Arlington Heights, IL Estate Planning Lawyers

Attorney Stephen Newland is a very reliable and knowledgeable attorney. I would highly recommend Attorney Stephen Newland.

Many people may understand that they should have an estate plan. However, a large number of people have not taken the steps to create an estate plan, and those who have estate plans in place may not have revisited their documents in years. Whether you are putting together your first estate plan or need to update documents that no longer fit your circumstances, the legal guidance from an experienced, compassionate attorney can make the difference between a plan that works and one that will not meet your family's needs.

An estate plan is not just about what will happen after you die. You can also use your estate plan to protect yourself and the people who depend on you while you are still alive. You can ensure that your healthcare wishes will be honored if you cannot speak for yourself, that your finances will be managed by someone you trust if you become incapacitated, and that your family will have the resources they need.

Newland & Newland, LLP helps families in Arlington Heights build estate plans that reflect their lives while addressing their goals and concerns. Our attorneys will take the time to understand your situation before making recommendations, and we explain every document in plain language so that you will fully understand the decisions being made.

Why Having an Estate Plan Matters

The most common reason people delay estate planning is the belief that it can wait. A person may believe that their estate is not large enough or that they will not need to make certain decisions until later in life. However, delaying in establishing an estate plan can lead to problems down the line.

When a person dies without a will in place, Illinois law will determine who will receive their assets. The default rules follow formulas based on family relationships, without considering a family's circumstances, a person's wishes, or the specific needs of particular family members. A member of a blended family, an unmarried partner, a child with special needs, or a beloved friend may not be able to receive an inheritance as expected, and assets may pass to other relatives instead.

Dying without an estate plan can also force a person's family to complete the lengthy and expensive probate process. Conflicts may arise among heirs, and the court may need to step in to appoint guardians for minor children. An estate plan can address these problems before they arise and provide a family with a clear path forward.

Powers of Attorney: Planning for Incapacity

Most people associate estate planning with what will happen after a person's death. However, a well-constructed estate plan can also prepare for the possibility that you may no longer be able to make decisions for yourself due to illness, injury, or cognitive decline. Without the right documents in place, your family may be forced to petition for a court-supervised guardianship to ensure that someone can manage your affairs or make healthcare decisions on your behalf. This can be avoided by establishing powers of attorney.

Power of Attorney for Property

With a power of attorney for property, you can name a person known as your agent to handle your financial affairs. This person's authority may kick in when you become incapacitated, which can ensure that your family will be able to address your needs. Your agent may be given the ability to pay bills and expenses, manage property and investments, file tax returns, handle transactions, oversee a business, and apply for benefits. You will control the scope of your agent's authority, and you can specify when the power will take effect.

Power of Attorney for Healthcare

A power of attorney for healthcare will designate an agent who can make decisions about your health and medical care. This may include decisions about treatment options, surgical procedures, admission to medical facilities, or end-of-life care. If you do not address these concerns ahead of time, healthcare providers may be uncertain about who will have the authority to make these decisions.

What a Will Can Accomplish

A last will and testament will give you control over decisions related to your estate and how it will be handled after your death. Your will directs how your assets will be distributed after your death. You can leave specific items to specific people, divide your estate in whatever proportions you choose, make charitable gifts, and address virtually any other distribution arrangements that reflect your wishes.

If you have minor children, your will can nominate a guardian who will be responsible for raising your children if you and the other parent die. While a court must ultimately approve the appointment of a guardian, the nomination you make in your will can carry significant weight in these cases.

Your will also designates an executor who will be responsible for administering your estate. They will gather your assets, pay valid debts and expenses, file tax returns, and distribute your assets to your beneficiaries.

Trusts: Expanding Your Estate Planning Options

Trusts are among the most versatile tools available in estate planning. The types of trusts that may meet your needs will depend on your specific goals. Our attorneys will explain the full range of options and recommend trusts that will serve your family's needs.

Revocable Living Trusts

A living trust may be used to avoid probate, and it can provide other benefits as well. Assets transferred into the trust during your lifetime can be distributed directly to your beneficiaries without going through the probate process. As the trust's creator, you will retain full control over the assets during your lifetime, and you can make changes to the trust at any time.

A revocable living trust can also be used for incapacity planning. The trust document will designate a successor trustee who will step in to manage your assets if you become unable to do so. This can provide a seamless transition without the need for guardianship proceedings or other legal procedures.

Irrevocable Trusts

Unlike revocable trusts, irrevocable trusts cannot generally be changed once they are established. In exchange for giving up that control, you may receive benefits that would not be available through a revocable trust. These benefits include asset protection and potential estate tax advantages. Assets transferred into an irrevocable trust may no longer be considered part of your taxable estate, and they may be protected from creditors.

Special Needs Trusts

If you have a family member or loved one who has a disability, you may want to provide them with assistance. However, giving a direct gift or leaving property to a person in your will could disqualify them from receiving government benefits such as Medicaid or Supplemental Security Income. A special needs trust can avoid this by ensuring that assets will be used in a way that supplements their government benefits.

Frequently Asked Questions About Estate Planning in Arlington Heights

Contact Our Arlington Heights Estate Planning Attorneys

An estate plan is one of the most meaningful things you can do for the people you care about. It will ensure that your wishes are known, that your family is protected, and that the decisions you have spent a lifetime making will be honored after you are gone. At Newland & Newland, LLP, our attorneys can guide you through every aspect of the estate planning process. Contact our Arlington Heights, IL comprehensive estate plan lawyers at 847-797-8000 to schedule a free consultation.