Lake in the Hills Estate Planning Attorneys | Estate Planning Lawyers, Lake in the Hills IL

Every estate planning case is unique. That's why our Lake in the Hills Estate Planning & Administration attorneys take their time to fully understand your goals.​ Only after an understanding is achieved, can we begin with a strategy that encompasses your needs. We don't just supply you with the documents. We take the time to explain the documents and how they work to accomplish your needs for your family.

There are many benefits that an estate plan can provide to your family. Here are just some listed below:

Probate Becomes Unnecessary : Probate is the court's way of distributing your assets when you pass. This can cost from 5% to 10% of the value of the estate in attorney fees. On top of the attorney fees, there will be court costs as well. Not only can it be expensive, but it can be a lengthy process that won't allow your loved ones to have access to your assets for at least a year. The last thing that your family needs in the grieving period is this stressful distraction. Probate is required if you do not have a proper estate plan when you pass. This estate plan ensures that your wishes are fulfilled and your assets are distributed immediately and without the costs of the probate process.

• The Right Way to Distribute Assets: Your wishes may be complex, but our Lake in the Hills estate planning lawyers make sure that it is executed correctly. We make sure your assets are to be distributed through a loved one or fiduciary you trust rather than the probate court that does not hold your interests. Even years after you pass, with the right estate plan you may be able to control your asset distribution. For example, if there arises a case where a young adult may need a delayed inheritance, your estate plan may make sure the young adult does not see a dime of it until they are old enough to handle the responsibility. Instead, these assets can be released by your trustee over time as the child ages. If you have a minor child with an ex-spouse, you can make sure your ex-spouse does not receive your assets because she is the guardian of your child. Instead, the assets can be managed by someone you appoint.
• Naming a Guardian for Minor Children:  Young families have the important task of naming the right person to their raise their children if they become unable to do so. This decision is too important to leave up to chance through probate. Your wishes are essential when it comes to the protection of your children.
• Avoiding a Guardianship Proceeding Should You Become Mentally Incompetent: Though accident, disease, or old age, you may be rendered mentally incompetent. A guardianship proceeding would follow such event which would allow your loved ones to manage your personal and financial affairs. These proceedings can be costly and require attorney fees and court courts that may put an unnecessary burden on your family. These proceedings are not only costly, but they can be lengthy as well. Guardianship proceedings take approximately six months. Your family remains in limbo while you wait for this proceeding and cannot act on your behalf. Establishing a solid financial and healthcare power of attorney means you can appoint your guardian in advance. This in turn lowers the costs, saves your family the stress, and cuts out the waiting period involved.
• End of Life Instruction: When it comes to estate planning, the theme is saving your family from the emotional burden that is placed on them during a time where you become unable to make important decisions. Our Lake in the Hills attorneys will alleviate this stress by creating a great estate plan that outlines your wishes ahead of time. This process helps get rid of the guilt that can occur and disputes that may arise when a family is left to make these choices without guidance.

Read more from our Lake in the Hills estate planning attorneys regarding the 8 goals of a good estate plan. 

While most people have a preconceived notion that Revocable Living Trusts may only benefit and be required for the wealthy, the fact remains that Revocable Living Trusts suit most families. A Revocable Living Trust may be for you if:

1. You own your home or condo: A trust will ensure that your estate avoids attorney fees and court costs that are associated with a probate case. In addition to saving money, you will save time.  A will won't provide the same peace of mind.
2. You have more than $100,000.00 in total assets: A trust makes sure that your assets stay out of the probate process; a will does not. 
3. You are a divorcee with a minor child: A trusts allows you to appoint someone to manage your child's assets in the event your child is too young to receive it. This prevents your ex-spouse from gaining control of these assets as the child's guardian. 
4. You have young children or young adult children who you do not want to receive a lump sum inheritance at your death:  If you have young adults or young children who do not yet have the fiscal responsibility of handling a lump sum of cash, you can have your trust give instructions on when it is to be distributed. You have the ability to appoint someone you trust to manage these assets for your children's benefit. If you do not have an executed trust, it will be delivered in a lump sum.

Read more from our Lake in the Hills estate planning attorneys regarding Revocable Living Trust

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