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Lawrence, Illinois

Estate Planning Attorneys

Making a plan for your Lawrence, Illinois estate is one of the most vital things that you can do to protect your family by ensuring that they receive their inheritance without any issues.

If you don’t make a plan for what will happen to your kids and your belongings, then the state of Illinois will decide for you.

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

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What Does An Estate Plan Encompass?

Making note of your wishes and organizing them into a concrete plan is the simplest explanation of what estate planning is.

Estate plans are an opportunity to give you peace of mind. An opportunity to know that your family will be taken care of—no matter what the future holds.

We want to make sure your kids, your property, and your legacy will be taken care of the way that you would like.

Some of what makes up your estate includes:
  • 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

What Do Estate Planning Attorneys Handle?

Our Lawrence, Illinois estate planning attorneys are here to make estate planning as easy and as comprehensive as possible. Here are some of the services we offer:

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 guardanship 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.

Business Owners Need an Illinois Estate Plan, Too

In addition to familial changes and asset changes that you may want to make to your estate plan, if you own a business, it’s important to have an estate plan that remains up-to-date, as well.
Illinois business owners need an estate plan for the following reasons:
  • Protecting your family
  • Ensuring your wishes are carried out
  • Managing your debts and taxes
  • Minimizing the estate tax
  • Making sure your Lawrence, IL estate does not go through probate

Why Should You Contact Us? Let our Clients Tell You.

“I truly had the best experience with this firm when they helped me set up a Power of Attorney. This was very important to me as a healthcare worker in the middle of a horrible pandemic. I work countless hours, and the Diamond Estate Planning team made the experience a very smooth one, answering all of my questions in a timely manner.”

~ Karen G.

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