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Barrington Estate Planning Lawyers

barrington estate planning lawyers

Experienced Attorneys for Estate Planning Matters in Algonquin, Palatine, Cary, and Across the Area

Estate planning concerns continue to evolve in response to legislative and economic variables. There are changes in laws relating to estates, trusts, and the tax issues involved. At Joseph M. Lucas & Associates, LLC, dedicated attorneys provide counsel to clients reflecting the most recent developments to adequately plan the intentions for their estate, while growing and protecting assets in the long run. You can expect that your wishes will be clearly detailed and executed upon your incapacity or death.

Why is Estate Planning Important?

Having to face the realities of death is likely not the top priority on most people's schedules. Estate planning may create feelings of negative emotion, yet it is an important process that requires attention. Depending on an individual's circumstances, there may be actions to put in writing relative to tax planning, intentions for a business, and for charitable donations.

Transfer on Death

In 2012, the legislature in Illinois introduced some laws that impact estate planning. The Illinois Residential Real Property Transfer on Death Instrument Act concerned how real estate can avoid entering the processes of probate upon death. The Transfer on Death Instrument (TODI) provides a way for property to be excluded from a will, enabling it to bypass probate. When the estate owner dies, a property may transfer to a predetermined beneficiary as long as claimed within two years.

Probate

When an Illinois resident dies, their estate proceeds through the state Probate Court, who decides how the assets are dispersed. This process tends to be time-consuming and uncomfortable for the remaining family, and could have been better addressed through the formation of a proper estate plan.

Living Wills and Advanced Directives

Part of a well-constructed estate plan should contain information relating to an individual's wishes regarding actions in the event that they become unable to individually advocate for themselves due to injury or illness. Advanced directives and living wills provide instruction on critical issues such as organ donation, usage of life-sustaining healthcare treatment, and other medical concerns. An estate plan that is properly executed with legal assistance should address Powers of Attorney (POA). This assigns a representative to handle decision making actions on behalf of an individual who is no longer able to do so. A POA may be designated for decisions concerning healthcare, finances, and business-type action.

Estate Planning in Blended Families

No two families are alike; thus the components of and the considerations outlined in an estate plan are unique. The process gives an individual a means of documenting their wishes to ensure that assets are properly allocated. Those with children from a previous marriage, or with a spouse who has children from a prior marriage, should be especially diligent in working with professional legal counsel on their plan.
When minor children are involved, there should be a designated emergency guardian and a secondary as a precautionary measure.

Estate Planning During a Divorce

Those going through a life-altering transition may be preoccupied with a host of concerns. Anytime an individual has significant changes relating to heirs, property, insurance policies, pensions, or other issues, it is important to reevaluate the estate plan. In a divorce, you may need to alter your will as it relates to your former spouse, or select an alternate executor.

Joseph M. Lucas & Associates, LLC has been compassionately working with clients on estate planning in Illinois for over 25 years. Those who have not initiated their estate plan, or have not updated it recently, should contact our office at 847-381-8700 to do so. We serve clients in Inverness, Algonquin, Palatine, Cary, and all throughout the area.

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