What You Need To Know About Wills, Trusts And Probate
No one likes to plan for their own death, but doing so is extremely important. Not only does an effective estate plan protect your family and the people you care about the most, but it also protects the assets you have worked your entire life to secure.
Our attorneys at Petti Murphy & Associates are experienced with both estate planning and probate administration. Bring your questions and concerns to us to develop a plan that protects your wealth and ensures your wishes will be respected after you are gone. Once your estate plan is ready to go, you can go on living life with the priceless feeling that the people and things you care most about will be taken care of.
What Is An Estate Plan, Anyway?
Estate planning is a process whereby you put in writing your objectives for the management of your property as you age, as well as the distribution of your property upon your passing. Estate planning can address many issues, including:
- Who will help you manage your property as you age?
- Who will take care of your children when you have passed?
- Is there enough money to provide for your loved ones when you have passed?
- Who will manage your estate when you have passed?
- What are the tax ramifications of your passing on loved ones?
- If you have loved ones, what will happen to the ownership of your family business?
A living trust is a popular option in estate plans. A living trust is a vehicle for managing your property while you are alive, and upon your death, it passes on to your beneficiaries, with the added benefit of avoiding the delays and added expenses of probate.
How Do Powers Of Attorney Work?
Illinois has adopted the durable Power of Attorney Law. This law allows you to appoint an agent to act for you while you are alive and may be conditioned upon your incapacity or disability.
- A power of attorney for property is a device used for you to appoint someone to manage your property and payment of bills during a disability that may occur while you are alive.
- A health care power of attorney is a device used for you to appoint someone to make health care decisions on your behalf. This device also addresses the topics of: do you want to donate any organs, and do you want life-sustaining treatment if you are in a coma?
Help For Probating A Loved One’s Estate
If you need assistance probating a loved one’s estate, we can help. The process is not simple or quick ad often requires the assistance of a lawyer to complete the necessary steps. Not all estates need to go through probate. We can help you determine if a simpler process is available in your situation. If not, we will help you file documents, collect assets, pay bills and, finally, distribute the remainder of the estate. If a dispute arises during the process, our team is equipped to handle it on your behalf.
Set Up An Estate Planning Consultation
You can protect your own future and help your family avoid conflict and uncertainty by establishing a comprehensive plan. To set up a free half hour consultation, you may call our Geneva office at 630-457-1691 or you can contact us online.