Plainfield Estate Planning Attorneys

Incredibly professional, efficient, passionate. I'm very glad I found them. Wouldn't recommend anyone else after an experience like this.

You and your family are likely to experience many changes as the years pass. Your estate plan can help ensure that the needs of family members will be met, regardless of what may happen. Through your estate plan, you can decide who will inherit your property, who will manage your affairs in an emergency, who will be able to make healthcare decisions when necessary, and multiple other types of issues.

At Newland & Newland, LLP, our attorneys can help you build an estate plan that will fit into your life. We can advise you on the options available for protecting your assets, making decisions about inheritances, and providing for your loved ones' needs. Regardless of the complexity of your assets or your family's circumstances, we can advise you on the best solutions that can provide you with certainty about the future.

The Importance of a Comprehensive Estate Plan

A common misconception about estate planning is that it is only necessary for older adults or people with significant wealth. In reality, anyone who owns property, has a bank account, or has people who depend on them can benefit from creating an estate plan. A comprehensive estate plan will not only include decisions about what will happen after you pass away, but you can also make plans for what should happen if you are alive but cannot manage your own affairs.

Without estate planning documents in place, your family may face issues such as:

• Court Involvement in Decisions About Inheritances: Without a valid will, intestacy laws will determine who will inherit your assets. Even if you planned to leave certain assets to certain family members, friends, or charitable organizations, a court will distribute your assets to specific family members based on formulas provided in the law, without any regard to your actual wishes.
• Probate Delays: Even if you have a will in place, the distribution of your assets through the probate process can be time-consuming and expensive. With an estate plan, you may take steps to avoid probate, which can minimize delays and reduce costs.
• Family Conflict: If your intentions were unclear, your family members may disagree about what you would have wanted. Comprehensive estate planning documents can make sure your wishes are fully understood.

Documents That Form a Comprehensive Estate Plan

No two estate plans look exactly alike, but most plans include a combination of core documents that are customized to fit a family's specific circumstances. Our attorneys can help you create documents such as:

Last Will and Testament

Your will may serve as the foundational document of your estate plan. It will provide instructions for how your assets should be distributed to your heirs after your death. It can also name a person who you want to act as a guardian for your children if you die before they reach adulthood.

Revocable Living Trust

A living trust can be used alongside your will to make sure your assets will be managed correctly and distributed to beneficiaries efficiently. When you transfer ownership of assets to a trust during your lifetime, you will usually be able to retain full control of how they will be managed and used. After you pass away, a successor trustee that you have named will take steps to distribute the assets to your beneficiaries. They will be required to follow specific instructions that you have left detailing when and how assets will be distributed.

Living trusts can help you plan for the possibility of incapacity, since your successor trustee can take control of your assets and make sure they are used to meet your needs if you ever become seriously ill. Since assets will be distributed without the need to go through probate, a living trust can help your family avoid complications while maintaining privacy about your financial affairs.

Financial Power of Attorney

A power of attorney for property can be used to ensure that financial matters will be handled correctly if you are unable to address these issues on your own. By giving authorization to a trusted person to manage financial concerns, you can make sure your needs will be met. Depending on how the document is drafted, the person you choose may be able to manage your financial accounts and investments, handle real estate transactions, file taxes, pay bills, or address other concerns related to money and property.

With a durable financial power of attorney, your agent will be able to maintain their authority after you become incapacitated. This is when assistance will often be needed the most. Without a financial power of attorney, your family may need to file a petition for guardianship to ensure that someone will be able to handle financial matters on your behalf.

Healthcare Power of Attorney

A power of attorney for healthcare is similar to a financial power of attorney, but it will address issues related to your medical care and personal well-being. You can give a family member or another trusted person the authority to make decisions about the medical treatment you receive, and you can provide instructions to ensure that your wishes will be followed.

Living Will

You may want to address the types of end-of-life treatment you will receive if you become terminally ill. You can do so through a living will, which can detail what types of care you do and do not want to receive. Your living will can provide guidance in situations where you experience health issues that will result in your death, and you are incapacitated or otherwise unable to make your wishes known. Issues addressed in a living will may include whether you want to receive mechanical ventilation or artificial nutrition and hydration, or whether treatment should be provided to help reduce pain and maintain comfort during your passing.

Estate Planning FAQs

Contact Our Plainfield, Illinois Estate Planning Lawyers

Your estate plan will have a major impact on your family's future. At Newland & Newland, LLP, our lawyers can help you create a comprehensive plan that will help you protect your assets and provide for the needs of yourself and your loved ones in the years to come. Contact our Plainfield will and trust attorneys at 815-620-0546 to set up your free consultation and begin building the estate plan you need.