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Hawthorn Woods 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... We really appreciated how knowledgeable and approachable she was. Highly recommend Newland & Newland!
Lawyers Helping Clients Create and Update Estate Planning Documents in Hawthorn Woods, Illinois
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As you and your family make plans for the future, you may need to make decisions about what will happen to everything you own after your death, who will speak for you if you cannot speak for yourself, and how other issues will be handled. You may need to address issues related to your family's home, the savings you have built up over your career, a family business, medical and personal care, and more. By addressing these issues in advance, you can not only make sure your interests will be protected, but you can provide for the needs of your loved ones and help your family avoid potential disputes.
At Newland & Newland, LLP, our lawyers work with people at every stage of life to build plans that will fit their priorities and goals. With our comprehensive understanding of the laws that affect these matters and the tools that are available, we can explain the available options and make sure the right steps are taken to meet your family's needs. We will listen carefully to your needs and concerns, answer any questions you may have, and advise you on the best steps to take to protect your assets and your family.
The Role of a Will in Your Estate Plan
A will typically serves as the foundation of an estate plan. It will provide your final instructions to your loved ones about how various matters should be handled after your death. Your will can address several important matters, including:
- Distributing Property: You can leave specific items to specific people, ensuring that your loved ones will receive the property that may be most important to them. You can also provide instructions detailing how your remaining assets will be divided among family members or other parties based on percentages.
- Choosing an Executor: You will name a person who will manage your estate after your death. They will gather your assets, pay final bills and taxes, and carry out your instructions as they distribute property based on your instructions.
- Naming a Guardian for Children: If you are a parent of one or more minor children, you can nominate a person you trust to serve as their guardian and raise them if both you and the other parent pass away.
- Creating a Testamentary Trust: You can use your will to set up a trust that will take effect after your death. This can be a way to hold and manage an inheritance for a child until they reach adulthood.
- Transferring Leftover Assets to a Trust: "Pour-over" provisions in your will can make sure any property that is not distributed directly to beneficiaries will be placed in a trust and distributed based on specific instructions. This can ensure that no assets will be overlooked.
Stephen S. Newland
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How Trusts Can Help to Manage and Distribute Assets
When you create a trust, you will transfer assets out of your estate and into the control of a trustee. The trustee will manage the assets, and they will distribute them to specific beneficiaries based on instructions you provide.
Trusts offer a number of benefits that may not be provided by a will. Property in a trust will generally be able to pass to beneficiaries without the need to go through probate. This can help avoid the need for court oversight or waiting periods when distributing assets, and it can also help to maintain privacy.
A trust may also provide more control over the timing of distributions. Money or other assets may be distributed to beneficiaries when they reach certain ages or after specific life events. You may take steps to ensure that assets are used for specific purposes, such as education, health care, or housing.
Revocable Living Trusts
The most common type of trust used by families is the living trust. You can create a living trust and serve as your own trustee, which will make sure you can maintain control over your assets. When you pass away or become incapacitated, a successor trustee that you have selected will step in to begin managing the assets. Our attorneys can help ensure that a living trust is created and funded correctly, and we can advise you on what steps to take to ensure that your assets will be used to meet your needs or provide for other family members.
Special Needs Trusts
When a loved one has a disability, they may rely on benefits provided through the government, including Social Security or Medicaid. While you may wish to provide assistance to a loved one with special needs, giving them money directly or leaving assets to them in your will could make them ineligible for benefits. You can avoid this issue by creating a special needs trust that will ensure that assets will be used for purposes that will not affect their ability to receive financial assistance.
Charitable Trusts
If you want to use your assets to support important causes, you may be able to use a charitable trust to do so. A charitable remainder trust can provide ongoing income for you or other family members for a certain period of time, and the remaining balance will be donated to a charity. A charitable lead trust works in reverse, distributing assets to the charity first and then providing distributions to family members or other beneficiaries. Both types of charitable trusts can provide income tax deductions, and they may be used to reduce estate taxes.
Estate Planning FAQs
If you co-own your home with your spouse or another family member, it will typically pass directly to the surviving owner after your death. However, it may be a good idea to make arrangements to pass a home to another loved one in the event of the death of all of a home's co-owners.
The process of probate, which will involve taking an inventory of an estate, notifying creditors, paying debts and taxes, and distributing assets to beneficiaries, will often take several months to complete. Under Illinois law, creditors will typically have six months to file claims against an estate. Because of this, the probate process will typically last for between six months and one year.
The executor of your estate may need to take steps to access certain accounts as they take an inventory of your assets and distribute your property to your heirs. For assets held in a trust, a trustee may be able to access certain types of accounts. Taking steps to address different types of accounts and make sure they can be accessed and managed by the right people can be an important part of the estate planning process.
Generally, wills that have been properly signed and executed under the laws of another state will be treated as valid in Illinois. However, it may be necessary to review a will and other estate planning documents to ensure that they comply with Illinois law and address assets owned in the state.
Contact Our Hawthorn Woods, IL Estate Planning Lawyers
At Newland & Newland, LLP, we can help you make sure you use a will, different types of trusts, powers of attorney, advance directives, and other documents to ensure that you and your family are fully prepared for whatever the future may bring. We will walk you through your estate planning options and help you take steps to achieve your goals. Contact our Hawthorn Woods, Illinois comprehensive estate plan attorneys at 847-549-0000 to set up a free consultation.
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