Many Illinois residents avoid discussions about mortality, which is not atypical, as most people would rather think of something other than the fact that they are going to die someday. However, executing a solid estate plan while you’re of sound mind can have many benefits. One of the most important things you can do by planning ahead is help your heirs and beneficiaries avoid probate trouble.
When the time comes to administer your estate, one way to ensure that those who receive assets are of your own choosing is to designate them in your final will. If you fail to execute a will, then your estate becomes intestate. Any person who claims to be your heir or claims to be entitled to money or property, upon your death, will have to address the matter in probate court.
Before you die, you may also want to establish various types of trusts. Which type of trust you choose depends largely on what your ultimate objectives are. For instance, you may want to place funds in a trust to provide for a special needs child when you’re gone.
If you wish to provide for children from a previous marriage, you may want to do so by setting up a trust. Any trust that is revocable can be changed or updated, whereas an irrevocable trust is cannot be changed unless a court grants a formal request for modification. If you’re unsure which type of trust would best serve your needs, an experienced estate planning attorney can help.
Lesser Lutrey Pasquesi & Howe, LLP, is fully equipped to provide strong support to Illinois residents in all matters of estate. If you have questions regarding heirs and beneficiaries or you want someone to review a prospective plan that you have written, you may request a meeting by using the contact form, conveniently located on our website. What you do (or don’t do) today may have a significant impact on your loved ones in the future.