sold after you are gone. You also can decide if you want actual possessions given to your heirs.
Paying Your Final Taxes
Even though you are no longer here, you still will be responsible for paying taxes during the last year of your life. The IRS will tax your estate and take the money from your heirs. You can avoid this by saving money in a separate account to pay taxes after you die.