Estate Planning

When it comes to considering your future, one of the most important steps you can take is to set up an estate plan. By planning ahead, you will be simplifying the process for your loved ones and lowering the fees that might be associated with probate and estate administration later on. 

We will guide and assist you at every step of planning your estate, including wills, trusts, and powers of attorney. 

Wills

Having a will is a way to ensure that your wishes will be acknowledged and your property will be distributed in the way that you desired. We will guide you in determining which will is the best for your estate plan, whether it be a simple will, a will with contingency trusts, or pour over wills, which place all your assets into a living trust. 

Trusts

We will help you in determining whether a trust will be beneficial to your specific needs. 

The reasons for setting up a trust include tax planning, asset protection, and privacy, as well as specific provisions including special needs trusts, spendthrift provisions, or setting up trusts for minor children. Some reasons to avoid setting up a trust include the potential loss of control of some property and the cost and time involved. 

We will assist you in determining the best approach for setting up your estate plan and whether or not a trust should be included in it. 

Probate and Estate Administration

Recognizing that this is a time full of difficult personal circumstances, Chicago Probate Lawyers are here to assist and make the transition through the probate process as easy as possible. 

There are many questions that arise when a loved one dies, and we will guide you through the process and assist with any decisions that need to be made. 

The first question for a client is whether or not there was a will of the deceased and if probate is needed to administer the estate. The law in Illinois states that if a person left a will, that will must be filed in the county of residence of that person within 30 days of their passing. Usually, if there is no will, a probate estate will be needed and the laws of Illinois will govern the distribution of the estate. 

We will assist with the basic steps of administering the probate estate, including matters of heirship, wills and trusts, independent or dependent administration, estate accounting, distributions, etc. In addition to administering the probate estate, we will assist in transferring or clearing title to real or personal property as well as collecting assets and disposing of the property that you do not want to keep.  

Powers of Attorney

Powers of Attorney are important, particularly should a situation arise where you are incapable of making or declaring your own decisions regarding your health care and treatment options, financial obligations, property, or other important decisions you may not be capable of making on your own. 

You will want to create a Power of Attorney for Healthcare and Property to allow someone you trust to have the legal authority to make decisions and take care of your wishes on your behalf. 

In creating a Power of Attorney, you will name an agent who will act on your behalf as well as state what he or she is allowed to do within a given time frame.