Gurnee 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.

While few people want to consider the possibility of death, it is important to take steps to address how a person's final affairs will be handled by creating an estate plan. However, estate planning is not just about distributing a person's assets after their death. It is a process that empowers people to make thoughtful decisions about their future, protect their families, and maintain control over important financial and medical matters.

In some cases, people may delay in creating an estate plan because they believe it is only necessary for the elderly or the wealthy. In truth, everyone can benefit from having a clear, legally valid plan in place, regardless of their age or financial status. At Newland & Newland, LLP, our Gurnee estate planning attorneys can help you create and execute estate planning documents that reflect your intentions, meet legal requirements, and provide you and your loved ones with peace of mind.

Why Estate Planning Matters for You and Your Family

Estate planning is about more than deciding who will inherit your property. A well-crafted estate plan allows you to:

• Protect your assets and make sure they will be passed to your beneficiaries correctly
• Avoid legal disputes and complications that could affect your loved ones after your death
• Plan for incapacity and determine how medical or financial decisions may be made in emergency situations
• Provide assistance for loved ones who have special needs
• Reduce estate taxes and avoid the delays and costs of probate

Without an estate plan, your assets may be distributed in a way that would not align with your personal preferences. Estate planning allows you to maintain control while supporting your family and reducing uncertainty.

The Role of a Last Will and Testament

A will is often the foundation of an estate plan. This legal document will detail your final wishes regarding the distribution of your property, the care of your minor children, and the appointment of a personal representative (executor) who will manage your estate.

In Illinois, a valid will must meet specific legal requirements, including being in writing and being signed in the presence of two witnesses. Our attorneys can help you draft a will that clearly expresses your intentions and stands up to potential legal challenges. Creating a will ensures that your voice will be heard, even when you are no longer present to speak for yourself.

Trusts for Asset Management, Protection, and Distribution

While a will can outline your final wishes, trusts can provide a flexible and efficient method for managing and distributing your assets. Trusts can help you avoid probate, maintain privacy, protect assets from creditors, and support loved ones. Types of trusts that may be used in an estate plan include:

• Revocable Living Trust: With a living trust, you can retain control of your assets during your lifetime and make arrangements for the seamless transfer of property while avoiding probate.
• Irrevocable Trust: By removing assets from your taxable estate and putting them in the control of a trustee, this type of trust can provide asset protection and potential tax advantages. Once created, the terms of an irrevocable trust generally cannot be changed.
• Special Needs Trust: You can use this type of trust to provide for a loved one with a disability while ensuring that they will still be eligible for public benefits like Medicaid or Supplemental Security Income (SSI).
• Charitable Trust: You can support charitable causes with a charitable lead trust or charitable remainder trust, which can also provide tax benefits and allow you or your family members to receive ongoing income.

Different types of trusts may serve different goals. Our lawyers can help you choose and structure the right trusts that will fit your family's unique needs and help you achieve your goals.

Planning for Incapacity

Estate planning can also help you prepare for the possibility that you may become unable to make decisions due to illness, injury, or cognitive decline. Different types of legal documents can ensure that your wishes will be respected in these situations. They may include:

• Power of Attorney for Property: You can appoint an agent who will be able to manage your financial affairs, including paying bills, managing investments, and handling real estate.
• Power of Attorney for Health Care: You can authorize a trusted person to make medical decisions on your behalf while providing instructions about the types of treatment that you do and do not want to receive.
• Living Will: You can detail your preferences regarding life-sustaining treatments and other end-of-life care decisions, which can help your loved ones avoid uncertainty in difficult situations.

Without the proper documents in place, your family may need to seek guardianship through the court, which can be a time-consuming and costly process that could delay important decisions. Executing powers of attorney and advance directives as part of your estate plan can help you maintain autonomy while protecting your interests.

Frequently Asked Questions About Estate Planning in Illinois

Contact Our Gurnee, Illinois Estate Planning Attorneys

Whether you are just starting to think about your future or need to update an existing estate plan, the attorneys at Newland & Newland, LLP can help you make informed, confident decisions. We will work closely with you to prepare a comprehensive plan that will be based on your unique goals. Reach out to our Gurnee comprehensive estate plan lawyers at 847-549-0000 to schedule a free consultation.