What Every Estate Plan Should Take into Account

Creating an estate plan should be thought of as an ongoing process. Your personal and financial needs and goals will inevitably change as time passes, and with those changes, your estate plan should be revisited. Furthermore, an estate plan is much more than simply a list of assets and a designation of who will receive the asset. Comprehensive estate planning can also address how medical and financial decision-making should be handled if you become incapacitated, your wishes regarding end-of-life care and organ donation, and much more.

Every estate plan should take into account additional considerations, including how to minimize estate taxes, reduce or avoid the role of probate, and structure inheritance in a way that allows surviving loved ones to maintain financial security.

Providing For Your Loved Ones’ Financial and Emotional Wellbeing Through Estate Planning

It is important to think beyond who will receive which asset when creating an estate plan. There are many estate planning tools available that allow property to be distributed in a thoughtful, intentional way. Consider a trust structure, for example. Trusts allow assets to be distributed over time. Instead of a beneficiary receiving a lump sum, a trust can provide periodic distributions that help the beneficiary utilize trust assets effectively.

There are many different types of trusts available in Illinois an each has its own benefits. For example, irrevocable trusts can be used to protect assets from creditors or provide financial support without reducing a beneficiary’s entitlement to government assistance.

Of course, one of the greatest benefits of comprehensive estate planning is that it provides your loved ones with an invaluable gift: peace of mind. When you create an estate plan that clearly explains how to distribute assets upon your passing and handle other end-of-life issues, your loved ones are saved the burden of guessing what your wishes are.

Smart Estate Planning Saves Money, Time, and Stress

The way your structure your estate plans can reduce the amount of money that goes toward estate taxes and other administrative costs. By carefully considering the implications of tax law and legal standards, you can reduce the amount lost to taxes upon your death.

You can also save your family the stress and expense of long and costly probate proceedings by using estate planning strategies that bypass the probate process. For example, you can establish joint ownership of real estate property, so there is a right of survivorship and the property does not have to go through probate. Revocable living trusts are also popular vehicles for transferring assets without the need for probate.

Contact our Naperville Estate Planning Lawyers

The Gierach Law Firm recognizes that the estate planning process is highly personal and involves many complex decisions. We provide our clients with comprehensive guidance on how to protect their assets, reduce taxes, and provide for their loved ones. Contact our experienced Naperville estate planning attorneys today to discuss your goals and objectives. Call 630-756-1160 to arrange a consultation.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2104&ChapterID=60