Glendale Heights, Illinois Estate Planning Lawyers

Attorneys for Estate Planning, Estate Administration, Guardianship, and More in Glendale Heights

By taking steps to plan for the future, a person or family can make sure they will be prepared for the unexpected, and they can also use legal and financial tools to provide for the needs of themselves and their loved ones. A thorough estate plan can address what will happen if a person becomes unable to make decisions about their own needs during their lifetime, how the needs of different family members will be met, and how a person's affairs will be handled after they pass away. Taking steps to address these issues in advance can help loved ones avoid uncertainty while providing a family with legal and financial protection.

At A. Traub & Associates, we work with clients to build estate plans that will address their wishes and needs while reflecting their family circumstances. We can provide guidance on what types of estate planning documents may need to be created, when an estate plan should be updated, and how to handle the affairs of a loved one who has passed away. With our strong understanding of the estate and probate laws in Illinois and our experience helping clients address these concerns, our attorneys can help clients create effective estate plans.

Wills and Trusts

For most people, a will can serve as the foundation of their estate plan. With a last will and testament, a person can name beneficiaries who will receive their property after they die. They will also designate an executor who will carry out their instructions and administer their estate. A parent can use their will to name a guardian for their children if they pass away. By creating a will, a person can make sure their final affairs will be handled correctly while providing for the needs of their loved ones.

Trusts can serve a different purpose, but they may work together with wills to ensure that assets will be distributed to beneficiaries correctly. In many cases, an estate plan will include a revocable living trust, which will allow assets to be managed and distributed to beneficiaries at different times. A person can maintain control over the assets in a living trust, and they can create terms that will ensure that assets are distributed to their loved ones or other beneficiaries in specific circumstances.

Assets in a trust will bypass probate when they are distributed to beneficiaries, which can allow for faster, more efficient, and more private transfers of assets. If necessary, a person may use the assets in a trust to meet their own needs during their lifetime, and they can provide detailed instructions for a successor trustee to ensure that assets will be used for specific purposes or transferred to beneficiaries when certain events occur.

Some trusts can be structured to protect assets and avoid financial losses. Irrevocable trusts may shield assets from being accessed by creditors, or they may help to reduce potential estate taxes. Property that will be inherited by a minor may be held in a trust until the beneficiary reaches adulthood, ensuring that assets will be managed correctly during that time. Special needs trusts can be used to meet the needs of a beneficiary with a disability without preventing them from receiving government benefits like Medicaid.

Our lawyers can provide guidance on the best ways to use wills and trusts in an estate plan. We will consult with clients to ensure that we fully understand their needs and goals, and we can help them determine which tools will help them protect their assets and provide for their family members. We will make sure all legal documents are created correctly, providing assurance that an estate plan will meet a family's ongoing needs.

Powers of Attorney and Living Wills

While the estate planning process may focus on what will happen after a person's death, it can address other issues as well. A person can take steps to ensure that their needs will be met during their lifetime, including in cases where they may become seriously ill, suffer severe injuries, or experience issues that affect their ability to make decisions for themselves.

Powers of attorney are powerful tools that can address situations where a person may become incapacitated. A person may create a power of attorney for property, which will give someone they trust the authority to handle various financial issues or make decisions about their assets. A power of attorney for healthcare may also be used to address decisions about a person's medical care. Our attorneys can provide guidance on when powers of attorney may be used, who may be named as an agent to make decisions for someone else, and what instructions may be included to ensure that a person's wishes will be followed correctly.

A living will is another tool that may be used to address a person's wishes when they experience medical issues. In a situation where a person is terminally ill, a living will can provide instructions for how end-of-life care should be handled. A person may decide whether they want to receive life-sustaining treatment, pain medications, or other forms of treatment that may prolong their life or ease their passing. By making these decisions ahead of time, a person can help their loved ones avoid disputes or uncertainty about the types of medical care that should be provided.

When Guardianship May Be Necessary

When an elderly person or a disabled adult can no longer make decisions about their own finances or healthcare, or when they may need assistance with these issues, steps may be taken to establish guardianship. This may be necessary if a person did not create a power of attorney before becoming incapacitated or in a situation where family members decide that an elderly or disabled loved one can no longer meet their own needs.

There are two primary forms of adult guardianship. A guardian of the person can make decisions about a person's medical care, living arrangements, and other day-to-day needs. A guardian of the estate can handle financial matters, including managing property and paying expenses. In some cases, a single guardian may serve in both roles, while in others, different people may be appointed in each position.

Courts may take steps to ensure that when guardianship arrangements are put in place, they will provide a person with the ability to maintain as much control over their own life as possible. A court may grant a limited guardianship that will provide a person with assistance in certain areas while ensuring that they can maintain independence in other areas. Our lawyers work with families to determine how guardianship may be handled and ensure that the proper legal agreements are put in place.

Contact Our Glendale Heights, IL Estate Planning Attorneys

A carefully built estate plan can provide you with peace of mind and make sure your family's needs will be addressed correctly in the future. At A. Traub & Associates, our attorneys can work with you to determine what tools to use, and we will help you take the right steps to protect your assets and avoid potential disputes among family members. Contact our Glendale Heights estate plan lawyers at 630-426-0196 to schedule a consultation.