Why do I need a Will... A Trust, or Power of Attorney
Wills, trusts, and powers of attorney are common elements of an estate plan. Creating an estate plan is about three things that are dear to any client:
1. Ensuring that their loved ones are taken care of in their absence or incapacity;
2. Ensuring that their healthcare wishes are honored; and
3. Ensuring that their assets are managed and distributed according to their wishes.
The Will & Trust Lawyers in La Grange at Larson & Greenberg Law Group utilize wills, trusts, durable powers of attorney, healthcare powers of attorney, living wills, and other tools to help clients achieve their estate planning goals.
What is an Estate?
A estate consists of a client’s property including:
- Real estate;
- Bank accounts;
- Stocks and other securities;
- Business Interests;
- Life insurance policies; or
- Personal property such as cars, jewelry, and collectables.
How can an Estate Plan help?
Illinois law and the terms of most financial products provide people with a basic estate plan. However, the laws and products do not work together to provide a cohesive estate plan. Moreover, relying on Illinois law to provide an estate plan will require probate. Probate is a long, public, and expensive process to transfer property.
A comprehensive estate plan will include documents that:
- Identify who is to care for the client’s young children and pets as well as manage any assets set aside for their maintenance;
- Identify and empower someone to handle the client’s affairs;
- Identify loved ones to receive property, ensuring that it passes quickly and easily;
- Minimize taxes to transfer property;
- Dictate the medical care that the client shall receive and who shall make medical decisions should the client become incapacitated; and
- Set forth the client’s desired funeral arrangements and how costs shall be paid.
When should I set up an Estate Plan?
Now. This is especially important if you have young children, own real estate, or have business interests that comprise a significant portion of your estate.
How can the Larson & Greenberg Law Group help?
The Estate Planning Lawyers in La Grange at the Larson & Greenberg Law Group will start by asking you “What do you want and need in an estate plan.” Once we know and understand your needs, we will design a custom plan to ensure that those needs are met. Some of the documents within your plan may include a will, trust, power of attorney, healthcare power of attorney, or a living will.
I have an Estate Plan – now what?
At the Larson & Greenberg Law Group we understand that estate planning is not something that should be done once and then forgotten. We know that people’s lives change and that their estate plans must change with them.
To help our clients maintain a current estate plan, the Larson & Greenberg Law Group offers a free annual consultation following the completion of an estate plan. We will review all of your plans to ensure that they meet your current needs and that they work with the current laws. In addition, we will update your power of attorney and power of attorney for healthcare to ensure that they are accepted without hesitation. Think of it as an annual checkup to ensure that your affairs are in order.
Will and Estate Planning Lawyers in La Grange, and serving Hinsdale, Western Springs, La Grange Park, Countryside, Burr Ridge, Oak Brook, or surrounding area.
*We represent clients in La Grange, Hinsdale, Western Springs, La Grange Park, Countryside, Brookfield, McCook, Westchester, Willow Springs, Rolling Meadows, Skokie, Waukegan, Schaumburg, Buffalo Grove, Lincolnshire, Gurnee, Naperville, Arlington Heights, Barrington Hills, Bloomingdale, Wheeling, Prospect Heights, Wheaton, Villa Park, Aurora, Batavia, Burr Ridge, Oak Brook, St. Charles, Libertyville, Wauconda, Northbrook, Elgin, Palatine, Barrington, Elk Grove, Bartlett, Hoffman Estates, Streamwood, Hanover Park, Mount Prospect, Lake Zurich, Glendale Heights, Addison, Cary, Algonquin, Carpentersville, Dundee, Itasca, Des Plaines, Park Ridge, Rosemont, Chicago and throughout McHenry County, Lake County, Cook County, DuPage County and Kane County.