Estate Planning Lawyer Geneva IL – MDR Law Office – Call 630-402-0850
Should You Create an Estate Plan?
Some of the critical points to consider are your spouse, children and your estate’s size. Many people with a family and assets should create a will. However, you might or might not need to consider estate planning, depending upon your estate and a few other issues. Learning some basic information regarding estate taxes in Illinois can help you assess if an estate plan is appropriate for you and your loved ones. Talk with an Estate Planning Lawyer Geneva IL at our firm for more information.
A key benefit to creating an estate plan is that can minimize or even avoid probate and its delays, expenses and lack of privacy. Additionally, business succession and charitable donations may also be a part of an estate plan.
The process of financial planning can sometimes overlook the importance of estate planning. It’s tempting to put off answering questions that can be uncomfortable. For example, it’s not easy to ponder issues that involve what happens to one’s properties after they die. Not surprisingly, many Illinois residents do not have a valid will or an estate plan.
A will is a relatively basic legal document that states your directions regarding distribution of your property. Also, it can include directions about the care of your children. Estate planning goes a lot farther than a basic will. It not only deals with distributing assets and inheritance wishes, it can also help to lower how much your heirs will pay in fees, taxes and court costs. Always consult with a lawyer and/or a tax professional to discuss your specific situation and decide which approach is best for you.
Estate Planning Lawyer Geneva IL – Consultation at 630-402-0850
Most adults who have assets and a family ought to create a will. But not everyone requires an estate plan. It is a personal decision and depends upon more than just size of an estate. Another reason to consider an estate plan and retain an Estate Planning Lawyer Geneva IL is that it can significantly limit the probate process. The top concerns involving probate include:
-Lack of privacy. Practically anyone is able to access probate court information. For example, creditors or relatives could access probate records in order to initiate a challenge to your will.
-Expenses. Probate fees are often quite high, even with basic cases that do not involve any sort of conflicts. Legal and court fees can consume as much as five percent of an estate’s value in some instances.
-Delays. A typical probate can take up to a year or even longer.
With the services of an Estate Planning Lawyer Geneva IL, those costs, delays and lack of privacy are avoidable.
Preparing for Incapacitation
A common view of estate planning is that it is a process that should be done as preparation for what occurs once you die. Without a doubt, that is a main reason why it’s so important. However, another essential component includes legal documentation in the unfortunate event that you suffer incapacitation.
Power of attorney enables you to appoint an individual to assist with your financial matters in the event you are not able to do so yourself. This takes effect immediately after signing, which means it is in effect after you are in a state of incapacitation.
Power of attorney for healthcare, along with a living will and HIPAA authorization, enables someone to issue healthcare decisions for you. Each of these are “durable,” meaning they stay in effect throughout a period of incapacitation.
If you currently do not possess these documents, call our law firm to draft them for you. You might want to appoint an alternate as well in the event the first individual you name cannot serve. If you do have the documents, carefully review them to ensure you’re comfortable with the appointed individuals. Consult with your Estate Planning Lawyer Geneva IL to verify the documents remain current and serve as an accurate reflection of your wishes.
Call the MDR Law Office to speak with an Estate Planning Lawyer Geneva IL at 630-402-0850.