Aurora Estate Planning Lawyer

What would happen if you died today? Would your family know how to access your bank accounts and other assets? Would your children know who was going to take care of them? Could your family agree on where you should be buried? If you aren’t sure, it’s time to enlist the help of an Aurora estate planning lawyer.

If you’re like many people, you might have trouble finding the time to create an estate plan. However, taking the time to do so will grant you and your family priceless peace of mind.

Why Choose Us?

The Right Estate Plan Starts With the Right Lawyer

Estate planning should never be a one-size-fits-all process. Every person’s situation is different, and when you’re creating an estate plan, you need an attorney who will take the time to get to know you and tailor your plan to suit your needs.

At Wolfe & Stec LTD, we’re committed to excellence — and to our clients. Here are a few reasons to consider working with us:

• We create wills and other estate planning documents that will stand up in court.
• We have an in-depth knowledge of estate planning tools.
• We are skilled litigators who can help you challenge a will in court if necessary.
• We believe in a personalized, client-centered approach.
• We offer free initial consultations.

Our firm prioritizes forming meaningful, lifelong connections with our clients. If you’re looking for an estate planning attorney who is invested in your success, call us!

Why Do You Need an Estate Plan?

Many people make the mistake of thinking they don’t need to create an estate plan, but the truth is that everyone should. Not convinced? Here’s a look at why you need an estate plan:

Without One, the State Decides How Your Assets Are Distributed

Your estate plan allows you to specify exactly how you want your assets to be distributed among your heirs. If you die intestate (without a will), your assets will be distributed according to Illinois intestacy laws. For many people, this kind of distribution isn’t necessarily what they would have wanted.

It Offers Your Family Clarity in a Difficult Time

Even under the best of circumstances (and with plenty of time), estate planning can be logistically challenging. If you die with no estate plan, your family will be forced to go through the expensive and overwhelming probate process while they are already grieving.

A thorough estate plan provides a road map for your loved ones after your death — they will understand how you want to distribute your assets, who you want to take care of your pets, and even where you want to be buried. Grief is never easy, but when you have an estate plan, your family’s grief won’t be compounded by the stress of handling your estate.

It Lets You Outline Your Wishes for Medical Care

Specifying which assets should go to which family members is an important part of estate planning — but your estate plan involves much more than who gets what. When you create your estate plan, you can specify which types of medical care you do and do not consent to, and you can even nominate a trusted person to make medical decisions for you if you become incapacitated.

It May Offer Tax Advantages

If you’re leaving significant assets behind, your loved ones may have to pay a hefty estate tax on any money or assets they receive. However, careful estate planning can reduce these taxes and sometimes even eliminate them completely.

It Allows You to Choose Guardians for Children and Pets

If you have minor children, your estate plan allows you to nominate a guardian to care for them if you and their other parent die or become incapacitated. Similarly, you may choose someone to care for your pets.

Common Estate Planning Documents

Every person’s estate plan is different, and some plans are much more complex than others. However, these are some of the most essential documents to include in your plan:

A Will

Your will (also called a last will and testament) is arguably the most important document in your estate plan. It contains several key pieces of information for your loved ones after your death:

• An inventory of your assets
• How you want your assets to be distributed
• Who you want to serve as the executor of your estate
• How any outstanding debts should be paid
• Who should serve as the guardian for minor children
• Who should care for your pets
• Where you want to be buried.

Even if your estate plan includes trusts and other planning tools, you still need to have a will.

Ready to get started on your estate plan? Call Wolfe & Stec LTD at 630-305-0222 to book your free initial consultation.

A Living Will

Although the name makes it sound similar to a last will and testament, a living will is much different. A living will (also called an advance directive) is a document that describes your preferences for future medical care in the event that you can’t communicate.

For example, your living will could specify whether you consent to tube feeding or being placed on a ventilator if you are unable to eat or breathe on your own. It also can outline what types of palliative care you do and do not want if you are near the end of your life.

Power of Attorney

A power of attorney (POA) is a document that grants someone the authority to make decisions for you if you become incapacitated. You can personalize your power of attorney and make it as broad or as limited in scope as you wish. These are some of the most common types:

• Healthcare POA: Allows someone to make medical decisions for you
• Financial POA: Allows someone to handle your finances
• General POA: Allows someone to manage your day-to-day affairs.

Having a POA can ensure that someone you trust will be making these critical decisions for you if you are unable to. However, you should choose carefully. Once you have chosen someone, make sure to discuss your wishes with them. It’s also not a bad idea to designate someone as a backup in case your chosen person is unwilling or unable to step in when the time comes.

The Role of Trusts in Estate Planning

A trust is a document created to hold selected assets. Depending on the type of trust you choose, it may be able to reduce taxes, protect assets from creditors, or distribute money or property to heirs. These are a few of the most common types of trusts in estate plans:

Revocable Trust

This type of trust can be changed during your lifetime, so it doesn’t provide tax benefits. However, it allows your assets to go to heirs without going through probate.

Charitable Remainder Trust

This trust pays you an annuity each year; after your death, the remainder of the assets go to a charity of your choice.

Marital Trusts

If one spouse dies, this trust transfers all assets to the surviving spouse without going through probate.

Life Insurance Trusts

This type of trust receives the payout from your life insurance policy and pays it to your heirs. The main advantage is that it shields your heirs from any taxes on your life insurance payout.

FAQ

Estate planning is a complex topic that is often emotionally fraught. Whether they’re updating an existing estate plan or creating one for the first time, many of our clients come to us with questions. These are some of the most common ones we hear:

Do I really need an estate plan if I have few assets?

Yes! Estate planning isn’t just about dividing your assets. It also lets you make decisions about your medical care, appoint guardians for your children and/or pets, and outline your wishes for your burial and funeral.

How often do I need to update my estate plan?

You should update your estate plan anytime you have a major life event (like the birth of a child or grandchild, a marriage, or a divorce). Even in the absence of major events, you should still revisit your plan every three to five years.

Can’t I just print out a will template online?

Many people use online templates, but this is a bad idea. These pre-formatted wills can’t be completely customized to fit your unique situation. They also tend to include language that is so vague that it may not stand up in court.

When should I start my estate plan?

Ideally, you should start estate planning as a young adult. Many people mistakenly believe they should wait until they have significant assets to create a plan, but your estate plan is meant to evolve with you.

We understand that you may have many more questions about the estate planning process. If you do, don’t hesitate to get in touch!

Give Yourself the Peace of Mind You Deserve

Contact Our Aurora Estate Planning Lawyers Today

No one likes thinking about the day they leave this world. However, when you push through that discomfort and create your estate plan, you’ll know that your loved ones will be supported in the event of your death. Don’t wait another day — get in touch with us to begin your estate plan.

Ready to create your estate plan or update your existing one? Call Wolfe & Stec LTD at 630-305-0222 to schedule your complimentary consultation.