Estate Planning Lawyers Deerfield

Estate Planning Lawyers Deerfield

Estate plans are becoming more important and complicated than ever before. While it used to be that a simple will was sufficient for even the largest estates, today, it is more common for estate plans to use other legal vehicles like trusts, even for modest estates. While it is still necessary to have a will, a trust can often manage asset distribution more efficiently than a typical will. At Wilson & Wilson Estate Planning & Elder Law LLC, our estate planning lawyers in Deerfield and LaGrange can help you ensure that your family’s needs are met in the event of your passing.

Types of Estate Planning Services We Provide

Your estate planning attorney’s job is to set up a comprehensive estate plan that is adapted specifically to your needs. This means setting up any or all core estate planning documents. These generally include:

• Last will and testament – Even with advanced estate planning vehicles like trusts, you still need a will. Wills need not be complex, but they must be notarized and have witnesses. Otherwise, the will can be contested in court and if the court throws out the will, then the probate court will be in charge of distributing your assets to your heirs. It is something you probably want to avoid.
• Durable power of attorney – Having a DPOA allows you to assign someone the power to make financial decisions on your behalf, usually a trusted friend, spouse, or adult child. The DPOA remains in effect if you become incapacitated at any point.
• Living will – Those who cannot communicate their wishes for health care treatment can establish a living will that directs medical personnel on what interventions they can or cannot employ. This can include decisions on whether or not to resuscitate a patient or offer artificial life support. 
• Healthcare power of attorney – You can alternatively allow someone to make healthcare decisions on your behalf through a healthcare power of attorney. A healthcare proxy cannot override your living will, which has the final say. They can only act in accordance with what they believe your interests are. 

Our skilled estate planning lawyers in Deerfield can guide you in deciding which estate planning documents are best suited to your goals and needs.

What is a Trust?

A trust is like a legal container for assets. There are many different types of trusts. These trusts can be used for asset distribution purposes when you pass. The major advantage of using a trust is that it often avoids probate entirely. That means assets pass directly from the trust to your heirs. Trusts also may have tax benefits or be protected from creditors under certain circumstances. For more information on trusts, please call our office.

Talk to an Estate Planning Attorney in Deerfield Today

It is never too early to develop a comprehensive estate plan. With the help of our estate planning lawyers in Deerfield, these plans can be updated periodically to reflect a change in your finances, the acquisition of new assets, or any other issue you may have. Call Wilson & Wilson Estate Planning & Elder Law LLC today to set up an appointment so we can begin discussing your wishes immediately. We have offices in both Deerfield and LaGrange to serve clients across Chicagoland.