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, it also protects the assets you have worked your entire life to secure.
Without a will, your heard-earned wealth is at the mercy of state probate laws, and that may mean your estate is not distributed the way you want. It can also mean that your loved ones have to pay expensive and avoidable taxes. Give your loved ones peace of mind and a plan to follow.
After 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 your objectives for the management and distribution of your property upon your passing are analyzed, and actions are taken to meet your objectives. Items estate planning may address are:
- Who gets your money and property when you have passed?
- 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, do you want life-sustaining treatment if you are in a coma?
Contact Our Office Today For An Estate Planning Consultation
Without an estate plan in place, your assets are at the mercy of state law, and people you care about could end up facing conflict and uncertainty. But you can avoid that by contacting our office today. We help individuals and families across DuPage and Kane Counties, including in St. Charles and Batavia.