Common Estate Plan Objectives
Many objectives are:
Avoid Probate (A Lengthy, Costly Court Procedure - Minimum of 6 Months);
Preserve Your Assets for Loved Ones after Your Death;
Name a Guardian for Your Minor Children upon Your Death;
Provide for Your Charitable Intent;
Prevent Your Hard Earned Monies from Being Taxed after Your Death, E.g. State or Federal Estate Taxes or Potential Tax Penalties for Retirement Accounts;
Addressing Potential Disability Concerns, Such as Ensuring Someone You Trust Will Manage Your Finances and Make Health Care Decisions for You;
Giving Certain Loved Ones Specific Assets (E.g. the vacation home or Grandma’s China Set, Inherited I.R.A.s, etc.);
Ensuring Funds Are Readily Available to Pay Bills and Expenses after Your Death, E.g. Funeral/burial/cremation Costs, Attorney’s Fees, Accountant’s Fees, Tax Liabilities, Creditors, Real Estate Related Expenses, Etc.;
Provide an Efficient, Streamlined Method to Collect and Distribute Assets;
Inform Medical Providers You Do Not Want Death Delaying Procedures or Artificial Life Support If Death Is Imminent;
Provide for a Loved One Who Is Not Entitled to Inherit from Your Estate under Illinois Intestacy Laws. If You Die Without a Will or Trust in Illinois, Illinois Intestacy Laws Provide Who Will Inherit from Your Estate. For Example, Your Spouse’s Child Who Is Not Your Biological or Adopted Child Would Not Inherit from Your Estate; Some Relatives Are Excluded If Other Relatives Survive You; and If You Are Unmarried, Then a Significant Other Will Not Inherit from Your Estate under the Laws of Intestacy as Illinois Law Does Not Recognize Common Law Marriage.
Prevent Your Children from Receiving Their Entire Inheritance at Age 18, and Instead Apportioning it as the Child Reaches Certain Ages of Maturity;
Providing Protections and Provisions for aNeeds Child or a Spendthrift Child;
Address Specific Needs and Concerns of a Blended Family.
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