You don’t need to be rich to have an estate plan, you just need to care about your future.
Have you ever thought about who’s going to get the house once you’re gone? Or, did you know, without an estate plan your family might have to wait months before they can access any of your assets?
If those questions peaked your interest you’re in the right place. Diamond Estate Planning is here to help.
But a good estate plan can keep you in control and your assets in the hands of those you love.
Our Richmond, Illinois attorneys have extensive experience making sure individuals wishes are held up when their estate plan becomes necessary. The work that we do as we create this plan together will provide peace of mind now and protection in the future.
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.
A good estate plan and organizing everything in a good trust can protect assets from family disputes.
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.
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!)
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.
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.
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.
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.
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.
The state of Illinois already has a plan for your kids and your belongings in the event of your passing through the process of probate. If you would like to have a say in what happens, drafting and signing a will is the first step in making sure your wishes are respected.
However, contrary to popular belief, the solution isn’t simply writing a will. In fact, wills are processed through probate court, which can be expensive and time-consuming. Your estate will be public for any of your heirs and family to see, and even make claims to.
At Diamond Estate Planning, our experienced Richmond, Illinois attorneys can help you avoid the hassle and protect your family and estate with a trust.
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