Our lawyers offer peace of mind to residents of Highwood, Illinois
When is it a good time to think about making a will? Many would answer there is no good time because few of us are completely comfortable realizing our time on this earth is limited. But if you have dependent children or own property, and especially if you own a business, it’s essential that you make out a will and that you not wait to do it. Wills are not just for the elderly or wealthy; they are individual declarations of your intentions concerning your property and assets. As such, they deserve to be carefully crafted by experienced lawyers who understand and can honor your unique situation.
Our experienced estate planning attorneys with Christopher S. Nudo, Attorney at Law have drafted solid wills and trusts for clients in Highwood. We understand what’s at risk if you fail to make a will or set up a trust: You’re robbed of choice, and your family and other loved ones may be deprived of much-needed income following their death. If you die without a will in Illinois, the laws of intestate succession will determine what happens to your estate. It makes much more sense, both financially and for your own peace of mind, to plan for the future and that of your loved ones.
What a will conveys to your beneficiaries
Your will gives you a legal means of transferring your property and assets through an executor of your choice to those you designate as beneficiaries. You’ll want to make sure that the person you choose as executor—whether a family member, friend, or trusted associate—also has the power to distribute your land and house, known as real property, in addition to any other possessions. Many people also designate charities to receive part of their estates, funded through wills or trusts.
Your estate may also include investment, annuity, and retirement accounts as well as life insurance. Many of these allow for separate distribution strategies, with benefits not best conveyed through a will. That’s why it’s essential to have solid legal help in devising a carefully constructed plan that conveys your entire estate according to your specific wishes.
How Trusts Benefit Your Estate Plan
In addition to having a will, you may decide that a trust offers you more flexibility and security in managing your estate now and following your death. In a trust, you, the settlor or grantor, grant control of your assets to a trustee for the benefit of a third party. Revocable trusts, also known as living trusts, offer benefits that wills cannot: They allow for secure management of your funds both during your life and after your death; they are not subject to probate, the court process by which a will is deemed valid; and they may minimize the tax burden on those who inherit. While a revocable trust becomes irrevocable upon your death, the trust agreement remains in effect. While we don’t recommend that a trust be used to distribute all your assets, it can be an effective adjunct to your last will and testament.
Our experienced estate planning attorneys at Christopher S. Nudo, Attorney at Law , will help you decide which estate planning tools best meet your needs. We draft documents that reflect your current situation and can be amended over the course of your life when circumstances warrant. Most importantly, we offer you the confidence that your wishes will be upheld and your loved ones protected when you pass.
Contact us for skilled legal help with wills and trusts in Highwood
Our experienced estate planning attorneys with Christopher S. Nudo, Attorney at Law , realize that people often put off dealing with wills and trusts until it’s too late. Whether you’re a resident of Highwood, Illinois, our compassionate legal team can guide you in making sound decisions through solidly prepared wills and trusts that reflect your wishes and protect your loved ones’ future. To schedule an appointment, call us at (847)-737-1800 or contact us online.
