What Legal Documents Could My Illinois Estate Plan Include?

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This common question is asked by many people creating an estate plan in Illinois. The answer is that it depends. An experienced Chicago estate planning attorney can advise you or a loved one on which documents are necessary to protect your assets legally. Illinois estate plans can primarily a last will and testament, living will, trust, powers of attorney, and a HIPPA authorization.

A will addresses your intentions after you pass away. This document appoints an executor of your estate, who will take care of managing the estate, paying debts, and distributing the property as specified. The distribution of assets is outlined in the will, but a will must go through probate court.

The benefit of an Illinois trust is that it does not go through Illinois probate, compared to a will. Property is still distributed at death, but it is done without the need for a court proceeding. In a trust, your property will move into the trust during your lifetime, and the trust will then own the property, which your beneficiaries will receive after death in Chicago, Illinois, and surrounding areas.

Power of attorney is a critical part of an estate plan in Cook County, Illinois. The two legal documents can include a healthcare power of attorney and financial power of attorney, which designates an individual to act as your agent. A financial power of attorney makes decisions related to financial matters, and a healthcare power of attorney can legally make healthcare decisions on your behalf.

A living will documents your wishes for end-of-life care. This document can include what medical treatments you would or would not like to have if incapacitated. An Illinois living will take the stress out of making those difficult decisions of family members and helps keep peace in your family during emotional and challenging times.

The Health Insurance Portability and Accountability Act, commonly known as HIPAA, was a law put into place to protect the privacy of American patients. The rule protects any “individually identifiable health information” held by a medical or insurance provider or any business that serves medical professionals and might have access to sensitive medical information.

There are many considerations in deciding what kind of estate planning documents you need. There are a variety of tools available to meet your estate planning needs with our experienced attorneys. Whether you need to designate someone to inherit your possessions or want to minimize taxes and manage funds, we can advise you on the best strategy to meet those goals.

Our goal at The Coleman Law Office is to help you accomplish your goals. Please contact our office today for a consultation to share with you our years of experience in estate planning, business law, and real estate law services.