Lake Forest Estate Planning Lawyers

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When planning for the future, a person can take steps to protect their loved ones and ensure that their wishes are respected. While estate planning may address the distribution of a person's assets after their death, it will include far more than simply creating a will. A comprehensive estate plan can provide peace of mind by outlining how property will be transferred, who will care for minor children, how financial and medical decisions will be handled in the event of incapacity, and how to minimize disputes among heirs.

At Newland & Newland, LLP, our attorneys can help ensure that legal, financial, and personal concerns will be thoughtfully addressed in an estate plan. We work with clients to create customized plans that will meet the unique needs of their families. With our help, clients can maintain control over their affairs, safeguard their families' futures, and avoid unnecessary complications down the line. We will explain how different planning tools work together, and help clients make informed decisions based on their specific goals.

The Importance of Creating a Will

A last will and testament can serve as the foundation of an estate plan. This document allows a person to express their intentions regarding how their affairs should be managed after their death. Creating a will offers several essential benefits, including:

• Distribution of Assets: A will specifies who should inherit a person's property, including real estate, bank accounts, personal belongings, and family heirlooms. Without a valid will, the estate may be distributed in a manner that was different from what a person would have wanted.
• Appointment of an Executor: The testator (the person creating the will) can name an executor to manage their estate. The executor will file the will in probate court, pay debts and taxes, take a complete inventory of the estate, and distribute assets according to the will's terms. By naming a trusted person as their executor, a person can ensure that their wishes will be carried out correctly.
• Guardianship for Minor Children: In a will, a parent can name a guardian to care for their minor children if both parents pass away. This is one of the most important reasons for families to establish wills.
• Charitable Gifts and Specific Bequests: Through their will, a person can leave money or property to charitable organizations or make specific gifts to friends or family members.

A well-drafted will can prevent confusion, reduce family conflict, and streamline the probate process. Our estate planning lawyers can help ensure that a will meets all legal requirements and is customized to reflect a person's priorities.

Types of Trusts That May Be Included in an Estate Plan

Trusts are versatile estate planning tools that can offer benefits such as asset protection, tax efficiency, and the ability to distribute assets directly to beneficiaries outside of the probate process. Different types of trusts can be used for different purposes. Our Lake Forest estate planning attorneys can help determine which types are appropriate for a given situation. We can provide guidance on the best ways to use:

• Revocable Living Trusts: These financial arrangements will allow a grantor to manage their assets during their lifetime, address their own financial needs, and distribute assets to beneficiaries either before or after their death. Since a living trust is revocable, it can be amended at any time while the grantor is alive and mentally competent.
• Irrevocable Trusts: Once established, these trusts cannot be modified or revoked without the consent of the beneficiaries. They may be used to protect assets, minimize estate taxes, or qualify for Medicaid benefits.
• Testamentary Trusts: A will may specify that a trust will be created and activated upon the death of the testator. With this type of trust, assets can be used to provide for the needs of minor children or other beneficiaries.
• Special Needs Trusts: If a person wishes to provide financial support to a loved one with disabilities, making direct gifts may affect the person's ability to qualify for government assistance programs such as SSI or Medicaid. With a special needs trust, assets can be used for specific purposes that will not jeopardize eligibility for public aid.
• Charitable Trusts: A person can establish trusts for the purpose of making donations to charitable organizations. A charitable trust can also offer tax advantages to the donor and their estate.

Each type of trust involves complex legal concerns and tax considerations. Our estate planning attorneys can provide guidance on the types of trusts that may be used to address different goals, such as asset protection or charitable giving. We will draft comprehensive trust documents, work with clients to select appropriate trustees, and make sure trusts are funded correctly. With our help, clients can establish the trusts that will help them achieve their long-term goals.

Addressing Incapacity With Powers of Attorney and Advance Directives

A comprehensive estate plan can not only prepare for what will happen after a person's death, but it can also provide a framework for managing a person's affairs during a period of incapacity. Powers of attorney and advance directives are essential tools that may address situations where a person cannot make decisions on their own. These documents may include:

• Durable Power of Attorney for Property: This document authorizes a chosen agent to handle certain types of financial issues on a person's behalf, such as paying bills, managing financial accounts, and making investment decisions.
• Power of Attorney for Health Care: This document allows an agent to make medical decisions, access medical records, and communicate with healthcare providers in situations where a person cannot speak for themselves.
• Living Will: This document will detail a person's preferences regarding end-of-life care, such as whether they want to receive life-sustaining treatment in the event of a terminal condition.

These documents can serve as an alternative to guardianship, which may require complex legal procedures and court hearings. Our lawyers can help clients take steps to ensure that someone they trust will be able to act on their behalf during a medical emergency or in the event of incapacity.

Frequently Asked Questions About Estate Planning in Lake Forest

Contact Our Lake Forest, Illinois Estate Planning Attorneys

To create an estate plan that will protect your legacy and your family's future, you can work with the attorneys at Newland & Newland, LLP. We can assist with wills, trusts, powers of attorney, and other essential estate planning tools. Contact our Lake Forest wills and trusts lawyers at 847-549-0000 to set up a free consultation and begin building a secure future.