Buffalo Grove Estate Planning Attorneys

Steve has helped us every step of the way and was in constant communication and went way above our expectations. His expertise was more than we could ask for. Very pleased with his service.

Everyone accumulates assets throughout their lifetime, from homes and vehicles to bank accounts, retirement savings, and personal possessions that hold sentimental value. Without proper planning, the distribution of these assets after a person's death may not align with their intentions, and loved ones may face unnecessary complications, expenses, and conflicts.

At Newland & Newland, LLP, our attorneys help clients in Buffalo Grove create comprehensive estate plans that will protect them and their families. We recognize that discussing these issues can be uncomfortable, and we approach these conversations with sensitivity and understanding. We provide clear explanations of the options that are available, helping clients make informed decisions. If you need to create a will, establish a trust or power of attorney, or update an existing estate plan, we will provide you with the help you need to secure your legacy.

Wills and Trusts as Estate Planning Tools

The cornerstone documents in most estate plans are wills and trusts. These documents each have distinct purposes, and they can work together to help ensure that your property will be managed and distributed correctly.

A last will and testament will provide instructions for how your property and assets will be handled after your death. Through your will, you can make decisions about who will receive your property, in what proportions, and subject to certain conditions.

For parents with minor children, wills can also nominate guardians who will be able to care for the children if necessary. By naming a guardian or guardians, you can make sure your children will be placed in the care of someone you trust rather than leaving guardianship decisions up to the courts.

Trusts can serve as a supplement to wills, and they may provide more flexibility and additional benefits. A trust is a legal arrangement where one person (the trustee) will hold and manage property for the benefit of others (the beneficiaries).

Revocable living trusts are popular estate planning tools. With this type of trust, you will typically serve as trustee during your lifetime, maintaining full control over the assets in the trust. Because you can make changes to the trust at any time, it will provide you with flexibility as your circumstances change. Upon your death or incapacitation, a person you selected as the successor trustee will assume control and distribute assets to beneficiaries according to your instructions.

Living trusts can avoid probate. Assets held in the trust can be distributed to your beneficiaries directly without the need to receive approval from the court. This can save time and money, and it will also make sure the distribution of assets is completely private and confidential.

Irrevocable trusts will permanently transfer assets out of your ownership and control. This can provide important benefits that may help you to achieve specific goals. You may be able to reduce or avoid estate taxes, because property in an irrevocable trust will not be part of your taxable estate. Irrevocable trusts can also provide asset protection and prevent money or property from being accessible to creditors.

Our attorneys help you determine the best ways to use wills and trusts in your estate plan. For many people, a combination of both types of documents can provide a comprehensive approach, ensuring that assets will be protected and distributed correctly.

Planning for Incapacity

While an estate plan may focus on asset distribution, it can also address situations where you may become incapacitated. Issues such as a major injury, a serious illness, or mental decline as you age may affect your ability to manage your finances or make decisions about your medical care. You can create documents that will appoint someone who can help you address these issues, while providing instructions and making sure your wishes will be followed.

Financial Powers of Attorney

A power of attorney for property will name a person who can handle financial matters on your behalf. This person may manage bank accounts and investments, pay bills and taxes, manage a business, file insurance claims, apply for benefits, or address other issues related to your money and property.

You can determine the scope of authority you will grant in a power of attorney, and it may be limited to specific transactions, or it may be broad enough to address any financial matter. You will also decide when the power of attorney will become effective. With a durable power of attorney, you can make sure it will continue to apply if you become incapacitated.

The person you select will have significant authority over your finances, so they will need to be someone you trust completely to act in your best interests. Many people name their spouse, adult children, or other close family members. A successor may also be named in case your first choice is unavailable when needed.

Healthcare Powers of Attorney

A power of attorney for healthcare will designate someone who you want to make medical decisions for you if you cannot communicate your wishes. This person may be able to consent to or refuse medical treatments, access your medical records, and other health-related decisions on your behalf.

You can provide guidance in the document about your preferences, including what types of treatments or medications you do or do not want to receive. This can help your chosen person make decisions that are consistent with your values. However, you can also grant the person the authority to use their judgment to make whatever decisions they believe are necessary based on what they think you would have wanted.

Living Wills

To address medical issues that may affect you as you reach the end of your life, you can create a living will. This document will detail your wishes regarding life-sustaining treatment if you are terminally ill and cannot express your wishes. You may state whether you want to receive treatments such as mechanical ventilation, artificial nutrition and hydration, and other methods of prolonging your life. If necessary, you may provide instructions to ensure that you can pass peacefully and with minimal pain and discomfort.

Estate Planning FAQs

Contact Our Buffalo Grove, Illinois Estate Planning Lawyers

Taking control of your legacy through a comprehensive estate plan will provide security for you and your loved ones. At Newland & Newland, LLP, our lawyers can work with you to make sure your estate plan meets your family's unique needs and provides you with peace of mind. Contact our Buffalo Grove comprehensive estate plan attorneys at 847-797-8000 to schedule a free consultation.