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North Chicago Estate Planning Attorneys
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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.
We had such a great experience with Newland & Newland while working through estate planning for my mother. Athena made the entire process easy and straightforward...
Lawyers Working With Families to Develop Comprehensive Estate Plans in North Chicago, IL
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The process of estate planning can be complicated, and it can touch on issues that people may not want to consider, including death. Those who are younger or who do not own extensive assets may not believe that estate planning is necessary, or they may feel that they can wait until later in life to address these issues. However, an estate plan can be crucial for anyone, since it can determine how issues related to their assets will be handled, ensure that their children or other loved ones will be protected, and address concerns about medical or personal care in emergency situations.
At Newland & Newland, LLP, our attorneys help families in North Chicago build estate plans that will meet their needs. We can guide clients through the estate planning process, whether they are creating a plan for the first time or need to update their documents after major life changes. We will take the time to listen closely to a person's and family's goals, explain each option, and design a plan that will provide a family with the assurance that they will be prepared for whatever the future may bring.
What Is Testamentary Estate Planning?
Testamentary estate planning refers to decisions about how a person's affairs will be handled after their death. The centerpiece of testamentary estate planning is a last will and testament, which will detail how a person's property should be distributed to their heirs. A will can appoint a guardian for minor children.
When a person does not have a will, intestacy laws will determine how their property will be divided. Assets will be divided among a spouse, children, or other relatives, and this division may be different from what a person would have wanted. A comprehensive estate plan can make sure a person's final affairs will be handled correctly, and it can also help reduce delays, disputes among family members, and unnecessary costs during probate.
Documents Used to Distribute Assets to Beneficiaries
A comprehensive estate plan may use multiple types of documents to ensure that a person's assets will be handled correctly after their death. In addition to a will, other elements of an estate plan may include:
- Revocable Living Trust: When a person places assets in a trust, they can provide detailed instructions for how distributions will be made to beneficiaries. Assets held in trusts will not need to go through probate, and they can be transferred to beneficiaries quickly, efficiently, and privately.
- Beneficiary Designations: Certain types of financial accounts, retirement plans, or life insurance policies can be transferred directly to beneficiaries that have been named ahead of time. These transfers will be handled outside of probate, and any beneficiary designations will supersede the decisions made in a will.
- Transfer on Death Instruments: Steps may be taken to ensure that real estate property can be directly transferred to a beneficiary after the owner's death without the need to go through probate.
The right combination of estate planning tools will depend on the assets a person owns, their family dynamics, and their personal goals. Our lawyers can help clients understand how different documents will work together as part of a complete estate plan.
Stephen S. Newland
Partner
- Elite Lawyer, 2019-present
- Named a Leading Lawyer by peers
- Illinois Real Estate Lawyers Association, Board of Directors
- Featured speaker at bar association seminars
The Role of Incapacity Planning in an Estate Plan
In addition to addressing what will happen after a person's death, an estate plan can make sure a person's needs will be met during their lifetime. Incapacity planning may address situations where a person cannot make decisions for themselves due to a serious injury, a long-term illness, or the effects of aging. Without documents in place to address incapacity, family members may need to petition for guardianship, which is a process that can be time-consuming, expensive, and emotionally difficult.
By including incapacity planning tools in an estate plan, a person can choose in advance who will manage their finances and make medical decisions on their behalf. They can provide instructions to ensure that their wishes will be carried out correctly, and they can work together with their loved ones to make plans in advance, which can help avoid disputes or confusion about the right choices to make.
Estate Planning Tools That May Be Used to Address Incapacity
When a person still has the capacity to make decisions about how their finances will be handled and how their medical and personal needs will be met, they can create documents such as:
- Power of Attorney for Property: A person can name an agent who will address financial matters such as paying bills, managing bank accounts, and handling real estate transactions.
- Power of Attorney for Health Care: A designated agent may be given the authority to make medical decisions on a person's behalf, including whether they may be admitted to a hospital, mental health facility, or nursing home and the types of treatments they should receive.
- Living Will: A person can create a document detailing their preferences regarding life-sustaining treatment or other forms of care that should be provided if they become terminally ill.
These tools can be especially important for people with chronic health conditions or other health issues that could result in incapacitation. Elderly people may also want to make sure their loved ones will be able to address their needs and provide the necessary care in situations where they may no longer be able to make decisions on their own.
Factors to Consider When Creating or Updating an Estate Plan
Our attorneys work with clients to evaluate the factors that may affect their families during the estate planning process. We can help families consider issues such as:
- The size and complexity of a person's assets, including real estate property, retirement accounts, and business interests
- A family's circumstances, such as blended families, minor children, or beneficiaries with special needs
- Changes in marital status, including marriage, divorce, or the death of a spouse
- The birth or adoption of children or grandchildren
- Relocation to or from Illinois, since different laws may apply to property owned in different states
- Changes in health that may affect a person's long-term care needs
Estate Planning FAQs
Most people can benefit from reviewing their estate plans every few years or after major life events. An estate plan may need to be updated following a marriage, a divorce, the birth of a child, or the acquisition of significant assets.
Most of the time, the executor named in a will is required to file the will in probate court and follow specific procedures when settling an estate. Simplified procedures may be available in certain cases, including when the assets in an estate are below a certain threshold. To avoid complications during the probate process, tools such as trusts, beneficiary designations, and transfer on death instruments can be used to transfer assets to beneficiaries more quickly and efficiently.
This role should go to someone who a person trusts to act in their best interests. A spouse, an adult child, or another trusted person may serve as an agent. This person will have authority over financial or medical decisions, so a person will need to make sure their agent will be able to handle these issues correctly.
If steps have not been taken to detail a person's wishes or appoint someone who will be able to act on their behalf, their family members may need to file a petition for guardianship. The process of establishing guardianship can be lengthy and costly, and a person and family may benefit by addressing these issues ahead of time.
Contact Our North Chicago, Illinois Estate Planning Attorneys
Estate planning can provide control over decisions that will affect a person, their family, and their future. At Newland & Newland, LLP, our attorneys can help families create plans that address asset distribution, incapacity, and other concerns. To take steps to create or update an estate plan, contact our North Chicago estate planning lawyers at 847-549-0000 and set up a free consultation today.
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