Why Engaging the Services of an Estate Planning Lawyer Moline IL Makes Sense

by | Dec 17, 2021 | Lawyers and Law Firms

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Since no one lives forever, the day will come when decisions must be made about personal possessions and assets. Rather than leaving it for others to sort out after the funeral, it pays to sit down with an Estate Planning Lawyer in Moline IL and make some decisions. Here are some of the reasons why this approach is the only way to go.

Evaluating the Assets of the Client

One of the first things that the estate planning lawyer will do is work with the client to compile a list of assets and possessions that must be passed on after the client dies. Many people are not aware that some of what they own is actually something of value. For example, a person who has collected vinyl records through the years may own several rare releases that are worth a lot of money. The same holds true for coin collections or other things that the owner considered more for fun than as a source of wealth. With all these examples, the lawyer can arrange appraisals and determine what sort of monetary value is associated with those belongings. The lawyer can also take a good look at tangible assets like stocks, bank accounts, and real estate that the client happens to own. Having a complete inventory on hand makes it possible to decide how to structure the estate and ensure that nothing is left to change.

The Wishes of the Client

After getting a good idea of what the client would like to have done with his or her assets, the lawyer can come up with a plan of action. This will typically involve preparing a last will and testament specifying who gets what. For the child who has trouble managing money, the lawyer may recommend establishing a trust and allocating certain assets to it. Doing so would create a source of income for the child while placing limits on how much could be spent each year.