A meeting with a Lombard trusts and estates lawyer at Estate and Probate Legal Group can help you feel prepared for the unknown, granting you comfort in knowing that you have a plan in place. Though it may be tempting to put off, having a plan can help prevent serious issues down the road.
Once you have your plan in place, you may not need to consider the subject ever again unless you decide to make changes or want to review your options. Having a plan can give you peace of mind that you can enjoy now and for days to come.
Every family situation is unique, so there is no one-size-fits-all approach that will adequately serve the needs of everyone. Instead, it is important to take the time to understand specific goals and then craft solutions designed to accomplish those goals.
Everyone should consider estate planning issues. In addition to deciding who will receive assets after a person has passed away, an estate plan could empower a chosen individual to make medical or financial decisions on another’s behalf if he or she becomes incapacitated. A Lombard trusts and estates attorney can help clarify these choices and ensure they are legally protected. Additionally, an estate plan could describe guardianship for children or plans for pets left behind.
Specifying the person or entity who should be responsible for paying bills and distributing property in accordance with the owner’s wishes can also be included. Although it is not always pleasant to contemplate situations where this assistance becomes necessary, knowing that there is a plan set down on record can alleviate a great deal of worry.
A trusts and estates lawyer in Lombard could identify, strategize, and prepare the most important documents individuals should include in their estate plan.
This foundational document dictates how assets will be distributed after an individual’s death. A last will and testament also serves to designate the person responsible for managing the estate and carrying out the deceased’s wishes, as well as naming legal guardians for any minor children.
In Illinois, a will must be signed by the testator and witnessed by at least two credible witnesses who are not beneficiaries in the will.
These documents allow individuals to plan for potential incapacity by designating someone to make medical decisions on their behalf. In a healthcare POA, one must appoint a trusted agent, often called a proxy or representative, to communicate with doctors and make healthcare decisions if they cannot.
A living will is a legal document that expresses an individual’s wishes regarding end-of-life medical treatments, such as life-sustaining care, artificial nutrition, and hydration, should they become terminally ill or permanently unconscious. It often works in tandem with the healthcare POA.
A POA for property grants an agent the legal authority to manage one’s financial and legal affairs if they become unable to do so themselves. This could include paying bills, managing investments, selling property, and filing taxes. In Illinois, property POAs are automatically durable, meaning they remain in effect even after the principal becomes incapacitated.
While not a traditional document in the same vein as a will, beneficiary designations for assets like life insurance policies, retirement accounts (401(k)s, IRAs), and bank accounts (payable on death or transfer on death designations) are critically important. These designations typically override the instructions in one’s will, so keeping them current is essential.
A revocable living trust is a versatile estate planning tool that holds assets during one’s lifetime and distributes them after their death. Its primary advantage is avoiding the potentially time-consuming and costly probate process, the court-supervised procedure for validating a will and distributing assets.
When choosing to use a trust, one will still need a pour-over will to ensure any assets not formally transferred into the trust during their lifetime are moved there after their death.
Many people elect to create living trusts to avoid probate, but it is essential to remember to transfer ownership of all applicable assets to the trust in order to take advantage of this efficiency. A Lombard trusts and estates lawyer could periodically review situations such as this to make sure you are still on target to reach your goals.
Whether you are just beginning to consider your estate planning needs or you have had documents prepared for years and want to ensure that they are in compliance with current laws and objectives, a trust and estates lawyer could assist with your planning efforts. Additionally, if a loved one has passed and you need assistance with probate or administration of a trust, an attorney could take care of all arrangements. To learn more, call now.
