In journalism, they have a concept called The Five Ws (and One H). Those letters represent the basic information-gathering questions (“who”, “what”, “where”, “when”, “why”, and “how”). In estate planning, we can talk about The Four Ws (and One H):
- What property do you own that makes up your estate?
- Who do you want to receive your property when you die?
- Who do you want to handle the administration of you estate when you die?
- When will the administration of your estate be complete?
- Where will the administration of your estate take place?
- How do you want your beneficiaries to receive your property?
All of these questions will be answered, at least in part, by your will or your revocable living trust.
The traditional goal of estate planning was simply to allow people to decide what happens to their property when they pass away (in other words, who gets what). While estate planning can now accomplish so much more, deciding who gets what is still an important part of the process.
For most families we help, we use a will or revocable living trust to implement those decisions.
But the story doesn’t end there. Because how you give property to someone is just as important as (or often even more important than) what you give to them.
- The will is a centuries-old tool for writing your last wishes for your property and family (your “Last Will and Testament”).
- The trust, believe it or not, has also been around for centuries. But revocable living trusts have become much more popular in the past fifty (or so) years as a tool for managing property during life and passing it to heirs at death.
Which estate planning tools are right for you and your family will depend upon your situation and goals.
Planning for Your Life’s Journey
Our law firm offers a variety of will-based and trust-based estate plans. Call the Naperville office of Kabbe Law Group at (630) 219-4200 to schedule your complimentary estate planning Discovery Session with attorney Natalia Kabbe or Jeffrey Kabbe. At your Discovery Session, you will learn how a comprehensive estate plan – including a will, trust, living will, and power of attorney – can help you achieve your goals for your family.
We’re based in Naperville, but we serve clients throughout the Chicago suburbs, including DuPage, Will, Kane, and Kendall Counties.
