Many think estate planning is only for the rich and famous, but that couldn’t be further from the truth.
Estate planning doesn’t just refer to lavish assets and grand properties. It is simply the process of arranging whatever assets and property you have per your wishes if you pass away or become incapacitated.
At Diamond Estate Planning Law, we help families across McHenry, Illinois set up estate plans. Here’s why setting up an estate plan is important – no matter your assets.
Understanding Estate Planning in Illinois
If you were to pass away (or become severely disabled where you could no longer make decisions for yourself), your estate plan provides your family with what to do and how.
Diamond Estate Planning Law can develop your estate to address tax issues, debts, and the distribution of your assets.
They can also list out instructions for the care of your children and detail your burial preferences.
Why is an estate plan essential in Illinois?
Besides giving your family a roadmap of what to do and how to do it, estate planning with a trust, and funding it properly, can usually prevent your estate from entering a lengthy probate process.
In Illinois, if you have any assets worth more than $100,000 and do not have an estate plan, the court system will determine how to allocate and distribute what you have (for a fee). Without another parent in the picture, this could mean the guardians for your child or children.
Without clear direction on who you want to take care of your kids and what to do with your assets, a judge will try to guess what you wanted and what is in the best interests of your children. For the distribution of your assets, the judge will follow the plan that the politicians in Illinois made for everyone called the laws of intestate succession (the laws that apply when you pass away without a will).
It’s important to note that an estate plan doesn’t just ensure your assets go where you want them to – but that they don’t end up where you don’t want them to be. This can include other “technical” heirs who you wouldn’t want to have access to your assets or children.
That’s why it is imperative to contact our team of estate planning attorneys at Diamond Estate Planning Law today.
What should an Illinois estate plan include?
A comprehensive estate plan that is customized for your specific family needs should include:
- A simple and easy to read map of all your major assets, and how they are titled
- A summary of your power people (the people you give powers to if something happens to you)
- The names of your beneficiary (or beneficiaries),
- A beneficiary is someone that you want to give something to after you pass away.
- Your powers of attorney,
- Your advanced directives (regarding your medical care),
- Any special deeds you have for your property (or properties),
- Your burial wishes,
- Any trusts you have set up and/or annuities, and
- Your last will and testament.
With years of experience serving the McHenry, Illinois community, Diamond Estate Planning Law can make sure that your estate – no matter how big or small – and your family and your family’s interests are protected for years to come if the unthinkable were to happen to you.
Contact Diamond Estate Planning Law today to set up your free and confidential consultation
Protecting you and your family is important to us. No matter the size of your estate, we are here to help. You can reach our McHenry, IL office by phone at 779-704-5738 or schedule an appointment online. We will take the time to understand the entirety of your situation and work with you to develop an estate plan that protects your interests.
DISCLAIMER: Any information contained herein is solely for informational purposes. While it is important that you educate yourself, nothing herein should be construed as legal advice or create an attorney-client relationship. For specific questions, we urge you to contact a local attorney for advice pertaining to your specific legal needs.