Downers Grove, Illinois Estate Planning Attorney
Estate Planning is For Everyone
We all need an estate plan. Kevin Camden has one, his parents have one, his neighbors and friends have them. People across town on the East side of Chicago have them. Whether you live in a high rise on the lake or out in one of Chicago’s beautiful suburbs, everyone should have an estate plan in place regardless of age or financial status.
What is an Illinois Estate Plan?
An Illinois estate plan provides a guideline for what should happen to your assets after you are gone. Without an estate plan, your loved ones could be subject to the probate process and intestacy laws. Estate planning also involves permitting family members or a personal representative to carry out your wishes if you become incapacitated while still alive.
Estate planning can involve many legal strategies, including Wills, Revocable Living Trusts, Irrevocable Trusts, Powers of Attorney for Property, and Health Care. Camden 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 to your family in Downers Grover, Naperville, Hinsdale, Oak Brook, and surrounding Western Chicago, Illinois.
Which Do I Need – A Will Or A Trust for my Estate Plan in Chicago, Illinois?
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 a multitude of 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 Camden Law will help you decided whether you need a will or a trust in Downers Grover, Naperville, Hinsdale, Oak Brook, and surrounding Chicago, Illinois areas.
What Legal Documents Could My Illinois Estate Plan Include?
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.
Last Will and Testament in Illinois
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 in Downers Grover, Naperville, Hinsdale, Oak Brook, and surrounding Western Chicago, Illinois.
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.
Powers of Attorney in Illinois
Powers of attorney are critical parts 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.
Illinois Living Wills
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 off family members and helps keep peace in your family during emotional and challenging times.
HIPPA 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 Grover, Naperville, Hinsdale, Oak Brook, and surrounding Chicago, Illinois areas.
The Value of Working with a Cook County Estate Planning Lawyer
Your Cook 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.
Please contact Camden Law for a consultation to share with you our years of experience in estate planning services in Downers Grover, Naperville, Hinsdale, Oak Brook, and surrounding Chicago, Illinois.