Chicago Estate Planning Lawyers

When Should You Create an Estate Plan with a Chicago Estate Planning Lawyer?

You should begin estate planning as soon as you become a legal adult and update it every 3 - 5 years afterward to ensure that all finances, property, and even children are taken care of after your passing. Regular updates can also help adapt to life changes such as marriage, the birth of children, significant financial changes, or changes in tax laws.

It would be wise to create your estate plan sooner rather than later. When you turn 18, you become responsible for more things like your finances, healthcare decisions, and power of attorney. Establishing an estate plan at this point ensures that you have express control over critical decisions and the management of your personal affairs.

Below Are Some Things to Consider When Creating Your Estate Plan with an Estate Planning Lawyer:

• Your finances
• Whether or not you own property
• Your combination of assets and property (if you happen to be married or have remarried)
• Divorce
• Who will look after your children and their financial security
• Who will inherit your money or property
• Your grandchildren

Building & Updating Estate Plans with Estate Attorneys

Depending on the size of your estate, creating an estate plan can be a complex process. A robust estate plan will ensure your final wishes are honored and protect your assets from disputes and other consequences, including estate taxes. Furthermore, by engaging in periodic reviews and updates, your estate plan remains relevant and aligned with your current life situation and financial status, which safeguards your legacy over time.

For people with large or complex estates, consideration might be given to charitable donations, international property, business holdings, and multiple beneficiaries, each of which could significantly influence the structure of an estate plan.

Our Chicago estate planning attorneys can help you implement:

Wills: The Foundation of Estate Planning

A last will and testament allows you to:

• Name beneficiaries to your assets
• Name a guardian for any minor children
• Appoint a personal representative responsible for closing your estate with the state government

Contents of a will are a matter of public record, and any assets named in one are subject to probate, meaning they can become entangled in conflict and even be seized by creditors. Trusts are often a more efficient means of leaving your property to heirs, but a will is still an important document that we can help you draft and formalize.

A comprehensive will should consider all potential scenarios, such as the passing of a primary beneficiary, and specify contingencies to prevent ambiguities. Additionally, revisiting your will to reflect life changes ensures that it carries out your wishes accurately.

Trusts: Enhancing Your Estate Strategy

Trusts come in many shapes and forms, but all involve the sheltering of assets through a trustee, a third party that oversees the management of the trust. Revocable trusts can be modified or canceled throughout your lifetime.

Irrevocable trusts cannot be changed but can be used to safeguard assets from creditors. Unlike wills, trusts are private, and assets placed in them are not subject to probate. They also allow for a great deal of flexibility and customization. We can review your estate plan and identify trust strategies that meet your objectives.

Consider the benefits of using trusts for tax planning and asset protection, as they can serve as vital tools for reducing estate taxes and preserving wealth for future generations. By establishing trusts, you can dictate the terms for distribution, ensuring your assets are used in accordance with your wishes.

Advanced Healthcare Directives: Planning for the Unexpected

Advanced healthcare directives can help address situations where you are incapacitated and unable to advocate for the types of medical care you wish to receive.

By Establishing Advanced Healthcare Directives, You Can:

• Specify whether you wish to be resuscitated
• Indicate whether you are comfortable with emergency and exploratory surgery
• Set preferences for end-of-life care
• And more

We can assist you with drafting clear and enforceable instructions for your advanced healthcare directives.

These directives play a crucial role in ensuring that your medical preferences are respected, even when you cannot communicate them. By making these decisions in advance, you relieve your loved ones from the burden of guessing your wishes during a crisis.

Powers of Attorney: Choosing a Trusted Advocate

By naming a power of attorney, you designate someone to act on your behalf. You define the scope of the legal authority you bestow on your power of attorney. Many will designate a power of attorney to complete business transactions on their behalf, for example.

“Springing” powers of attorney can also be implemented to act on your behalf in a fuller capacity should you become incapacitated or otherwise unable to communicate. We can assist in selecting a power of attorney and drafting the appropriate documentation that outlines their legal abilities.

Choosing the right person to serve as your power of attorney is crucial. This person should be trustworthy, capable, and ready to act in your best interests at all times. Additionally, it's important to regularly review your designated power of attorney, ensuring they remain the appropriate choice.

Business Succession Plans: Securing Your Business’s Future

If you own or run a business, you will need to consider what will happen to your organization once you are gone or if you were to suddenly become unavailable. By developing a business succession plan, you can select a successor and implement legal and structural mechanisms that facilitate a smooth transition.

An ideal succession plan will minimize disruptions and maintain continuity of operations. Our team can work with you to identify potential successors and advise how best to incorporate your long-term goals into your succession plan.

Ensuring the future success of your business requires careful planning, including the development of exit strategies for key stakeholders. By establishing a succession plan, you protect the legacy and ongoing viability of your enterprise, allowing it to thrive for generations to come.

Need help getting started on your estate plan? Call our Chicago estate planning lawyers at (312) 702-1809 or contact our team online.

Probate & Trust Litigation with Chicago Estate Attorneys

When someone passes away, their estate must be settled in the eyes of the law. This involves going through a probate process, where the deceased’s heirs are notified, assets are inventoried, and remaining debts are tabulated and paid. Understanding the intricacies of probate and trust litigation is vital to effectively navigating this often-difficult process.

Probate is notoriously rife with conflict, and many common disputes will require litigation to resolve. Many issues center on the authenticity of the deceased’s last will and testament. In order to be valid and enforceable, the document must have been signed by the testator in the presence of at least two witnesses. The testator must also have been mentally competent at the time of signing and not be subject to any undue influence.

