Warrenville Estate Planning Lawyer

No one likes to think of the day they leave this world. However, if you don’t plan ahead, your loved ones will be left to handle the loose ends of your estate while they’re grieving. If you leave behind money or other assets, it may spark bitter feuds over who receives what — and that isn’t a legacy anyone wants. It’s never too late to start estate planning, and if you don’t already have an estate plan, the best time to create one is now. The Warrenville estate planning lawyers at Wolfe & Stec, Ltd. can help.

What Kinds of Estate Planning Tools Do You Need?

When you create your estate plan, you have many different tools available to you. While an estate planning attorney in Warrenville can give you a more thorough understanding of each tool’s benefits and drawbacks, here’s a general overview.

Wills

A will is the most basic, essential estate planning document. It lets you outline how you want your property to be distributed, how you want your debts to be paid, and who you want to care for your minor children and pets. Your will also gives you an opportunity to name the executor of your estate, the person responsible for managing and distributing your assets. Some people are tempted to create a will using an online template. However, this is a bad idea for several reasons:

• Because they are generic, online wills might not address all of your needs.
• Most of these wills use vague language that may make your will hard to interpret.
• Depending on where you live, an online will may not be legally enforceable.
• To make sure your will is valid, you still need to file it, which can be a hassle.

Cost is a major reason many people turn to online services. However, in the case of a simple will, the cost to prepare one with a lawyer is much lower than you might think.

Living Trusts

A living trust is a kind of “catch-all” for property not named in your will. When you place all property in a trust and designate a beneficiary, you can rest assured that your property will be distributed according to your wishes. These trusts can be changed or even dissolved if you so choose. An attorney with estate planning experience can tell you whether it’s a good idea to add a living trust to your estate plan.

Irrevocable Trusts

Because living trusts are so flexible, they don’t offer tax benefits. Irrevocable trusts do. If you want to save your loved ones from considerable estate taxes, you can place assets in an irrevocable trust. You lose control of the property once it’s added to the trust, and you cannot change or dissolve the trust.

Charitable Remainder Trusts

A charitable remainder trust is a kind of irrevocable trust. However, it deserves its own mention because of its unique advantages, including that it can provide you with a stream of income during your life and allow you to pass the remaining assets on to a charity of your choice after death. These trusts can be complex to set up, but here’s a quick look at how they work:

• You establish the trust and put cash, property, or other assets into it.
• Once you put assets into the trust, you cannot take them out.
• The trust pays you (or another beneficiary) a certain amount each year.
• After your death, the assets remaining in the trust are transferred to one or more charities.

Because both you and the charitable organization you choose will benefit from the trust, assets you put into the trust will qualify you for a partial tax deduction. However, to make sure you properly calculate deductions and set up the trust the right way, you should always seek the guidance of an estate planning attorney before starting the process.

Durable Power of Attorney

A power of attorney gives a trusted person the right to handle your affairs when you are unable to. In the estate planning process, two types of power of attorney are particularly important — financial and healthcare. If you become incapacitated, these documents ensure a trusted person will be making important financial or healthcare decisions for you.

Choosing someone to make decisions for you if you are unable to is a major undertaking, and if you choose the wrong person, they may make decisions that are not in your best interests. An experienced estate planning lawyer can help you include specific language in your power of attorney that limits and clarifies the scope of your representative’s decision-making powers.

Living Will/Declaration

A living will, which is often called a “declaration” under Illinois law, lets you outline your wishes for end-of-life care. In your living will, you can specify whether you want to be given life-prolonging care when death is inevitable. You also can name the medical treatments you want to be performed and which ones you want to avoid. These documents can be quite detailed and complicated, but an estate planning lawyer can help you create one that meets your needs. Most people feel strongly about their preferences for medical care, and that’s entirely understandable. Your lawyer can help you create a clear, legally enforceable declaration to ensure you are treated according to your wishes — not someone else’s.

Give yourself the peace of mind that comes with a complete estate plan. Call Wolfe & Stec, Ltd. at 630-305-0222 to get started today.

Why Is It Important to Have the Help of an Attorney?

A Warrenville Estate Planning Attorney Can Help Prevent Disputes

Creating an estate plan is a complex undertaking. While some people do it successfully, many others make small errors that lead to major consequences. If an estate planning document is unclear, your heirs can’t simply ask you to clarify what you meant. And if the court declares that your will or another document is not legally enforceable, your loved ones may be unsure of how to handle the rest of your estate.

Creating an estate plan might be a confusing experience for the average person, but estate planning attorneys handle these situations on a daily basis. When you work with an attorney, you and your loved ones can enjoy these benefits:

• You will fully understand the estate planning tools available to you.
• You’ll be able to make informed decisions about your future.
• You will receive customized estate planning documents that represent your wishes.
• Your documents will be compliant with the law and legally enforceable.
• Your estate plan will stay up to date.

When you work with an estate planning lawyer, there’s no need to rely on templates or pre-formatted documents. Each document is created specifically for your needs and those of your family.

FAQ

Whether this is your first time seeking out a Warrenville estate planning lawyer or you’re just updating your estate plan, you likely have questions. Here are some of the common questions our clients ask.

Don’t you need estate planning only if you have considerable assets?

No — this is a common misconception. If you have any kind of assets — even a car or a checking account — you and your loved ones can benefit from estate planning services.

Is estate planning expensive?

If you have few assets, creating an estate plan is usually relatively inexpensive. The cost of estate planning typically goes up with high-asset, complex estate situations.

Does an estate plan involve more than drafting a will?

Sometimes. Depending on your situation, you may also choose to create one or more trusts, grant power of attorney to loved ones, and designate guardians for minor children or pets.

Can an estate plan help avoid estate taxes?

Some estate planning tools can greatly reduce estate taxes. If keeping estate taxes to a minimum is important to you, an estate planning lawyer can help.

How often should I revisit my estate plan?

As a general rule of thumb, it’s a good idea to reassess your estate plan every 3-5 years. However, you should always update your estate plan after major life events like marriage, divorce, birth of a child, and significant financial changes.

We understand that you probably have additional questions during this challenging time. We invite you to reach out to us to get started on your estate plan.

Why Choose Us?

The Right Warrenville Estate Planning Lawyer Makes a Difference

Estate planning involves a more complex array of tools and strategies than most people realize, and the most successful estate plans often involve multiple strategies. When you’re choosing an estate planning lawyer in Warrenville, experience matters, and the team at Wolfe & Stec, Ltd. brings considerable experience to the table. Whether you have a straightforward estate situation or a complex collection of assets, we’re here for you.

Give your loved ones the priceless gift of a well-planned estate. Call the estate planning lawyers at Wolfe & Stec, Ltd. at 630-305-0222 to schedule your initial consultation today.