While no one wants to think of their own death, estate planning is an essential part of making sure your loved ones will be provided for when you are no longer here to do so. The Downers Grove estate planning attorneys at Wolfe & Stec can eliminate the stress of estate planning by helping you put legally solid estate plans in place to ensure that your wishes are properly carried out and that your family is protected for the future. In addition, you should have plans as to what you want if you should become incapacitated and not able to communicate what medical treatments you do or do not want.
You can rely on Wolfe & Stec to knowledgeably address all of your estate planning concerns and ensure that your interests and those of your beneficiaries are protected. We offer a free consultation to discuss your needs, so call us today at (630) 305-0222.
Estate planning is not just for the rich – even those of modest means benefit from pre-planning to ensure that their property will be distributed promptly and according to personal wishes. If you die without a will or trust, your assets will be divided according to Illinois intestacy laws. This generally means your spouse gets at least half and your children split the remainder. If you have no spouse or children, your estate will be divided among your nearest living relatives; and if you have no living relatives, your property goes to the state.
If this is not what you want, or if you have a situation such as a wish to disinherit a child or a desire to care for a disabled one, you need a will or trust that states your specific wishes and names an executor to oversee asset distribution. In addition, there are other basic documents that everyone should have. These include:
The unexpected can happen at any time, and you do not want to be caught unprepared. Everyone’s financial and family situations are different, so our estate planning lawyers in Downers Grove will examine the individual circumstances of your estate planning matters and find the best solutions for you.
Call Wolfe & Stec today to set up a free consultation with one of our Downers Grove estate attorneys at (630) 305-0222.
A trust designates a trustee to hold legal title to property for your beneficiaries.
Probate is a court proceeding which gives your executor authority to pay your bills and transfer your assets, but it can be expensive and time-consuming in Illinois. Setting up a living trust avoids the probate process, but you may not need it, depending on your circumstances. For example, if you have no real estate and your estate is valued under $100,000, state statutes allow your heirs to file a small-estate affidavit to claim your estate without probate.
There are two types of trusts to consider:
Our estate planning lawyers in Downers Grove can review your needs, advise you about how a trust may benefit you, and set up a living trust for you if desired. Call Wolfe & Stec at (630) 305-0222.
Here are some common questions and concerns that our Downers Grove estate planning attorneys frequently address:
Illinois estate laws are complicated, and without in-depth knowledge of the law and its intricacies, you may make mistakes that leave your will or trust open to challenges if they were drafted without legal help. Our attorneys will listen to your wishes and prepare documents that are legally definitive and make sure your intentions are clearly understood. We’ll make sure that those you want to inherit your assets and property actually do.
If your will or trust is successfully contested, your final wishes will not be carried out. Wills and trusts can be contested on several different grounds, including:
At Wolfe & Stec, we work with you to prepare sound estate documents that incorporate all the details and don’t leave anything open to attack.
If you feel someone is taking advantage of your parents and they do not have a durable power of attorney, you can go to court to have a guardian appointed to oversee their affairs. If they are deceased and you think someone held undue influence over them in preparing their estate plans, our Downers Grove estate attorney may be able to challenge the will or trust in court.
A guardian may be court-appointed if you become incapacitated without a sound durable power of attorney in place. Guardians manage and make decisions regarding your finances, healthcare, living arrangements and other things. The durable powers of attorney we prepare designate the trusted individuals you want to make decisions for you.
There is no reason to put off planning for the future when you have the help of a skilled Downers Grove estate planning attorney. We have the extensive experience needed to ensure that your estate plans are legally sound. You don’t want to end up in a situation where you don’t have control of your end-of-life decisions or who gets your hard-earned assets and property.
Our Downers Grove estate planning attorneys will make sure the intent of your will, trust or other document is made clear and preserved to prevent challenges or problems in any area. Call Wolfe & Stec today to schedule a free consultation at (630) 305-0222. We look forward to helping protect your estate and your family’s future.