Estate planning laws are complex, vary from state to state, and change frequently. But whatever the circumstances, one thing remains true: an estate plan protects your family and loved ones after you are gone. In times of uncertainty – and a global pandemic is certainly a time of uncertainty – creating a will, trusts and other legal documents is critical to protect your family if the unexpected happens.
Here are five reasons why estate planning in 2021 is more important than ever.
1. Avoid Having Who Will Inherit Your Assets Determined By The Courts
If you die without a will in Illinois, your estate is designated intestate. Intestate laws divide a person’s property based on the family relationships that are in existence at the time of their death – not on who you want to inherit your assets.
2. Minimize Estate Taxes
There are legal ways to minimize Illinois and federal estate taxes. A will and trust attorney can advise you on the best way to protect your assets and avoid unnecessary estate taxes that will limit your beneficiaries’ inheritance.
3. Protect Your Loved Ones From Stress
Thinking about becoming ill or dying is very stressful, and most people try to avoid thinking about the inevitable. But when you become seriously ill or die, your family and loved ones will experience considerable stress trying to make decisions about your health care, or resting place. When a loved one dies, family conflict and stress are too often a result, primarily because the deceased did not let their family know their wishes in advance.
4. Avoid Probate
Whether you have a small or a large estate to leave your loved ones, the probate process of transferring your assets to your heirs can be costly and time-consuming. An estate planning attorney can help your estate avoid probate in Illinois.
5. Reduce Legal Complications For Your Heirs
If you own a business, have debt or are involved in a lawsuit you can protect your loved ones from your creditors. A skilled estate planning attorney can help you protect your assets so that your hard-earned money can care for your loved ones after you are gone.
Creating a will and trust is an essential part of your estate plans. By working with an attorney, you could draft a will or trust that fits your goals now and in the future. To find out the best solution for your personal situation, contact one of our lawyers today and schedule an appointment at 630-864-5835.
AREAS WE SERVE: Cook, Dupage, Kane, Lake, and Will counties