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Zion, 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 Assisting With Wills, Trusts, and Other Estate Planning Concerns in Zion, Illinois
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When addressing concerns related to estate planning, the first priority will often be to create a will. It is important to make sure a will fully details a person's intentions and provides clear instructions about how assets should be distributed to a person's beneficiaries. However, a will may just be a starting point when developing an estate plan, and trusts and other tools can play an important role in ensuring that a person's wishes will be carried out correctly and meeting their family's needs.
At Newland & Newland, LLP, our lawyers work with families in Zion and the surrounding areas to put together estate plans that reflect their specific wishes. Rather than relying on generic templates, we will craft documents that will fully detail a person's instructions and account for complex assets and family relationships. By asking detailed questions about assets, family relationships, and long-term concerns, we ensure that nothing important will be left out of an estate plan.
Making Sure a Will Reflects a Person's Wishes
A last will and testament will need to provide detailed instructions about how a person's final affairs should be handled. It should clearly identify every beneficiary a person wants to include and specify how particular assets should be handled. Our attorneys will review each provision of a will with our client to confirm that it reflects their intentions. We can help ensure that clients consider details that could affect their family in the future, such as how to handle jointly owned property, who should receive sentimental items, or how to provide for a minor or another beneficiary who may not be prepared to manage a large inheritance.
How Trusts Can Work Alongside a Will in an Estate Plan
While a will can address the distribution of certain types of assets after a person's death, trusts can also be used to distribute assets, and they can serve additional purposes that may go beyond what can be done through a will. When a person creates a trust, they will make arrangements for assets to be managed by a trustee while providing instructions for how assets will be distributed to different beneficiaries.
Trusts can be used to avoid probate, protect assets from creditors, provide for family members with disabilities, or control how and when beneficiaries receive assets. An estate plan may use a combination of a will and one or more trusts to address different goals. Our lawyers can help clients determine which types of trusts may be appropriate based on their financial circumstances, their family relationships, and other factors.
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
Types of Trusts That Can Play Different Roles in Estate Plans
- Living Trusts: A person can transfer assets into a trust, and they will usually be able to maintain control over these assets during their lifetime by serving as the trustee. Because living trusts are revocable, their terms can be changed at any time. A person may use assets in a living trust to meet their own needs, and a successor trustee who assumes control of the trust after their death will distribute assets based on detailed instructions that have been provided.
- Testamentary Trusts: A trust may be established through a person's will. This type of trust will not take effect until after a person's death, and assets will be transferred into the trust during the probate process and distributed to beneficiaries according to specific instructions. Testamentary trusts may be used to manage assets for minor children or other beneficiaries.
- Asset Protection Trusts: Certain types of irrevocable trusts may be used to shield assets from creditors and avoid potential losses.
- Special Needs Trusts: A person may leave assets to a beneficiary who has a disability, and by holding these assets in a trust and making sure they are used for specific purposes, the beneficiary can maintain eligibility for government benefits.
- Charitable Trusts: A person or family can take steps to support charitable organizations by holding assets in trusts and making distributions at specific times. These trusts may provide tax benefits, and they can also make sure family members will be able to receive income or assets.
- QTIP Trusts: A qualified terminable interest property trust can provide income to a person's spouse while making sure any assets that remain after the spouse's death will be distributed to children or other beneficiaries.
- Land Trusts: A trust may be used to hold the title to real estate. This can make sure property can be transferred to beneficiaries while avoiding complications during the probate process.
The Role of Incapacity Planning
An estate plan may also prepare for situations in which a person may be unable to make decisions about their health or finances due to serious illnesses or injuries. Incapacity planning can make sure a person can determine who will handle these issues on their behalf, and it can help avoid the need to establish guardianship.
Powers of attorney are some of the most important tools used in incapacity planning. A power of attorney for property can address financial matters, giving someone the authority to handle a person's assets, pay expenses, manage a business, or address other related concerns. A power of attorney for health care will address medical and mental health issues, giving someone the ability to make decisions about different forms of treatment. These documents can provide a person with the assurance that their needs will be met if they become incapacitated.
In addition to powers of attorney, a living will may be used to ensure that the proper treatment is provided at the end of a person's life. When a person is diagnosed with a terminal condition, and they are unable to communicate their wishes, a living will can detail the types of treatment they should receive. They can decide whether they want to receive treatment that could keep them alive, or they may provide instructions for treatments that would provide them with comfort as they pass.
Frequently Asked Questions Related to Estate Planning
Some people may choose to only use a will to detail their instructions regarding the distribution of their assets. However, trusts can provide some additional benefits, including making sure assets can be distributed outside of the probate process. Trusts can also provide more flexibility over how assets will be handled, such as by making distributions over time rather than providing a person with a single inheritance.
When a trust is revocable, it can be modified or revoked during a person's lifetime. Irrevocable trusts generally cannot be modified.
Certain assets may be held in a trust, while others may be transferred to beneficiaries through other methods. Retirement accounts and life insurance policies can usually be transferred through beneficiary designations. A will can account for any other assets that are not held in a trust.
When a special needs trust has been properly drafted and funded, it can provide support for a beneficiary while making sure they will continue to be eligible for needs-based government programs, including Medicaid and Social Security. A special needs trust can address specific types of needs that are not covered by government benefits, such as education, transportation, and entertainment.
Contact Our Zion Estate Planning Lawyers
At Newland & Newland, LLP, we work with clients to ensure that their estate plans will help them achieve their goals while meeting the needs of their families. We can develop comprehensive estate plans that will address our clients' assets, family relationships, and future needs. Contact our Zion, IL wills and trusts attorneys at 847-549-0000 to schedule a free consultation.
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