Estate planning attorney Chicago
Estate planning is an essential process that involves making decisions about how your health care and property will be managed upon your incapacity or death.
It provides peace, ensuring that your wishes are honored and that your loved ones are cared for in the future. Working with an experienced estate planning attorney can help you navigate the complexities of the law and tailor a plan that meets your specific needs.
Why Estate Planning Matters
Effective estate planning is crucial for everyone, regardless of your age, family circumstances, or the size of your estate.
Specify how your assets will be distributed according to your wishes.
Designate guardians for minor children to ensure their care.
Establish medical directives in case of incapacitation.
Our Estate Planning Services
At Baumert Law, we offer a range of estate planning services to help you create a plan that reflects your goals and values. Here’s how we can assist you:
1
Wills
Drafting and Review
We help clients create legally binding wills that clearly outline your wishes regarding the distribution of your assets. Our attorneys ensure that your will complies with state laws and reflects your desires.
Probate Assistance
Navigating the probate process can be complicated. We guide your loved ones through probate, ensuring that your estate is settled according to your wishes.
2
Trusts
Living Trusts
A living trust allows you to manage your assets during your lifetime and provides mechanisms for managing and distributing upon your incapacitation or death. In taking full advantage of a living trust, you avoid probate, avoid costs, and afford your loved ones more privacy.
Irrevocable Trusts
Irrevocable trusts allow you to protect assets, employ long-term planning for your benefit, ensure generational wealth for your loved ones, and minimize estate tax obligations.
Supplemental Needs Trusts
If you have a loved one with a disability or other circumstances that qualify them for government benefits, we can help set up a supplemental needs trust to support their ongoing care needs without jeopardizing government benefits.
3
Health Care Power of Attorney & Directives
Durable Power of Attorney for Health Care
A durable power of attorney for health care allows you to appoint someone to make medical decisions on your behalf when you are unable. Our attorneys help you select a trusted individual, understand your planning options, and draft the necessary documentation to solidify your wishes.
Living Wills
A living will allows you to outline your health care preferences for life-sustaining treatments iif you become unable to communicate your wishes. We ensure that you understand the directive options to ensure your documents reflect your values, religious beliefs, and ultimate desires.
4
Financial Power of Attorney
A Financial Illinois Power of Attorney allows you to designate someone to manage your financial affairs if you are unable to do so. We help you select a trusted individual and outline their powers.
5
Durable Power of Attorney for Property
A durable power of attorney for property allows you to appoint someone to manage your financial affairs on your behalf if you are unable to do so. Our attorneys help you select a trusted individual, understand your planning options, and draft the necessary documentation to ensure your wishes will be honored.
The Importance of Legal Guidance in Estate Planning
Creating an effective estate plan requires careful consideration and legal expertise.
Working with an experienced estate planning attorney helps identify potential challenges and ensures your wishes are clearly articulated and legally enforceable.
Questions (FAQs)
1
What is estate planning?
2
What happens if I die without a will?
3
How often should I update my estate plan?
It’s advisable to review and update your estate plan regularly to ensure it’s up to date with the current law, but also especially after any significant life events such as marriage, birth of a child, divorce, starting a new business, or the acquisition of new assets.
4
What is the difference between a will and a trust?
A will outlines how your assets will be distributed after your death, while a trust allows for the management of your assets during your lifetime and provides for their distribution upon your death, often avoiding probate.
5
Do I need an attorney to create an estate plan?
While there are resources available to create estate plans independently, working with an attorney ensures that your documents comply with state laws and accurately reflect your wishes.
6
Does a will avoid probate?
A will does not avoid probate. Instead, it serves as a guide for the probate process, specifying how you want your assets distributed after your passing. When you have a will, the court oversees the probate process to ensure your wishes are followed and any debts or taxes are settled before distributing assets to your beneficiaries.
7
What happens to your 401k when you die?
When you pass away, what happens to your 401(k) largely depends on your beneficiary designations. If you have named a beneficiary, the account usually transfers directly to them, avoiding probate and allowing quick access to the funds. However, if you haven’t designated a beneficiary, the account may be distributed according to the plan’s rules or your estate plan, which could involve probate and delay access for your heirs. It’s essential to regularly review your beneficiary designations to ensure they reflect your current wishes. Beneficiaries also have various options for handling the inherited 401(k), such as cashing it out, rolling it into an inherited IRA, or taking distributions based on their age.
8
How do I put my house in a trust with a mortgage?
Putting a house in a trust with a mortgage involves several steps. First, check your mortgage agreement for any restrictions on transferring the property to a trust. If it’s allowed by your mortgage agreement or under Federal Law, you can create a trust and execute a deed to transfer ownership of the house to the trust. It’s also important to inform your lender about the change, as they may require documentation or consent. Consulting with a legal professional is advisable to ensure the process is handled correctly and to address any potential implications related to the mortgage.
Get Started Today
If you are looking for legal assistance in estate planning, contact Baumert Law to schedule a consultation.
Let us guide you through this important process, ensuring your loved ones are cared for and your legacy is preserved. Our team is located at 15 Spinning Wheel Rd Unit 115, Hinsdale, IL 60521.
