Villa Park, IL Estate Planning Attorneys

Lawyers Assisting With Testamentary Planning and Incapacity Planning in Villa Park, Illinois

Regardless of a person's age, health, or family situation, it is important to plan for the future. An estate plan can help ensure that a person will understand what will happen to their assets, how they can provide for their loved ones, how issues related to their health and well-being will be handled, and who will act on their behalf if they cannot make decisions on their own. Without a proper plan in place, courts may decide how certain matters will be handled, or steps may need to be taken to ensure that someone can make decisions. An estate plan can avoid complications, prevent disputes, and make sure a person's wishes will be followed.

The lawyers at A. Traub & Associates work with clients to build estate plans that will meet the needs of their families. We understand that a plan will need to be customized based on a person's circumstances, and we help clients create the documents that will provide them with assurance that they will be prepared for whatever the future may bring.

Testamentary Planning: Wills and Trusts

A key part of estate planning will address what will happen to a person's property and how their affairs will be handled after their death. The two primary tools that may be used for these purposes are wills and trusts.

Wills

With a last will and testament, a person can detail their instructions for how their property should be distributed after their death. They can also name the person who will be responsible for carrying out those instructions. This person, who is known as the executor, will be responsible for gathering the estate's assets, addressing issues related to taxes or debts, and distributing money or property to beneficiaries.

A will is administered through the probate process. A court will validate the will, supervise the administration of the estate, and oversee the transfer of assets to beneficiaries. In addition to helping clients prepare wills, our attorneys can provide representation for executors during the probate process, or we can represent beneficiaries in cases involving disputes or issues that may affect their inheritances.

Trusts

When creating a trust, a person will transfer ownership of certain assets to the trust. A trustee will manage those assets, and they will be required to follow instructions for how assets will be distributed to different beneficiaries. Unlike a will, a trust does not need to go through probate, so assets can pass to beneficiaries more quickly, privately, and efficiently.

A revocable living trust is a tool that is commonly used in estate planning. A person will usually be able to retain full control of the assets in a living trust, since they will serve as the trustee during their lifetime. They may use the assets to meet their own needs, or they may distribute the assets to other beneficiaries. They can amend or revoke the trust at any time. After their death, or in a situation where they will be unable to continue serving as the trustee, a successor trustee will take over management of the trust's assets. This can ensure that assets will be managed and distributed correctly during a person's lifetime and after their death.

Other types of trusts may be irrevocable, and a person may give up control of their assets while providing instructions for how they should be handled and distributed. This may help a person achieve specific goals, such as preventing assets from being subject to estate taxes, protecting assets from creditors, or qualifying for Medicaid benefits.

Specific types of trusts may address other situations. A special needs trust can be used to provide financial assistance for a beneficiary with a disability while making sure they can continue to receive need-based government benefits. Charitable trusts can be used to make donations to charitable organizations while also providing financial benefits for the donor or their family members. Our lawyers can provide guidance on the trusts that may be used to address specific estate planning needs.

Incapacity Planning

In addition to addressing what will happen after a person's death, an estate plan can provide protection in situations where a person may become seriously ill or injured. Incapacity planning can determine how certain issues will be handled if a person cannot make decisions for themselves. Steps may be taken to give trusted people the legal authority to act while following a person's instructions.

Powers of Attorney

With a power of attorney, a person can give someone the authority to address certain issues on their behalf. A power of attorney for property can address financial matters and certain legal decisions, including major transactions, the management of a business, applications for benefits, or handling financial accounts and property. A power of attorney for healthcare can address medical decisions, including what types of treatment a person will receive and whether they may be admitted to a hospital or nursing home.

Living Wills and Advance Directives

A person may want to make decisions about how their medical and personal care will be handled during the end of their life. A living will can address a situation where a person is terminally ill, has no chance of recovery, and cannot make their wishes known. It can specify that a person does or does not want life-extending treatment and whether they should be provided with care that will reduce their pain and help them maintain comfort during their passing.

Other types of advance directives may also play a role in end-of-life planning. A person may choose to create a do-not-resuscitate order or a mental health declaration to address specific issues. Our attorneys can help clients understand their options and create the documents they need to make sure their wishes will be followed correctly.

Contact Our Villa Park Estate Planning Lawyers

Taking the time to build a comprehensive estate plan is an important step in planning for the future and addressing the needs of a person's loved ones. At A. Traub & Associates, our lawyers can help clients put plans in place that reflect their values and protect the people they care about. Contact our Villa Park, IL estate plan attorneys at 630-426-0196 to set up a consultation and begin building an estate plan that will provide you and your family with peace of mind.