Downers Grove, Illinois, Estate Planning Attorney
Estate Planning is For Everyone
We each need an estate plan. Kevin Camden has one, his parents have them, and his neighbors and friends have them. People across DuPage and Will Counties have them. Whether you live in a high rise on the lake or out in one of Chicago’s beautiful suburbs, you should have an estate plan regardless of your age or financial status. If you need an estate planning law firm, we’re here for you.
What is an Estate Plan?
An estate plan provides a guideline for what should happen to your assets after you’re gone. Without an estate plan, your loved ones could be subject to the probate process and intestacy laws. They would need the help of a probate attorney to manage probate or estate administration. Estate planning also involves giving permission to family members or an agent to carry out your wishes if you become incapacitated while still alive.
Estate planning can involve many legal strategies, including:
- Revocable Living Trusts
- Irrevocable Trusts
- Powers of Attorney for Property and Health Care
Camden Law Office, LLC has unique insights to help plan the steps you need to take to ensure your property is protected. A properly drafted DuPage County estate plan will ensure your intentions are known, and your wishes are followed. It can also minimize taxes and probate costs for your family in Downers Grove, Naperville, Hinsdale, Oak Brook, Burr Ridge, Willowbrook, Westmont, and surrounding Western Chicago, Illinois.
Which Do I Need – A Will or A Living Trust for My Estate Plan in Chicago, Illinois?
This question is a common one when people are first starting to create an estate plan. The answer is not simple because it is linked to your personal goals. Many factors affect the strategy behind your estate plan, which leads to the need for either a will or a living trust. Our will and trust attorneys recommend having both.
A will 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 revocable trust in Illinois helps your estate avoid probate in Will and DuPage County. The ownership of specific property is transferred into the trust during your lifetime. A named trustee distributes property to your beneficiaries after you pass away.
Even if you have a revocable trust in Illinois established, a will provides an additional backup plan for any new or old property that wasn’t included in the trust. Ask our will and trust attorneys if you need both to accomplish your goals.
Depending on your unique estate planning needs, our experienced Camden Law Office, LLC, estate planning lawyers in DuPage County will help you decide whether you need a will or a living trust in Downers Grove, Naperville, Hinsdale, Oak Brook, Burr Ridge, Willowbrook, Westmont, and surrounding Chicago, Illinois areas.
Common Estate Planning Documents We Include in Your Illinois Estate Plan
An experienced Naperville estate planning attorney can advise you or a loved one on which documents are necessary to legally protect your assets. They may include the following:
- Living Will
- Power of Attorney for Property
- Power of Attorney for Health Care
- HIPAA Authorization
Last Will and Testament in Illinois
A will addresses your intentions after you pass away. It appoints an executor of your estate to manage the estate, pay debts, and distribute the property as specified. The distribution of assets is outlined in the will, but a will must go through probate court in Downers Grove, Naperville, Hinsdale, Oak Brook, Burr Ridge, Willowbrook, Westmont, and surrounding Western Chicago, Illinois. Our probate attorneys can support your family through the process of probate and estate administration.
Illinois Living Trusts
The benefit of an Illinois revocable trust is that it does not go through Illinois probate, like a will. Property is still distributed at death, but it is done without the need for a probate court proceeding. In a trust, your property will move into the living trust during your lifetime, and the trust will then own the property, which your beneficiaries will receive after your death. Our trust attorneys recommend a will and trust that work together.
Illinois Irrevocable Trusts
An irrevocable trust in Illinois is deliberately difficult to change. You fund the trust with property and assets, which are usually controlled by an individual named as trustee. You may do this to receive unique tax implications and other benefits. For example, specialized trusts can protect your home and savings from the high costs of long-term care with a Medicaid asset protection trust or preserve the government benefits received by a special needs child or disabled adult with a special needs trust.
Powers of Attorney in Illinois
Powers of attorney are critical parts of an estate plan in DuPage County, Illinois. The two legal documents can include a health care 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 health care power of attorney can legally make medical decisions on your behalf.
Illinois Living Wills
A living will spells out 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 takes the stress of making those difficult decisions off family members and helps keep peace in your family during emotional and challenging times.
HIPAA Authorization in Illinois
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 in Downers Grove, Naperville, Hinsdale, Oak Brook, Burr Ridge, Willowbrook, Westmont, and surrounding Illinois areas.
The Value of Working with a Burr Ridge Estate Planning Lawyer
Your DuPage County estate planning lawyer should help you safeguard your estate for every shift in life. As your children grow up, you marry or divorce, or sell or purchase a new property, your asset-protection needs will change. Our Downers Grove law attorneys can help you update your estate plan to secure your assets and correctly pass on your legacy to your loved ones.
Kevin Camden can steer you or a loved one on the path of asset protection. Our Illinois law firm is built upon solid client relationships, and we work hard to meet your estate planning goals. Your legal needs matter to Camden Law Office, LLC.
Please contact Camden Law Office, LLC, for a consultation and learn more about our estate planning services in Downers Grove, Naperville, Hinsdale, Oak Brook, Burr Ridge, Willowbrook, Westmont, and surrounding Chicago, Illinois.