Many people in Illinois and elsewhere avoid thinking about the fact that their time on earth is limited. They like to take life as it comes and do not like to think about their own mortality. Others, however, understand that every person’s life eventually comes to an end, and they also know that they can use the estate planning process to protect what they’ve worked so hard to acquire and also help provide future support for their loved ones.
Estate or inheritance taxes can be quite burdensome. This is why many estate owners place property in trust or incorporate other documents in their estate plans to help reduce or completely eliminate such taxes. Each person’s circumstances are unique, which is why it helps to ask an experienced estate law attorney to review one’s case to provide guidance and make recommendations accordingly.
If an estate owner has certain property or assets that he or she wishes to escape probate, setting up a living trust is typically the best means for doing so. The probate process can take months, even years to complete. It can be quite stressful, especially if family members or others challenge the contents of a will.
One of the greatest benefits of executing an estate plan is that it also allows the owner of the estate to maintain control over certain decisions, should he or she become mentally incapacitated at some point. One or more people can be given authority to make medical and financial decisions on his or her behalf. If an estate owner has minor children, a solid estate plan can help protect their future financial interests. An Illinois estate planning attorney can not only assist in the initial writing and signing of estate documents but can also remain on hand down the line to periodically review a plan and make adjustments or updates, as needed.