Experienced Estate Planning Attorneys in Naperville, Illinois
When it comes to ensuring that your family is taken care of, you want to make sure that everything is arranged for exactly as you envision. This is why the administration of your estate can only be drafted with an experienced attorney who works in wills and trusts and whom you personally trust. This same applies to any guardianship that you wish to set up.
The Fitzgerald Law Firm, P.C. is a recognized and respected estate planning firm in Naperville, Illinois. We provide over 16 years of professional skills assisting clients with a variety of legal issues such as drafting wills, creating a living, business, education, retirement, and other trusts, assisting clients in establishing power of attorney, and helping them with other estate-related issues. We’ve been working locally in Illinois for many years, and we can assure you that you will receive quality, personalized legal representation.
There are a number of factors that need to be taken into account when you are establishing the proper beneficiaries to your estate. Talking over the associated choices can be a difficult process with many variables, and you will need legal advice as you set up these provisions. By working with an experienced attorney, you can help ensure that everything will run smoothly for your family members when the time comes.
Who Needs Them – A will or any estate planning document can prove invaluable when it comes to preserving assets and ensuring they are distributed according to your wishes. Without one, these will be distributed as per state law which means anyone can get them. As per the law of intestacy, your desires have nothing to do with who gets which asset or how your estate is handled.
If you wish to reduce delay and streamline how your property is handled, you should hire an attorney to prepare a will for you before it is too late. The Fitzgerald Law Firm, P.C. can offer resources as well as attorneys who can help you make the right decisions.
Think about it. When you pass away, who will be there to appoint guardians for your minor children or manage your assets before they are distributed to them when they come of age? Whatever you mention in a will, will be followed to the letter granted that it is drafted and overseen by a trained and qualified lawyer. We are proud to say that our attorneys fit this criterion and have years of drafting last wills and testimonials to their credit.
In other words, we know exactly how important these documents are to you, and we will make sure that you are educated and informed about all of your options. For example, you have the option of setting up:
- A living will, which allows you to state whether you want continued medical treatment in order to continue life support if you become severely disabled; and/or
- A will, which is typically a written document that allows you to communicate what you would like done with your property after you pass. This can include a simple, joint, or mutual will, or a testamentary trust will.
You also have the option of placing a portion of your estate in a trust, which helps you avoid estate taxes and the probate process. If you wish to set up a trust, you can set it up as revocable (aka a living trust) or irrevocable.
These terms sound complicated, but really, they simply dictate whether you wish to control the trust for the remainder of your life (revocable) or immediately cede control to the trustee (irrevocable).
Additionally, with a trust, you can ensure your asset distribution plans are kept private and allow optimum tax planning that can benefit future generations. Plus, you really have nothing to lose by drafting one since it does not affect your ability to manage and control your property.
Powers of Attorney (POA)
Time waits for no one. As you age you lose mental and physical faculties that can otherwise help you make sound decisions regarding your assets and estate. You may even find yourself incapacitated because of a serious illness or an accident during the prime of your youth.
What will happen to your grieving widow and children then? Who will ensure they are taken care of after you pass away or if you cannot speak for them? In other words, circumstances that are out of your control can leave your property and loved ones at risk.
The solution is simple. Simply hire an estate planning attorney in Naperville, IL from the Fitzgerald Law Firm, P.C to give a trusted individual power of attorney (POA). The agent will be responsible for acting on your behalf when you cannot.
To ensure you make the right choice, your attorney will assist you in understanding the implications of your decision, the contracts you sign and possible pitfalls that can arise from your unique position. This includes guarding against issues by making special provisions. That way you can give as much or as little power to your agent as you wish.
Even though you can appoint anyone as a POA in Illinois, you can also appoint successor agents. These will take over affairs in case the first agent dies or is incapacitated. While choosing loved ones or family members may seem like good choices, you can also give a professional fiduciary or an attorney this authority as well.
It is critical that you speak with your attorney before giving someone authority over your estate. That’s because even though the power of attorney gives an individual the ability to manage affairs, that does not mean they are obligated to do it. If that is the case, contact the Fitzgerald Law Firm, P.C to get a lawyer who you can trust completely and who will also be 100% willing to act on your behalf.
Part of estate planning involves deciding who will retain the ability to make decisions on your behalf should you, at any point, be unable to. This person (or organization) is typically named in a legal document, or power of attorney.
We’re here for you
At The Fitzgerald Law Firm, P.C., we are here to answer your questions about any estate planning issues. We will help educate you about your options and work with you every step of the way to ensure that you are satisfied. Contact our offices at (630) 946-6060 for a free consultation.