Deerfield, Illinois Estate Planning Lawyers

I am completely satisfied with my experience at Newland & Newland. Working with Katrine and the other staff was low stress to accomplish my estate planning and hopefully in the future a couple real estate transactions. :-)

Estate planning can be a sensitive subject to approach for the first time, no matter your age. For many people, it involves asking hard questions about end-of-life care and distributing property to beneficiaries after death. Though it may seem overwhelming, a Deerfield, Illinois estate planning attorney can guide you through the process and protect your interests.

At Newland & Newland, LLP, we have decades of experience assisting clients with legal concerns throughout the Chicago area. We are ready to sit down with you to discuss your foremost concerns about estate planning, helping you create a comprehensive plan that reflects your wishes and preferences.

What Goes in a Will?

A will is a legal document that states your wishes for what happens to your property after you die. It allows you to name the people or organizations who will receive your assets, specify what each person receives, and appoint an executor to carry out your instructions. Without a will, Illinois law determines how your estate is distributed, and those rules may not reflect what you actually wanted.

A will can also name a guardian for minor children. That decision alone is often reason enough for parents to get a plan in place. Beyond property and guardianship, a will can address personal items with sentimental value, charitable gifts, and specific instructions about how your affairs should be handled.

A will cannot cover every asset. Accounts with named beneficiaries, jointly held property, and assets held in a trust typically pass outside of the will. Our firm can help you understand how each piece fits together.

Advantages of Setting Up a Trust for Your Beneficiaries

A trust allows one party to hold and manage property for the benefit of another. Trusts can serve a range of purposes depending on what a person needs. Some people use them to avoid probate, which is the court-supervised process of distributing an estate. Probate in Illinois can take months and involves public records. A properly funded trust can allow assets to pass to beneficiaries more quickly and privately.

Trusts can also provide more control over how and when beneficiaries receive assets. A parent might want a child to receive funds at a certain age, or in stages, rather than all at once. A trust can build those conditions in. For beneficiaries with disabilities, a special needs trust can protect their eligibility for government benefits while still providing supplemental support. For people with blended families, a trust can help make sure assets reach the intended recipients without confusion or conflict.

Not every estate requires a trust, but many people find them useful once they understand what a trust can and cannot do. Our lawyers can help you evaluate whether one makes sense for your situation.

Frequently Asked Questions About Estate Planning in Deerfield