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Fox River Grove, Illinois

Estate Planning Attorneys

Understandably, death is not a topic any of us want to spend much time on.

But the vast majority of American adults do not have a plan in place in case the unthinkable happens. And people who fail to get their affairs in order could end up leaving behind a mess for their loved ones to deal with after they’ve passed away.

At Diamond Estate Planning, our Fox River Grove estate planning attorneys can help you come up with a plan that protects your assets and your loved ones. Read on to learn more.

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Why is Estate Planning Important?

Who gets your house if you die? Will your family have to go to court? Will your family have to pay to straighten out the title of your house?

There are all kinds of questions people have about the future – especially a future that doesn’t include them. 

You probably want a say in the answers to those questions after you die. You want to decide who will receive your assets, what exactly they should receive, and when they should receive it.

That’s where estate planning comes in. Estate planning is the process of creating an easy way for your loved ones to deal with your affairs if you pass away or suddenly become incapacitated. 

A good estate plan can keep you in control and make sure your wishes are protected.

And our team at Diamond Estate Planning can help

What are the Assets included in an Estate Plan?
  • Car
  • Home
  • Other real estate
  • Checking account
  • Savings account
  • 401K or simple retirement account
  • Investments
  • Life insurance
  • Furniture
  • Personal possessions
  • Car
  • Home
  • Other real estate
  • Checking account
  • Savings account
  • 401K or simple retirement account
  • Investments
  • Life insurance
  • Furniture
  • Personal possessions

Creating an estate plan to organize these assets allows you to make sure that your family will be taken care of, no matter what happens in the future – including the unexpected.

Estate planning services in Fox River Grove, Illinois

At Diamond Estate Planning, we take the time to understand your unique situation and guide you through the process of your Fox River Grove estate plan, every step of the way. Our services include:

Advance Directive, also known as a Living Will

A living will is a document that tells your healthcare provider (or hospital) your end-of-life medical care if you become unable to communicate. For example, a living will clarifies whether you want to be on life support, etc.

Asset Protection

A good estate plan and organizing everything in a good trust can protect assets from family disputes.

Estate Planning Resources For Professionals

As a professional, you have a lot of personal exposure because of the possibility of malpractice claims. For many professional licenses, you can never get rid of your liability for negligence or malpractice. If you have a claim that is either declined by your professional malpractice insurance or that exceeds the limits, a good estate plan can protect your assets. Things like a land trust with a bank or title company can keep your name out of the public records for your home.

Trusts

We create trusts that avoid probate (the process of your family going to court after you die). Our trusts clearly explain your wishes to your family and set up protections for minor children and family members on government assistance. Trusts can also direct your family to make charitable donations to causes you care about. Additionally, a trust can make sure specific items (like your grandmother’s wedding ring, a Gutenberg bible, your grandfather’s flag, the vintage Mustang) go to who you want to have them. A trust can spell out your wishes regarding who you want to take care of your children, and even your wishes for your pets. (Because we want to help you make sure Rover still gets his rubber Wall Street Journal every morning!)

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Wills

Wills spell out your wishes to your family. Like trusts, wills can make clear who you want to inherit what, as well as explaining your wishes for your children and your pets. Unlike trusts, however, your family still has to go to court after you die to access your money and distribute your property the way you wanted them to. Your will also becomes public record, whereas a trust does not.

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Wealth Preservation

Diamond Estate Planning can help with wealth preservation by making sure that when someone dies or becomes disabled, proper contingencies are in place. That way, you can control what will happen to your wealth and avoid possible loss or unnecessary legal expenses.

Power of Attorneys (POAs)

A power of attorney designates a person you trust to make health care or financial decisions for you if you can’t do them yourself. You also designate additional, backup people to step in if you first choice is unavailable. There are multiple types of POAs.

  • Health Care Power of Attorney: Spells out your wishes for your medical care, and end-of-life wishes in particular.
  • Power of Attorney for Property: Designates a person or people who can take care of your possessions, financial affairs, and real estate for you, if needed. This avoids needing a guardianship if you are temporarily incapacitated or disabled. Your power of attorney can conduct your affairs for you (write checks, pay bills, buy or sell real estate, etc.)

It’s important to note that these arrangements only work when you are alive. If you are your grandmother’s power of attorney and she passes away, you cannot do anything with her property (bank accounts, investment accounts and real estate) without either probating an estate or using a trust that she set up when she was alive.

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Health care power of attorney for minor children

Parents can set up a health care power of attorney for their children, giving someone other than themselves permission to take the child to the doctor or emergency room. One example could be if you are out of town for a long weekend or a long vacation without your child, or if your child is with a babysitter and you cannot get to the hospital or doctor to get them prompt treatment.

Contact Diamond Estate Planning today

Are you ready to put a plan into place for your loved ones? Give us a call today at 779-704-5738 to schedule your first consultation with our team.

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