Carol Stream Estate Planning Lawyers

Attorneys Helping Clients Create Comprehensive Estate Plans in Carol Stream, IL

Some people may put off estate planning because they assume it is only necessary for those who are elderly or own significant assets. However, failing to address estate planning issues can cause problems for a family, including the loss of assets or conflicts among family members. A comprehensive estate plan allows a person to make decisions in advance rather than leaving them up to a court. It can also provide assurance that assets will be protected and that a family's needs will be met in the future.

At A. Traub & Associates, our attorneys work with clients to build estate plans that will help them achieve their goals for their families. We will explain the tools that may be used, help clients weigh the different options, and make sure all documents are prepared and executed correctly. We can provide the guidance needed to establish comprehensive plans that will provide protection in the future, and we can help clients update their estate plans to ensure that they will continue to meet their families' needs.

The Importance of a Comprehensive Estate Plan

While an estate plan can make decisions about how different types of property will be handled after a person's death, it can also serve a variety of other purposes. It can reduce the burden on a person's loved ones, minimize the delays and costs involved in settling an estate, and help avoid disputes between family members. A comprehensive estate plan may also address situations that can arise during a person's lifetime, such as incapacity due to an illness or injury, and it can make sure the proper care and assistance will be provided.

In situations where people do not have estate plans in place, courts will determine how their property will be distributed after their death. They will follow the intestacy rules detailed in Illinois law, and the ways property will be divided may not match what a person would have wanted. Married couples, parents of minor children, business owners, and people who wish to provide for loved ones with special needs can take steps to address estate planning concerns to ensure that their assets will be protected and that their loved ones will be able to avoid uncertainty and legal complications.

Key Elements of an Estate Plan

Wills

A will is one of the most foundational estate planning documents. It will provide instructions detailing how a person's property should be distributed after their death. It can also name a guardian who will provide care for a person's children and address their needs after the death of both parents. A will takes effect after a person's death, and it must go through the probate process before assets can be distributed.

Trusts

With a trust, a person can place their assets under the management of a trustee, who will administer those assets and distribute them to beneficiaries according to the instructions that have been put in place. Assets in a trust may be distributed either during a person's lifetime or after their death. Trusts can serve multiple purposes, and they may include:

• Revocable Living Trusts: These trusts can be changed during the creator's lifetime. In many cases, the creator will serve as the trustee, and they may use the assets to meet their own needs, such as by paying for care in a nursing home. Assets in a living trust can be distributed to beneficiaries without going through probate.
• Irrevocable Trusts: These trusts generally cannot be modified after they are created and funded. While assets may not be directly controlled by the person who created the trust, they can be protected, ensuring that they will be distributed correctly while minimizing taxes and preventing losses to creditors.
• Special Needs Trusts: These trusts allow a person to provide financial support for a loved one with a disability. By placing assets in a trust and making sure they are used for specific purposes, a disabled person will be able to maintain eligibility for benefits received through the government, including Social Security or Medicaid.
• Testamentary Trusts: A trust may be created through a will, which will provide instructions for how assets should be transferred into the trust and distributed to beneficiaries. These trusts may be used to manage assets for minor children or others who receive inheritances.

Powers of Attorney

With a power of attorney, a person can designate someone who will have the authority to make certain types of decisions on their behalf. This can ensure that financial concerns will be addressed correctly in a situation where a person will be unable to manage their own affairs. A power of attorney can also address medical concerns, ensuring that a person who becomes incapacitated will have someone they trust making decisions about their treatment. Our lawyers can work with clients to establish powers of attorney for property and healthcare while providing instructions to ensure that their wishes are followed correctly.

Living Wills

A living will allows a person to make decisions about how their medical treatment and personal care will be handled if they become terminally ill. In a situation where a person has been diagnosed with a condition that will result in their death, and the person is unable to make decisions about their care or communicate their wishes to others, a living will can detail what types of treatment they do or do not want to receive. This can provide clear guidance to family members and medical providers while avoiding disputes about what a person would have wanted.

Contact Our Carol Stream, Illinois Estate Planning Lawyers

The decisions made in an estate plan can affect a family for years to come. At A. Traub & Associates, our lawyers can help clients understand the tools that can be used to address their families' needs, protect their assets, and ensure that they are fully prepared for the future. To learn how we can help build comprehensive plans and address other related concerns, contact our Carol Stream estate planning and estate administration attorneys at 630-426-0196 and schedule a consultation.