Estate planning practices help protect assets and provide a safeguard for your heirs. Working with a Cicero wills lawyer helps you create an estate plan and finalize your last wishes. Your will directs your family members and executor about these wishes.
Assign Ownership for Key Assets
A will allows you to list assets according to who receives them. Add stipulations to these assignments to prevent critical assets from leaving the family’s possession. For example, a stipulation can require signatures from all family members before the asset is sold. You can also assign an asset to multiple individuals.
Your will could prevent arguments between your children about your assets. Your executor can help transfer ownership and avoid common issues with families.
Protecting Assets for Minor Children
If you die while your children are minors, there are actions to protect their assets. You can assign guardianship to a family member but set up safeguards to prevent the new guardian from using or selling your children’s assets.
You can also require receipts for all monetary assets they spend before your child becomes an adult. Consulting a Cicero wills lawyer helps determine the most appropriate way to protect these assets.
An estate plan is paramount for protecting your assets and limiting asset seizure during probate. A will must show the state who receives your assets and identify your heirs. Creating a will can protect minors’ assets from unethical guardians or caregivers. Contact Koch and Associates P.C. Attorneys at Law to create your estate plan.
