Estate Planning
Wills | Trusts | Guardianships | Powers of Attorney | Elder Law
Dying Without a Will
If you die intestate—meaning without a Last Will—the State determines who gets your property. Without your action, the Court will act according to local law and may act in a manner contrary or inconsistent with your objectives or desires.
If you die testate—meaning with a Last Will—you get to decide who receives property unless that property is jointly owned or already has a designated beneficiary.
This is the beauty and essence of estate planning: it ensures that the sacrifices we make today are investments in future generations and the institutions we want to see thriving long after we are gone. If you fail to draft a valid Last Will or a trust instrument, you lose your ability to personally decide on how you will influence the future.
Creating an Estate Plan
A well-devised estate plan empowers you to care for your family after you die. Certain estate planning techniques—including some trusts—can also provide you with effective investment opportunities and tax advantages during your lifetime. We analyze your individual circumstances and estate planning goals to tailor an effective strategy for your needs.
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How Do Wills Work?
You can direct the distribution of your assets and name the personal representative of your estate and a guardian for your minor children by having a valid Will. In the absence of a Will, your assets that are not transferred by law at death (such as those assets held in joint tenancy with right of survivorship) or by suitable designation of beneficiaries (as contained in insurance policies, retirement accounts and most Illinois land trusts), will be transferred in accordance with the laws of intestate succession. This State default distribution plan often will not coincide with your intentions.
A valid Will gives you the opportunity to customize the transfer of your accumulated assets after death to the people or organizations you choose. It can also be used to disinherit persons or to minimize the amount of assets transferred to them at death. It can also minimize the amount of estate taxes that might otherwise be due, by making effective use of the unlimited marital deduction or prudent charitable deductions.
Let us determine whether you need a Will or if your current Will should be updated based on changed circumstances, such as a death, marriage, divorce, and birth or adoption of children.
How Do Trusts Work?
Trusts are commonly used for estate planning purposes for many reasons, the paramount one being to avoid probate. What is probate? Probate is a minimum six-month court-required process where you must meet statutory requirements before the assets of the Estate can be distributed. Probate is a process that includes court costs, attorneys’ fees, time and the emotional and relational costs of wrapping up a loved one’s Estate. Creating a Trust allows you to avoid these extensive costs.
Compared to the costs of probate, even a modest household can tremendously benefit from the creation of a Trust.
Additionally, Trusts are used to facilitate competent management of assets even through a period of disability. They provide a mechanism for the substitution of trustees; or to preserve assets and insure the availability of financial resources for identified beneficiaries. Trusts may also be created for insurance policies, to support charities, gun Trusts, to generate immediate income tax deductions and to save on potential estate taxes.
We can assist you in drafting, amending and/or interpreting Trust Agreements of various types. Many clients request our help in establishing revocable trusts (often described as “living” trusts) to be used in conjunction with pour-over Wills, Irrevocable Life Insurance Trusts or other estate planning instruments.
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Power of Attorney
for Property
Similar to a Power of Attorney for Health Care, a Power of Attorney for Property is provided by Illinois Statute. In a Power of Attorney for Property, the individual grants authority to another person (the agent) to enter into various types of financial transactions on his/her behalf, as well as engage in the purchase and sale of investments and real estate, apply for loans, open or close safe deposit boxes, resolve tax claims and litigation, conduct his/her business operations, and perform other types of authorized financial activities as well.
We can assist you in preparing Powers of Attorney for Property to fit your particular needs or evaluate any Power of Attorney for Property documents you currently have in place. We have considerable experience to explore the various estate planning options available to you.
Power of Attorney
for Health Care
Illinois has a statutory, short-form Power of Attorney for Health Care, which enables an individual to grant to his/her designated agent the power to make medical decisions based on guidelines chosen by the individual. As your Health Care Power of Attorney, we express your intentions in writing, in a legal document that is widely recognized by care providers. Having a Health Care Power of Attorney available during a time of medical emergency can permit doctors and nurses to act quickly knowing that your designated agent has legal authority to make critical health care decisions.
We can help you decide if a Power of Attorney for Health Care is appropriate for your specific situation. You can be assured that we have the experience to effectively review the health care directives available to you.
Do your children need health care directives?
Living Wills
A Living Will is similar to the Power of Attorney for Health Care in that it is an expression of a person’s intentions regarding the use of life-prolonging medical procedures. However, a Living Will is much narrower in scope because it only applies in cases of incurable or irreversible injury, illness, or terminal conditions, and does not designate a particular agent to make general decisions regarding medical treatment. A Living Will should be made at a point in time when a person still has mental capacity before illness or medications impair an ability to understand. A Living Will can minimize the emotional burden on family members who might otherwise be faced with stressful, subjective, or even contentious decisions at the end of a loved one’s life.
We can help you decide if a living will is appropriate for your specific situation. Be assured that we will review your specific estate planning objectives and provide you with effective assistance in pre-planning the handling of your affairs in the last stages of life. Don’t wait until an unfortunate event happens.