Wheaton Estate Planning Lawyers

Attorneys for Wills, Trusts, Elder Law, and More in Wheaton, IL

By preparing for the future, a person and family can avoid potential problems or disputes and make sure the proper steps are taken to provide for different family members. The estate planning process will involve multiple types of decisions that can help protect loved ones, safeguard assets, and ensure that a person's wishes are honored. Whether preparing a simple will or building a complex trust structure, estate planning can offer peace of mind for today and clarity for tomorrow.

At A. Traub & Associates, our Wheaton estate planning attorneys help our clients take steps to maintain control over their property, provide for their families' needs, and prepare for potential challenges related to aging, illness, or incapacity. We guide our clients through every stage of the estate planning process, from drafting documents to addressing concerns related to long-term care.

The Importance of a Last Will and Testament

A will is the cornerstone of most estate plans. It serves several essential functions, including:

• Naming beneficiaries who will inherit a person's property
• Appointing an executor to manage the estate and distribute assets
• Designating guardians for a person's minor children
• Providing instructions for the payment of debts and taxes

Without a valid will, an estate will be distributed through probate court, following the laws in Illinois that address intestacy. This may go against a person's wishes, since assets could pass to distant relatives rather than close friends or charitable organizations they would have preferred to support. Our attorneys can help ensure that a will is properly drafted, signed, and witnessed in compliance with Illinois law, reducing the risk of future disputes or court challenges.

Determining the Right Types of Trusts in an Estate Plan

While a will provides essential instructions for what should happen after a person's death, trusts can provide more flexibility, privacy, and control. They can address how assets will be managed during a person's lifetime, and they can create specific conditions for distributing assets to beneficiaries at any time. Trusts can be used to manage a wide variety of needs, and can be customized to address estate planning goals.

Some of the types of trusts that may be used in an estate plan include:

• Revocable Living Trusts: These trusts can provide a person with control over their assets during their lifetime while designating how different assets should be distributed to beneficiaries. Because the trust owns the assets, probate will not be required when distributing assets. This can help ensure that the administration of a trust will be efficient while maintaining privacy.
• Special Needs Trusts: When a person has a family member or other loved who who has a disability, a special needs trust can provide financial support without jeopardizing their eligibility for government assistance programs such as SSI or Medicaid.
• Irrevocable Trusts: These trusts may be used for tax planning, asset protection, or charitable giving. Once created, they typically cannot be modified, which can help ensure that assets will be protected.
• Testamentary Trusts: These trusts are created through a will and activated upon a person's death. They can help manage inheritances for minors or beneficiaries who may need assistance handling money.

Our lawyers can help select the right types of trusts based on a person's situation and goals. We will also make sure trusts will be properly funded and administered.

Powers of Attorney for Incapacity Planning

In addition to addressing what will happen after a person's death, an estate plan can help a person protect their interests if they become unable to manage their affairs due to an illness or injury. Powers of attorney can help address these concerns, and they may include:

• Power of Attorney for Property: This document will appoint an agent who will be authorized to handle financial matters on a person's behalf, such as paying bills, managing investments, or selling real estate.
• Power of Attorney for Healthcare: This document names a person who will be able to make medical decisions for someone if they are unable to do so themselves.

These documents ensure that a trusted person will be able to manage someone's affairs if the need arises. Our estate planning attorneys can help draft powers of attorney that will reflect a person's wishes and include the appropriate authority to manage their affairs during a period of incapacity.

Living Wills and End-of-Life Care

A living will is a legal document that outlines a person's preferences regarding life-sustaining treatment and other forms of end-of-life medical care if they are terminally ill and cannot communicate their wishes. This document may state whether a person wishes to receive or refuse interventions such as mechanical ventilation, artificial nutrition, or resuscitation.

By creating a living will, a person can relieve their loved ones of the burden of making difficult decisions during a medical crisis. A living will can also help ensure that the medical care that will be provided will align with a person's beliefs and values. Our lawyers can help prepare living wills that are clear, valid, and accessible to healthcare providers and family members.

Elder Law

Estate planning often intersects with elder law, which focuses on the legal and financial challenges that may arise as people age. A comprehensive plan may address issues related to incapacity, provide for the financial needs of older adults, and make sure a person's needs will be met as they age. Some key elder law concerns include:

• Long-Term Care Planning: The costs of care in a nursing home or assisted living facility can be significant. Certain types of trusts may help to preserve a person's assets while maintaining eligibility for public benefits.
• Guardianship: If a person becomes incapacitated and has not named an agent under a power of attorney, the court may need to appoint a guardian. This process can be time-consuming and invasive. However, if guardianship becomes necessary due to issues such as cognitive decline or mental illness, family members can take steps to petition for guardianship and provide a person with assistance and care.

Our attorneys can help review and update estate plans for older adults. We will identify any gaps and make sure the right steps are taken to provide protection and meet a person's needs.

Contact Our Wheaton, Illinois Estate Planning Attorneys

Planning for the future will require careful consideration of the unique needs of a person and their family. At A. Traub & Associates, we can provide the legal support needed to create plans that will protect our clients' assets and help them prepare for the unexpected. Contact our Wheaton wills and trusts lawyers at 630-426-0196 to set up a consultation and take the first step toward securing your future.