An Experienced Estate Planning Lawyer Serving Jerseyville, IL
Preparing and closing all loose ends prior to death can be a sensitive subject, however it helps create ease after your passing for the rest of the family. Regardless of your age or health, it is recommended that you put together wills, and possibly a trust, in the event that someone pass and need to provide direction for the rest of the family and their assets.
Estate Planning
Planning out how you want your estate managed and distributed is a gift to those you will leave behind. At our office, we will be able to assist you in making sure that all loose ends and financial questions are answered and distributed the way that you want after your passing. We know that facing your own mortality is difficult, but it’s important that you do what you can so that those left behind won’t have additional challenges at an already difficult time.
If you are wanting to put together an estate plan, please call our office to set up a meeting with us. We will give you honest & accurate advice tailored to your estate. Getting all of your legal needs prepped not only will save time and a headache but will make arrangements easier on the family. Regardless of your age, and stage of life, getting your legal affairs in order should be a priority.
Wills
Wills are essential components of many estate plans. Wills are legal documents that communicate your wishes for how your assets will be divided amongst your family and other beneficiaries and who will care for your dependent loved ones. To ensure a will properly fulfills your wishes and is legal, an experienced attorney is crucial. By having a licensed and experienced attorney helping you with your will, it will be effective and legally enforceable.
A wills number of functions includes the following:
- The names of beneficiaries & how to distribute the assets among them
- The name of the executor of your estate (the one in charge of ensuring the terms of the will are carried out properly)
- The name of who you choose to be guardian of your children
- The name of who you place in charge to manage your dependents property
- Waive the requirement that the executor obtain a surety of the bond
Executing a Will in the State of Illinois
Regardless of your health, if you are over the age of 18 it is recommended that you have a will. If you do not have a valid will, the court will make important and extremely personal decisions on their own. This often will lead to unnecessary family discord and expense. It will also create added strain on those who are already grieving at your loss. With the help of our office, you will have an expert attorney to guide you when making these tough decisions, and make sure that your wants and needs are present and articulated well for the beneficiaries to understand.
Trust Administration
Trusts are useful tool that transfers assets from one person to another and are an important and mandatory part when establishing your estate plan. There are many different types of trusts, each with specific characteristics that can play an important role in your estate plan. Below is a list of the most common trust types and their characteristics.
- Irrevocable Trusts
- These types of trusts cannot be changed or modified once they have been created. They are used as a planning tool.
- Revocable Trusts
- These trusts can be changed at any time during the grantor’s lifetime. They will become irrevocable upon the passing of the grantor.
- Special Needs Trusts
- This is designed to help maintain the comfort of person who have qualified for government granted benefits. A special needs trust is used to provide the individual with additional items that are not given by government programs without disqualifying them from those government programs.
- Charitable Trusts
- This trust is created as an estate plan to benefit certain charities upon the death of the grantor.
- IRA Trusts
- These are the beneficiary of an IRA. There are specific reasons these trusts are used, and they require careful, professional care to ensure that the grantor’s INTENDED legal wishes are granted.
Other trusts are:
- Asset Protection Trusts
- Grantor Trust
- Gun Trust
- Pet Trust
- Spendthrift Trust
- Testamentary Trust
- Land Trust
The Powers of Attorney
It is just as important to plan for times of incapacity like it is to consider and plan for life after your death. Incapacity is when you are alive but are not capable of making your own health care, and legal decisions based on your mental and or physical state. When you are going through the estate planning process, it is important that you don’t overlook this section. Making pre-plans for how your health care and finances will be is crucial and will be handled the way you want them if you are ever in a situation where you are incapacitated. By making these decisions with our lawyer present, you can rest assured that you will be properly cared for no matter what the future may bring. It is also important to note that being incapacitated can happen at any time and age so this can be more useful than trusts and wills. A legal advisor may have the following decision-making authority upon your pre-approval:
- Consenting to Medical Treatments
- Choosing Medical Facilities for Your Treatments
- Choosing Your Doctors and Medical Personnel
- Determining of Visitation Rights
- Organ Donation Decisions
- After-Death Decisions Such as Autopsy
- Deciding Who Has Access to Your Medical Records and Accounts
Elder Law in Illinois
Most seniors will need some type of long-term care during their lifetime. Senior care can cost thousands of dollars a month which can cause a significant financial burden on a family. That’s why at our office we help individuals and their families make the necessary preparations and arrangements to handle long-term care costs. It can be very emotionally and financially challenging, but with our help we will try to prepare for those challenges professionally and with your loved ones in mind.
Most families in the state of Illinois are unable to provide the finances needed for long-term elderly care. Fortunately, Medicare benefits are available to those that are eligible. Becoming eligible for Medicare can be a long yet rewarding process. If you are unsure if you are eligible and want to file prior to establishing your elder estate and health laws, let one of our attorneys know and we will do what we can to find a solution that best fits your situation.
Guardianship
Sorting out guardian issues is important when you are going through the estate planning process. If your children are still minors or you care for a disabled adult, choosing guardians will ensure that your children are going to be taken care of should they need it. By calling our office, one of our attorneys will be happy to sit down and discuss your guardianship options with you.
A legal guardian is someone who will care for your child or disabled/incapacitated adult. You can select your designated guardians in your will when working on your estate plan. You can have two different guardians providing two needs, or one guardian supplying both.
Guardian #1 – Supports the family financially and legally.
Guardian #2 – Responsible for meeting physical needs of a ward.
We will first examine your family and the financial needs of your loved ones before selecting your guardians for their further care.
Guardianship of Elderly Loved Ones
When elderly loved ones are unfit or incapacitated and can’t make their own medical and financial decisions, it is sometimes needed to establish a legal guardianship over them. Especially when there is no power of attorney in place. Guardianship is established by the court and the court will monitor the guardians it appoints. If you need to file legal guardianship for an elderly loved one, please don’t hesitate to contact out to our office and sit down with an attorney.