Elmhurst, IL Estate Planning Lawyers

Attorneys for Estate Planning and Estate Administration in Elmhurst, Illinois

Planning for the future is one of the most important steps you can take to protect your loved ones and ensure that your wishes will be honored. In your estate plan, you can make decisions about how your assets will be distributed to your loved ones after you die, who will make decisions on your behalf if you become incapacitated, and how your medical care will be handled if you are unable to communicate your preferences. While many people recognize the importance of estate planning, they often delay taking action, assuming that they will have time to address these issues in the future or that their estates are too small.

The reality is that estate planning is essential for people at every stage of life and at every income level. Without a comprehensive estate plan, state law will determine how your property is distributed, who will manage your affairs if you become incapacitated, and how decisions about your medical care will be made. A failure to plan correctly can lead to burdens for your family or decisions that go against your wishes. A well-crafted estate plan can reduce the potential for family conflict and make sure your legacy will be preserved.

The attorneys at A. Traub & Associates provide estate planning services for clients in and around Elmhurst, Illinois. We understand that estate planning is not simply a matter of drafting documents—it is about understanding your values, your family, and your goals for the future. We will take the time to explain your options in plain language and develop strategies that will help you achieve your goals.

The Role of Wills in Estate Planning

A will is a legal document that details how your property and assets should be distributed after your death. It allows you to name beneficiaries who will inherit your property, name an executor who will manage your estate, and appoint guardians for your minor children. Without a valid will, your estate will be distributed according to Illinois law. This may result in property going to relatives you did not intend to benefit or in ways that do not reflect your wishes.

A properly drafted will can address a wide range of concerns. You can specify which family members, friends, or charitable organizations should receive particular assets. You can take steps to provide for children or other family members. You can also include provisions that address specific items, such as jewelry, artwork, or family heirlooms, ensuring that they will go to the people who will value them most.

Our lawyers can help you create a will that is legally sound while providing clear instructions about your wishes. We can also review and update an existing will to ensure that it will address any changes to your family's circumstances, such as marriages, divorces, births of children or grandchildren, or significant changes in your financial situation.

Understanding Trusts and Their Benefits

Trusts are legal arrangements that allow you to transfer assets into the control of a trustee, who will manage those assets for the benefit of your designated beneficiaries. Trusts can provide flexibility, privacy, and control that may not be available through a will alone. There are many types of trusts that can be used to address different estate planning goals.

Revocable living trusts are among the most common estate planning tools. A living trust will allow you to maintain control over your assets during your lifetime while providing for seamless management and distribution of assets if you become incapacitated or after your death. Because assets held in a revocable living trust do not go through probate, they can be distributed to your beneficiaries more quickly and with greater privacy. You can serve as the trustee of your own revocable living trust, maintaining control over your assets, and you will be able to modify or revoke the trust at any time.

Irrevocable trusts will require you to give up some degree of control over the assets placed in the trust, but they offer benefits that revocable trusts do not. Assets in an irrevocable trust are generally protected from creditors, and they may be excluded from your taxable estate, potentially reducing estate taxes.

Special needs trusts can provide financial assistance for family members with disabilities without affecting their ability to receive benefits through government assistance programs. These trusts allow you to set aside funds for supplemental needs such as education, recreation, and quality-of-life expenses while ensuring that the beneficiary will continue to receive essential benefits.

The attorneys at A. Traub & Associates can help you determine whether a trust is appropriate for your estate plan and, if so, which type of trust will best serve your goals. We can draft trust documents that comply with Illinois law and provide clear instructions for trustees and beneficiaries, and we can ensure that a trust is funded correctly.

Powers of Attorney for Financial and Healthcare Decisions

A power of attorney will provide a person you trust with the legal authority to make decisions on your behalf. This person is known as your agent. Powers of attorney can be essential parts of an estate plan, because they address what will happen if you cannot manage your own affairs due to issues such as illnesses or injuries.

A financial power of attorney will give your agent the authority to handle financial matters such as paying bills, managing financial accounts, buying or selling property, running a business, and making decisions about investments. You can create a power of attorney that will take effect immediately, or you can specify that a power of attorney will go into effect if you become incapacitated. The scope of authority you grant to your agent can be broad or limited, depending on your preferences and level of trust in the person you choose.

A healthcare power of attorney can designate someone who can make medical decisions on your behalf. This document is separate from a financial power of attorney, and it will address a different set of concerns. Your agent may make decisions about treatments, surgical procedures, medications, and other aspects of your medical care. If you wish, you can limit their authority so that they can only address certain types of medical issues, and you can provide instructions to ensure that your wishes will be followed correctly.

Advance Directives for End-of-Life Care

Advance directives are documents that detail your preferences regarding medical treatment at the end of life. These documents will provide guidance to your healthcare providers and loved ones about the types of care you do or do not want to receive if you become terminally ill and cannot communicate your preferences.

A living will is one type of advance directive. It will state your wishes regarding life-sustaining treatments such as mechanical ventilation, feeding tubes, and resuscitation. You may also choose to execute a DNR (Do Not Resuscitate) order, which will instruct medical personnel not to perform CPR if your heart stops or if you stop breathing.

By creating advance directives, you can maintain control over your medical care even when you cannot speak for yourself. This can help your family members make difficult decisions while reducing potential conflict among family members who may have different opinions about your care. Our lawyers can help you prepare advance directives that will reflect your values and wishes, and we will make sure your documents are properly executed and accessible to the people who may need them.

Estate Administration and the Probate Process

After a person's death, their estate must be administered, and their assets must be distributed to their beneficiaries. Probate is the court-supervised procedure for settling an estate. The probate process includes validating a will, taking an inventory of the deceased person's estate, paying taxes or other expenses, and distributing the assets to the person's beneficiaries.

The executor named in the will is responsible for managing the estate through the probate process. They will need to complete a number of legal and administrative tasks, including filing the will and other documents in court, notifying creditors and beneficiaries, documenting assets and their values, and distributing assets to beneficiaries.

Probate can be a complex process, especially in situations involving larger estates or disputes among beneficiaries. Our attorneys can assist executors and make sure an estate will be administered correctly. We can provide guidance and legal representation during the probate process, ensure that all legal requirements are met, help resolve disputes that may arise, and work to bring the estate to a timely and proper conclusion.

Contact Our Elmhurst Estate Planning Attorneys

To protect your family and ensure that your wishes will be honored, it is important to pay careful attention to the legal details involved in estate planning. The attorneys at A. Traub & Associates can assist with these issues, helping you make sure you have the assurance that you will be prepared for whatever the future may bring. To schedule a consultation with our Elmhurst, Illinois estate planning and estate administration lawyers, call us at 630-426-0196.