What Should I Consider in Estate Planning?

 Posted on November 26, 2024 in Uncategorized

Planning for your passing can come with serious emotional baggage, and you may not even know where to begin. You might have concerns about what will get passed down to your family, how you will be taken care of near the end of your life, or whether your assets will be protected after your death. An estate planning attorney in Illinois can lessen the burden by walking you through the process of managing your affairs. The legal professionals at Law Offices of Tedone and Morton, P.C. provide personalized service in estate planning, hearing out your concerns and taking steps to have your needs met. If you are making preparations for your passing, you might consider addressing these issues early on.

Writing a Will

A will may be at the forefront of your mind during estate planning, for good reason. A clearly written will can ensure that your personal property and assets are allocated according to your wishes. When somebody dies without a will in Illinois, his or her property goes through intestate succession, an automatic system of dividing up your property to your next of kin: this is less than ideal, as it entails time in probate court and much confusion over who is entitled to what. With a will, you can designate someone you trust as an executor with the legal responsibility of managing your estate. An estate planning attorney can go over your will with you, making sure that the document is legally sound and clearly expresses how your estate should be divided.

Living Wills and Power of Attorney

In cases of advanced illness or the toll of aging, you may reach a point when you are no longer able to communicate for yourself. With this in mind, you should take precautions ahead of time to make sure there is a plan in place for your preferences for medical care. A living will is a legal document that binds doctors to act according to your wishes when you are incapacitated, such as if you want to be kept alive in a vegetative state or whether you want to be treated with painkillers and other medication.

Power of attorney has significant overlap with a living will: with your written permission, it bestows somebody else with decision-making power over your affairs, including financial and medical decisions. Unless specified otherwise, power of attorney in Illinois is durable, meaning that it remains in effect if you cannot express your wishes anymore. An estate planning lawyer can assist in drafting these documents and see that your wishes are enforced.

Asset Protection

Passing down your wealth to your children or grandchildren can become complicated when outside parties get involved. Assets passed down through a will have to go through probate court, and your estate’s wealth could be claimed in lawsuits or pre-existing debts. Fortunately, there are measures you can take to protect your wealth and safeguard it for your beneficiaries. A living trust is one such method, allowing you to set aside your wealth with instructions on how it should be distributed upon your death. There are two kinds of living trusts: a revocable living trust, which gives you control over the assets, and an irrevocable trust, wherein you give up control in exchange for greater security.

You might also be interested in establishing a family limited partnership (FLP) to protect your assets. An FLP is a business structure that puts away your wealth for members of your family, dividing up those assets into interests expressed as percentages; you can own as little as 1% interest while still fully controlling the FLP, while your beneficiaries receive the rest. Similar to living trusts, FLPs have a higher degree of protection from creditors looking to profit off your estate.

Asset protection is complicated, and there is no single solution for every case. An estate planning lawyer can advise you on your best course of action to safeguard your wealth for your beneficiaries.

Speak with an Estate Planning Attorney in Joliet, IL Today

Estate planning is intimidating to tackle, but with skilled legal counsel, you can rest easy knowing that everything will be taken care of after your passing. A Will County, IL estate planning lawyer at Law Offices of Tedone and Morton, P.C. can assess your circumstances and provide you with legally sound guidance. To schedule a free consultation, call us today at 815-666-1285.