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Long Grove 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.
I am completely satisfied with my experience at Newland & Newland. Working with Katrine and the other staff was low stress to accomplish my estate planning and hopefully in the future a couple real estate transactions. :-)
Attorneys Assisting Families With the Estate Planning Process in Long Grove, IL
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In Long Grove, families may own a wide variety of different types of assets, and they will need to make decisions about how these assets will be handled in the event of a person's death. They may need to address other issues related to their property, finances, and the personal care of different family members, and they can do so by establishing comprehensive estate plans. Unfortunately, many people put off estate planning, which can put them at risk of financial losses and legal complications after a person's death or in other situations.
At Newland & Newland, LLP, our estate planning attorneys help families take control of their futures. We have decades of experience in these matters, and we can provide guidance on the best options available to address a family's specific needs. We will take the time to understand our clients' goals and the concerns that may affect individual family members. With our help, families can make sure their assets and loved ones will be protected.
Why Every Family Needs an Estate Plan
When a person in Illinois dies without a will, their property will be distributed to their family members according to specific rules defined in state laws. These laws detail how assets will be divided among their spouse, children, or other family members. Even though these laws are meant to be fair, they can leave a spouse with limited financial resources, or they could prevent certain family members or others who were important to a person from receiving inheritances at all. Assets may also be at risk of losses to creditors or taxes.
A family can avoid potential problems by making decisions ahead of time about how assets will be distributed and how other matters will be handled. With a comprehensive estate plan, steps can be taken to protect assets, provide for the specific needs of certain family members, or leave assets to charitable organizations. A family may also take steps to ensure that a person's finances and medical decisions will be handled correctly if an accident or illness prevents them from communicating their wishes or making decisions for themselves.
Keeping an Estate Plan Up to Date
An estate plan will need to change as the lives of family members change. Our team can help clients review and update their estate plans every few years or after major life events such as:
- Marriage or Divorce: When a couple gets married, they will often need to update documents to ensure that a spouse will be provided for in the event of the other spouse's death. After a divorce, estate planning documents may need to be updated to remove an ex-spouse as a beneficiary or make arrangements that will address the needs of children, stepchildren, or other loved ones.
- Births and Adoptions: When a child or grandchild is born or adopted, estate planning documents may need to be updated to add the child as a beneficiary. Parents will also need to make arrangements for guardianship of children in the event of the death of both parents.
- New Assets: When a person or couple buys certain types of property, starts a new business, or receives an inheritance, they may need to take steps to ensure that their assets will be protected.
- Health Changes: A diagnosis of a serious illness may require updates to documents that address medical decisions, or steps may need to be taken to ensure that a person's ongoing needs will be met.
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
Estate Planning Decisions That Families May Face
Distributing Assets Among Beneficiaries
Some of the key issues addressed in an estate plan will be related to who will receive different assets and how these assets will be distributed. In some cases, parents may want to divide all of their assets equally among their children, while in others, parents may want to address specific needs affecting different family members. A family may also want to support charities, make sure children or grandchildren can receive the proper education, or help loved ones with disabilities or special needs. Our lawyers can help clients think through these choices, structure their assets correctly, create the proper estate planning documents, and avoid potential disputes among family members.
Planning for Care as a Person Gets Older
Later in life, people may encounter health issues or other concerns that may affect their ability to meet their own needs. With proper planning, a person and family can make arrangements for in-home care or residence in a nursing home or assisted living facility. Our attorneys can help a family structure assets in ways that will allow a person to qualify for Medicaid long-term care benefits, and we can also ensure that loved ones will have the authority to make decisions on a person's behalf when necessary.
Protecting Different Types of Assets
A family may need to take steps to avoid potential financial losses when transferring assets among family members or using money that has been saved to meet a person's needs. Our lawyers can provide guidance on how to use beneficiary designations, transfer-on-death instruments, asset protection trusts, and other methods to provide the protection that a family needs.
Estate Planning Tools
Wills
A will details how a person's property will be distributed to their beneficiaries after their death. It will also name an executor who will administer the estate, and it can address guardianship for minor children. Our attorneys can help ensure that clients include the proper instructions in their wills that will distribute their assets correctly.
Trusts
A revocable living trust may be used to ensure that a person can maintain control of their assets during their lifetime, name a successor trustee to take over when they die or become incapacitated, and distribute assets to beneficiaries based on specific instructions. Other types of trusts may also be used to manage and distribute assets, including special needs trusts, charitable trusts, or irrevocable trusts. Our lawyers can advise clients on the benefits that trusts can provide, and we can make sure trusts are created and funded correctly.
Powers of Attorney
Steps can be taken to ensure that someone will be able to act on someone else's behalf when they become incapacitated. A power of attorney for property will allow someone to pay bills, manage accounts, and handle other financial concerns. A power of attorney for health care can address medical decisions. Creating these documents in advance can help ensure that a person's needs will be met in the event of a serious illness, a catastrophic injury, or another situation that may affect their ability to make decisions on their own.
Advance Medical Directives
Certain types of documents can be created to ensure that a person will receive the proper care as they approach death or in other situations. A living will can address a person's wishes regarding medical treatment when they become terminally ill. A declaration for mental health treatment can address the types of psychiatric care that may be provided in certain situations. Advance directives can help ensure that a person's wishes will be followed while preventing disputes among family members about the types of care that should be provided.
Frequently Asked Questions About Estate Planning
The estate planning tools that may be used will depend on a family's assets, goals, and other factors. A will may be enough for some people, but trusts can provide protection for certain types of assets, minimize complications when transferring assets to beneficiaries, and make sure assets will be managed and distributed correctly. Our attorneys can provide guidance on which types of tools can be used to meet your family's needs.
Yes. You may choose one person who is good with finances to serve as your agent in a power of attorney for property, and you may choose a different person who lives nearby and can speak with doctors to serve as your agent in a power of attorney for healthcare. You can also name backup agents who can step in when necessary.
Our lawyers can help you understand the best steps to take to ensure that your instructions are clear while avoiding potential conflict among your loved ones. We can help your family have open conversations about your goals and the needs of different family members, and we can make sure you select the right people to serve as executors or trustees.
Yes. You can revise or revoke your will, amend a revocable trust, replace agents in powers of attorney, and make other changes as needed. Our attorneys can advise you on when you may need to update your estate plan, and we can make sure the right steps are taken to address your family's changing needs.
Contact Our Long Grove, Illinois Estate Planning Attorneys
At Newland & Newland, LLP, we can help you make sure your estate plan details your decisions about how your property will be distributed to your heirs, who will care for you and your children, and how your assets will be protected. Contact our Long Grove, IL wills and trusts lawyers at 847-549-0000 to arrange a free consultation.
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