A will can help your loved ones know how to handle your property and financial assets. After the death of a loved one, the best way to ensure there is no confusion of what is intended is to draft a will. Many people believe they do not need a will unless they have substantial assets. However, wills can do more than address finances and property. A will can name a guardian for any minor children or children with disabilities that need additional care, they can include provisions for pets and other animals, and they also name an executor who will be responsible for carrying our your wishes. Without a will you are entrusting everything to the state of Illinois to determine how your estate will be distributed and who will have guardianship of your children. You can always reach out to our office to see is a will is the right thing for you and your family.
For some individuals, a trust makes more sense than a will. Often they work together but have separate functions. A trust does not have an executor, but instead has a trustee to ensure that the assets listed as transferred to a trust. The trustee can have similar obligations to an executor. Trusts come in several types that can be utilized for different purposes. Trusts can protect your assets from public scrutiny, reduce various taxes, and distribute assets without the intervention of a court. This kind of estate planning requires careful coordination between an attorney well versed in tax and estate planning.
Living Wills and Power of Attorney
Living wills and powers of attorney can help give you the right to name an agent to make decisions for your health, finances or property when you are unable to do so. Living wills and healthcare power of attorney may seem similar, but have some important differences. Generally, a power of attorney appoints an agent while a living will gives your instructions to a doctor. A power of attorney allows your agent to make all decisions on your healthcare, form every day choices to end of life care. A living will explains your wishes for your end of live care. office can help you draft the appropriate paperwork, depending on what you need.