All heirs of a deceased individual are formally notified as part of the probate process. They are also informed of the will’s contents, which can sometimes be controversial and have surprising omissions. Some family members may look to contest the legitimacy of the will when they are excluded or are otherwise frustrated about the testator’s decisions.

Probate cannot proceed – and the deceased’s final instructions cannot be honored – until will contests are resolved. Our Chicago estate planning lawyers can assist you with each stage of the will contest process and will fight to ensure your and your loved ones’ interests are protected.

Trusts are not generally subject to probate but can also experience conflicts requiring legal action. Each trust is overseen and managed by a trustee that has fiduciary duties to the trustor and the beneficiaries of the trust. If a trustee fails to uphold these responsibilities, they can be sued, removed, and held accountable for any financial losses.

Our team provides support in navigating the complexities of probate and trust litigation, offering strategic solutions that aim to resolve disputes amicably while safeguarding the integrity of the estate involved. With a deep understanding of legal protocols and family dynamics, we offer the guidance needed to address any potential conflicts with minimal disruption.

Probate & Trust Litigation Cases We Handle

Our team at Regas & Dallas P.C. can assist you with many trust-related conflicts, including:

• Accounting discrepancies. Trustees must maintain detailed financial records of all elements of the trust. They are required by law to submit an annual report that details all transactions as well as the current state of the trust. We can assist individuals and families who believe a trust’s accounting is inaccurate or inadequate.
• Property issues. Many types of trusts give trustees a fair amount of discretion in making investments and managing the trust’s contents. However, disputes can arise when a trustee appears to be making poor decisions that endanger the health of the trust. They can also result from situations where a trustee fails to distribute assets in accordance with the trustor’s written instructions. Our firm can explore litigation options for any situation where a trustee is failing to act appropriately.
• Trust contests. Living trusts are typically managed by the trustor instead of a third party. When the trustor passes away or becomes incapacitated, a named successor trustee will assume control of the trust and its contents. The successor trustee, beneficiaries of the trust, and any other heirs of the trustor will have the opportunity to review the trust’s instructions. If the trust instructions appear to be fraudulent, the result of undue influence, or unlawful, a trust contest may be pursued to address and resolve the issue. We can evaluate these cases and represent you in trust contests.
• Trust ambiguities. Trusts are built on the instructions and intentions of the trustor. When an instruction is ambiguous, interested parties will likely advocate for favorable and potentially conflicting interpretations, especially if a tremendous amount of assets is on the line. Our team can assess trust language ambiguities and work to resolve any conflicts as efficiently as possible.

We are ready to help you navigate your probate or trust dispute. Contact our Chicago estate planning lawyers online or call (312) 702-1809 today.

Frequently Asked Questions About Estate Planning

What Is the Importance of Having an Estate Plan?

An estate plan is crucial for ensuring that your personal and financial wishes are respected after you pass away. It provides your loved ones with a clear understanding of your intentions, which can minimize disputes and facilitate the administration of your affairs. Estate planning allows for the orderly distribution of assets, tax efficiency, and the protection of beneficiaries, particularly those who are minors or have special needs. It can also establish healthcare directives and powers of attorney to safeguard your well-being and financial interests should you become incapacitated. By carefully planning your estate, you ensure that your legacy is not only preserved but also maximized, providing peace of mind for both you and your family.

How Can I Minimize Estate Taxes in Illinois?

In Illinois, reducing estate taxes involves strategic planning that considers both state and federal tax codes. Utilizing the Illinois estate tax exemption, currently set at $4 million, allows for the exclusion of a portion of your estate from taxation. Beyond this exemption, creating and funding trusts can facilitate the transfer of wealth while minimizing the taxable value of your estate. Charitable donations are also a valuable tool, as they can reduce liability while supporting meaningful causes. Implementing lifetime gifting strategies can further decrease estate size, utilizing annual exclusions to transfer assets tax-free. Consult with our estate planning attorneys in Chicago who are well-versed in tax-efficient estate planning to develop a strategy that aligns with your goals and mitigates tax liabilities.

What Is the Role of a Probate Attorney?

A probate attorney provides invaluable assistance in navigating the legal process involved in settling an estate after someone passes away. We handle the filing of the will with the appropriate court, facilitating its validation and execution. This involves identifying and inventorying the deceased's assets, managing and settling debts, and distributing the remaining estate to beneficiaries. A probate attorney also addresses any disputes that may arise, such as challenges to the will or conflicts among heirs. By overseeing the probate process, our attorneys at Regas & Dallas P.C. ensure compliance with legal requirements, providing a smoother transition for all parties involved.

How Often Should an Estate Plan Be Updated?

Regular updates to an estate plan are critical to ensuring its relevance and effectiveness. It’s recommended to review and update your estate plan every 3 to 5 years, or after significant life events such as marriage, divorce, a new child, or a substantial change in financial situation. Changes in laws or tax regulations can also necessitate updates to your plan. Regular reviews ensure that any alterations in your intentions or family dynamics are reflected, preventing unintended consequences and aligning your plan with your current goals. Our estate lawyers in Chicago guide you through this process, ensuring your estate plan remains current and comprehensive.

What Happens If Someone Dies Without an Estate Plan?

Dying without an estate plan, known as dying intestate, means that the distribution of your assets will be dictated by the laws of the state rather than your personal wishes. In Illinois, the probate court will appoint an administrator to oversee the distribution of your estate according to state intestacy laws. This can result in a predetermined allocation of assets to family members, potentially excluding important individuals from your estate and creating family tensions. Additionally, the process can be lengthy and costly, as probate courts handle the approvals needed for distribution. To avoid these complications and ensure your desires are fulfilled, it is crucial to have an estate plan in place. Our estate attorneys can help you design a plan tailored to your needs and provide peace of mind for you and your loved ones.