Estate Planning - Wills & Trusts

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Estate Planning – Do I need an estate plan? Estate Planning is for everyone. Regardless of socioeconomic status or age everyone should have an estate plan in place just in case the unexpected should happen. 

What is an estate plan? – An estate plan, like the name suggests, is a plan for what should happen to your belongings (assets) when you pass away. It can also include contingencies to empower your family members, or designated representative to manage your affairs or carry out your wishes if you were to become incapacitated during your lifetime. 

Establishing an estate plan is an involved process whereby you create a strategic plan for:

1. the management and distribution of your assets in the event of your death or incapacity;  
2. the carrying out of your wishes with regard to the caretaking of your person or remains upon your incapacity or death. 

Estate planning requires you to take stock of all your assets and make specific determinations as to who you want to receive them. It requires you to evaluate the financial and tax consequences of those actions and prepare for them.

Estate planning can involve many legal strategies, including Wills, Revocable Living Trusts, Powers of Attorney for Property, and Powers of Attorney for Health Care. The Coleman Law Office has unique insights to help plan the steps you need to take to ensure your property is protected in Cook County, Illinois.  A properly drafted Illinois estate plan will ensure your plans are followed.  It can also minimize estate taxes and probate costs for your family.

A Will or a Trust: Which do I need? – This question is a common one for most when people are first starting to create an estate plan. The answer is not simple. It depends on multiple factors that personally affect the makeup of your estate plan.

A will is a written document that outlines your intentions after you pass away, who will dispose of your property, and who will inherit your property. A will must go through probate.

A trust helps you to avoid probate in Cook County. Your property will be moved into the trust during your life, and the trust will then own the property, which your beneficiaries will receive after you pass away. Even if you have a trust established, a will provides an additional backup plan for any new or old property that the trust didn’t include.

It all depends on your unique Illinois estate planning needs. That is why working with an experienced estate planning attorney from The Coleman Law Office will help you decide whether you need a will or a trust.