Single and Retired? Try These Strategies When Creating Your Illinois Will or Trust

DuPage County wills and trusts lawyerWhile those who are married or have kids typically have a built-in plan, should anything happen to them, singles rarely have this option. As such, they may find themselves incapacitated or ill with no one to protect their interests. Even worse, if they pass away, their entire life’s earnings could be lost. Thankfully, there are ways that single people can protect themselves from such a fate. Learn more, and discover how a seasoned will an trust lawyer can assist with the process. 

Examining the Role and Responsibilities of a Proxy or Trust

A trust or proxy is someone who makes medical, financial, or estate decisions for an incapacitated or deceased party. Used by single and married people alike, this person must be appointed by the individual in question ahead of time, and their roles and responsibilities must be clearly outlined. These may include:

  • Financial responsibilities – Making decisions on behalf of the individual and handling of their finances, should they become incapacitated; 
  • Healthcare responsibilities – Making medical decisions if the individual becomes incapacitated; and
  • Will or trust executor responsibilities – Handling of the estate and final expenses, should the individual pass away.

Ensuring Your Proxy is Prepared for Their Role

Your will or estate plan can be as simple or comprehensive as you like, but keep in mind that your proxy only knows what you tell them. For example, if you do not want to have excessive measures taken to keep you alive, you must outline this in your will or estate plan. Additionally, if you only want your proxy to handle certain aspects of your estate, you will want to ensure this is clearly stated and explained. Of course, it can be difficult to plan for all scenarios, especially on your own. As such, individuals are highly encouraged to seek legal counsel when drafting their will or estate plan. 

You will also want to ensure that your proxy has all the information they need to handle their responsibilities (i.e. passwords for online banking, credit cards, and online banking), and they will need a list of your debts and assets, along with a copy of your passport and information on any insurance policies you may have. This information can be placed in an envelope and given to your proxy. Just be sure to also supply your attorney with a copy, and update the information anytime something changes. 

Contact Our DuPage County Estate Planning Lawyers

With more than 40 years of experience, Stock, Carlson, Oldfield & McGrath, LLC has the knowledge and skills to help ensure your estate plan is created with your best interests in mind. Schedule your personalized consultation with our DuPage County estate planning lawyers to learn more. Call 630-665-2500 today. 

Source:

http://www.fox5atlanta.com/news/i-team/estate-emergency-planning-for-single-people

 

No Children? Do Not Skip the Estate Planning Process

Joliet wills and trusts lawyersPeople who do not have children often assume that their assets will go directly to their spouse, so an estate plan is not needed. Unfortunately, nothing could be further from the truth. Learn why it is still important that you consider the future of your estate, even when you do not have children, and discover how an experienced wills and trusts lawyer can assist you with the development of your estate plan.

What Happens to Assets When You Do Not Have an Estate Plan?

When someone dies without a valid will or trust in place, their assets typically go to their spouse. Unfortunately, there are situations that could prevent them from obtaining the assets. Examples include an ex-spouse that is still listed as a beneficiary on a retirement plan and probate challenges from extended family members who were not intended beneficiaries.

If the individual does not have a spouse, the courts may assign a trustee to the estate until beneficiaries can be found. If there are multiple beneficiaries, the matter may go to probate. In this instance, the value of the estate may be depleted once it reaches the beneficiaries. Thankfully, both issues can be prevented with a well-crafted estate plan.

How an Estate Plan Protects Your Assets After Death

Rather than allowing your estate to be handled by the courts and the trustees it assigns, you can draft a comprehensive estate plan that outlines your final wishes. Doing this not only helps to eliminate any confusion about where your assets should go, but it also reduces the risk of some of the more common after-death estate issues, and it decreases the chances that your estate will go to probate.

You can also name alternative beneficiaries in your estate plan. This reduces the risk of your assets going to unintended parties if your primary beneficiary passes away before your estate can be distributed. An example of this happening would be if your spouse died shortly after you did. If neither of you had an estate plan, the assets might then go to your spouse's family, rather than your own.

Contact Our DuPage County Wills and Trusts Lawyers

At Stock, Carlson, Oldfield & McGrath, LLC, we work with individuals to help ensure that their wishes are carried after death. Dedicated and experienced, our DuPage County wills and trusts lawyers can assist you in creating a comprehensive estate plan that suits your needs. Schedule a personalized consultation to get started. Call 630-665-2500 today.

Source:

https://money.usnews.com/investing/articles/2017-02-16/estate-planning-is-important-for-people-without-children

Life-Changing Events That Should Prompt an Update to Your Estate Plan

Illinois estate planning lawyersIf there is one thing you can count on in life, it is that things will change. Some changes are more internal, such as a new passion or career goal. Others are external. The former, though often positive, are likely to have little impact on the future of your estate. In contrast, the latter may require a significant change to your estate plan. Learn more about these changes in the following sections, and how an attorney can help ensure they are effectively addressed.

Re-Marriage and Divorce

Changing your marital status – whether from single to married or married to divorce – will, in most cases, warrant an update to your estate plan. This is especially true in the case of divorce and second, third, or other subsequent marriages. You should not tackle the changes alone, however, since blended families and ex family members can further complicate an already complex process. Instead, ask an attorney for assistance.

Birth and Adoption

The welcoming of a new child is a joyous event, but if you do not change your estate plan, you risk leaving your newest family member out in the cold. This can be especially troublesome if you have an ex-spouse. Further, young children may be at risk for foster placement – even if only temporarily – if you do not appoint a guardian and both you and your spouse pass away unexpectedly. So protect your children and update your estate plan as soon as the birth or adoption has taken place.

Death, Illness, or Injury of an Heir

If one of your heirs becomes ill or seriously injured, you may need to update your estate plan to better reflect the situation. For example, if a child becomes disabled after a car crash, you may want to assign provisions for them to ensure they are properly cared for after your passing. This may mean changing the inheritance of other children or heirs. Death of an heir should also prompt a change since that person can no longer inherit.

Tax Law Changes

While not all tax law changes warrant a change to your estate plan, others certainly do. In fact, some could significantly impact how your estate is taxed or distributed. This is also why it is a good idea to ensure your estate plan is reviewed by an attorney on a regular basis; they can ensure you are taking advantage of the options available to you and your heirs, and that all new tax laws are being considered. If you have questions about your estate plan and how taxes may impact it, contact an experienced estate planning attorney today.

Schedule a Consultation with Our Estate Planning Lawyers

At Stock, Carlson, Oldfield & McGrath, LLC, we work hard to preserve the best interests of our clients and their heirs. Seasoned and knowledgeable, we can review your estate plan, no matter what changes have occurred in your life, and will ensure you understand your options. Learn more about how our DuPage County estate planning attorneys can assist you. Call 630-665-2500 and schedule a consultation with us today.

Source:

http://www.forbes.com/sites/markeghrari/2017/01/02/6-reasons-to-revise-your-estate-plan-as-soon-as-possible/#8c12078e1e12