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Lake Bluff, IL Estate Planning Lawyers
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Planning for the future can feel overwhelming, but our team is here to make the process easier. We provide clear guidance in all areas of estate planning, including wills, trusts, powers of attorney, and advance medical directives. Call 847-549-0000 today to arrange a free consultation.
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Attorneys Providing Comprehensive Estate Planning Services in Lake Bluff, Illinois
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As you plan for the future, it is important to take the right steps to protect your family and your assets. Without a proper estate plan, decisions about your property and finances may be left up to a court after your death. You and your family may also encounter issues related to the medical care that should be provided if you become seriously ill or suffer a severe injury. By taking the time to create a thoughtful estate plan, you can make sure your wishes will be respected, and you can provide for the needs of your loved ones.
The attorneys at Newland & Newland, LLP help people in Lake Bluff and other nearby communities design estate plans that will fit their specific circumstances and make sure they will be prepared for whatever the future may bring. Whether you need to make decisions about what should be included in your will, create a detailed trust arrangement, or make sure your medical, personal, and financial needs will be met, our team can provide guidance on the best ways to achieve your goals. With our help, you can make sure you and your family will have the protection you need in the years ahead.
Why a Will Is an Important Part of an Estate Plan
A last will and testament can serve as the foundation of your estate plan. When you create a will, you will make decisions about how your property will be distributed after your death. This can ensure that your wishes will be followed rather than having a court decide who will receive which assets. In addition to naming beneficiaries who will receive specific assets, you can also name a guardian for your minor children and appoint an executor who will manage your estate.
Revocable Living Trusts
In addition to making arrangements to distribute your property through your will, you can put plans in place that will allow your assets to be managed, address specific needs for you and your loved ones, and make sure your beneficiaries will receive assets quickly and efficiently. With a revocable living trust, you will usually be able to retain full control over your assets during your lifetime, and you can leave detailed instructions for how assets will be distributed.
While ownership of assets will be transferred to the trust, you can serve as the trustee, manage these assets, and use them to meet your own needs, such as by paying for long-term care later in life. After your death, or in a situation where you can no longer manage the trust, a successor trustee will assume control over the assets, and they will be required to follow your instructions for how assets will be distributed.
One of the primary advantages of a revocable living trust is that assets held in the trust can be passed to beneficiaries outside of the probate process. Unlike assets left to beneficiaries in a will, assets in a trust can be distributed more quickly and efficiently while maintaining complete privacy. You may also have more control over how assets should be used, since you can provide detailed instructions for how and when assets will be distributed.
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Other Types of Trusts
Several types of trusts may be used to address specific family arrangements or financial circumstances. They may include:
- Special Needs Trusts: With this type of trust, you can use your assets to assist a loved one who has a disability. By holding assets in a trust rather than giving them to the person outright and providing instructions to ensure that assets are used for approved purposes, you can make sure your loved one will be able to maintain eligibility for government benefits such as Medicaid or Supplemental Security Income.
- Charitable Trusts: You may wish to use your assets to support causes you care about, and trusts can provide an effective way of doing so while providing tax benefits and ensuring that you or your loved ones will receive ongoing support.
- Asset Protection Trusts: Certain types of irrevocable trusts may be used to shield assets from creditors and make sure they can be distributed to beneficiaries correctly. You may take steps to protect against financial losses or minimize estate taxes after your death.
Planning for Incapacity
A comprehensive estate plan may not only address what will happen after your death, but also how matters will be handled if a situation arises where you are unable to make decisions for yourself. Several types of documents can help prepare for this possibility, including:
- Power of Attorney for Property: You can give someone the authority to manage your financial affairs if you become incapacitated. This can ensure that a family member or someone else you trust will be able to pay bills, manage health benefits, complete financial transactions, or handle other matters related to your property.
- Power of Attorney for Health Care: You can designate someone who will be able to make medical decisions for you if you cannot communicate your own wishes. This can ensure that you will receive the proper treatments and that your needs will be met.
- Living Wills: You can create a document that will detail your wishes regarding end-of-life care if you become terminally ill and cannot make your preferences known. You can address any forms of treatment that may prolong your life or ease your suffering, ensuring that issues related to your care will be handled correctly.
- Advance Directives: Other documents can be used alongside powers of attorney and a living will to provide guidance to your family members and medical providers about your preferences. A do-not-resuscitate order may be used to help ease your passing when you are terminally ill, or a mental health declaration can address any forms of treatment you may receive for a mental illness.
Frequently Asked Questions About Estate Planning
You may benefit from using both types of documents. A trust can be used to manage and distribute certain types of assets while providing other types of benefits. A will may address any property that is not held in a trust, and it can also name a guardian for your minor children.
Major life events may lead you to review your estate plan to determine whether changes may need to be made. If you get married or divorced, if a new child joins your family through birth or adoption, or if you experience a change in income or assets, you may want to look at how to address these changes and make sure your family will be prepared for the future. It is also a good idea to review your estate plan every few years to determine whether you may need to make any adjustments.
Yes. A revocable living trust can be amended at any time, or you may decide to revoke the trust completely if it no longer meets your family's needs. Our lawyers can advise you on what changes may need to be made to a revocable living trust to ensure that your assets will be managed and distributed correctly.
It is important to select someone who you trust to act in your best interests. The person must be willing to take on the responsibility of managing your assets or making decisions about your medical care. You may choose a family member or close friend, and you may discuss your wishes with them to make sure they will take the right steps to protect your interests.
Contact Our Lake Bluff Estate Planning Attorneys
The attorneys at Newland & Newland, LLP can help you create a will, establish and fund different types of trusts, and determine what other tools may be used to address your needs. Contact our Lake Bluff, IL estate planning lawyers at 847-549-0000 to schedule a free consultation with us.
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