Illinois Estate Planning | Chicago Estate Planning

Reasons for Illinois Estate Planning

Illinois estate planning is one the most intimate practices of law through its inclusion of personal objectives, family interests and professional aspirations. Our Chicago estate planning attorneys hope to structure an estate plan that can uphold our short-term and long-term personal objectives while also promoting the interests of your loved ones and furthering your business relations. Some common reasons individuals or families wish to establish an estate plan may include:

  • Establishing guardianship for a dependent loved one
  • Placing property or assets outside of the reach of creditors
  • Establishing inheritance guidelines for children or loved ones
  • Directing physicians and loved ones how to make life-altering medical decisions
  • Reducing or avoiding estate taxes

The Importance of Illinois Estate Planning

The Last Will & Testament is one of the most fundamental components of estate planning. If an individual dies without a simple will or revocable trust, then all estate property and assets will be allocated according to Illinois intestate laws rather than based on personal wishes or preferences. It is also important to ensure that any will is up-to-date with the proper legal vernacular in order to guarantee that it is a proper will. If a will is not included in your estate planning process, it is possible that many loved ones with not be provided for with your inheritance or that they will be provided for unequally.

Another risk of not establishing an estate plan can be observed in the event of incapacity. Without health care directives decided through Illinois estate planning, it is likely that vital medical decisions will be made on your behalf and may not reflect your interest or your family’s interests. In the event of incapacity or a tragic death, you or your loved ones may even be placed in the care of an unrelated third party. For instance, if an adult becomes incapacitated and has not established a power of attorney, then the Illinois probate court will appoint an executor to handle important family and business who may not necessarily act in accordance with personal wishes. Failure to establish guardianship can also allow for a dependent loved one, such as a child, elderly loved one, or special needs relative, to be cared for by a non-family member who may not understand their specific needs.

Estate planning is also quite crucial for wise financial planning. By examining your interests from a five-year, ten-year and twenty-year viewpoint, you can make wise decisions in the present time to best protect you property and assets. Estate planning can also be useful by lowering annual estate taxes through the establishment of an irrevocable trust. Illinois estate planning can also protect specific assets from being taken through lawsuits or legal disputes.

A well thought-out estate plan avoids numerous problems, including unnecessary taxes. An estate is a dynamic, living thing that develops and changes as the needs and status of its owner grow and change. Therefore, in most cases, our Chicago estate planning attorneys highly suggest that individuals, families and business consider estate planning throughout their life to reflect their evolving interests.