Protect Your Family And Your Assets
Proper estate planning can go a long way in protecting your family and your wealth. Working with experienced estate planning lawyers can help ensure that your wishes are understood and accurately depicted in your estate plan.
We will help you plan for the future at Costigan & Wollrab, P.C., in Bloomington, Illinois. Our lawyers understand the importance of proper planning and know-how to develop a clear and effective plan for you.
Does Your Estate Plan Address Your Specific Needs?
Personalized service and one-on-one attention are vital when it comes to your estate plan. We will get to know you, your family situation and your personal goals. We will also evaluate your assets and discuss the different ways you can protect your family and preserve your estate.
Your estate plan should be unique to your individual situation. This is why we will carefully evaluate your circumstances to create an effective plan that addresses your concerns and protects your wishes.
Estate Planning Documents To Consider
Your estate plan can include a variety of documents depending on your personal needs, including:
- A last will and testament
- A living will
- A trust
- Power of attorney
- Conservatorship
- Guardianship
What exactly does your will do? Your will, also referred to as your last will and testament, is a document that allows you to transfer your property and assets to a friend, loved one or organization that you designate in your will. At the time of your death, and after your will has been admitted to probate, your will shall go into effect. Most people also designate their personal representative, also referred to as an executor, in their will. An executor is someone who is permitted to carry out specific instructions or wishes that you designate in your will. You may also name them as a guardian to your minor children, if applicable.
Discuss Your Goals. Plan For The Future.
We will help you understand your options when planning for the future. This includes addressing inheritance issues and gift planning to preserve your assets and provide for your family.
Do not wait to start protecting your and your family’s future. We are here to answer your estate planning questions and help you explore your options for moving forward. Call us at 309-808-6067 or fill out our online contact form to get started today.
Proper estate planning can help you plan for your family’s future, providing you with the peace of mind that comes with knowing your wishes will be honored after you are gone. The attorneys at the law firm of Costigan & Wollrab, P.C., have extensive experience tailoring estate plans designed to suit your needs and goals. The following are some of the questions our lawyers are frequently asked about estate planning. Remember, everyone’s situation is unique and nothing can replace the type of advice you receive from meeting a lawyer in person. To schedule a consultation at our law offices in Bloomington, call 309-808-6067.
At its most basic level, an estate plan allows you to pass on your assets and liabilities to other persons or institutions. However, an estate plan can encompass many tools, some of which are designed to minimize tax consequences, while others can direct your wishes for future medical care should you ever become incapacitated. The needs of each individual are different, which is why it is important to seek skilled legal counsel when considering an estate plan.
Many people fail to see the need for estate planning. They may feel that they do not have enough assets to make it worth their while, or they may assume that their assets will automatically pass to their children. However, if a person dies without an estate plan in place, state law will determine how to distribute the assets of an estate and those assets may go to less than desirable individuals.
In addition, if a person dies without an estate plan, the estate must pass through probate. This is a public, court-supervised proceeding. Probate can be expensive and assets may be tied up for a long time before being distributed to the estate’s beneficiaries. The probate process also increases the risk of family infighting and possible litigation.
Many people think that estate planning consists of drafting a will and nothing more. While a will is important to ensure that your assets pass on to your preferred beneficiaries, there are several other estate planning tools that should also be considered.
A trust can help ensure immediate transfer of your assets after you have passed on. It also enables you to name a trusted person who can manage your assets should you ever become incapacitated.
A financial power of attorney and health care power of attorney allows you to appoint someone trustworthy to manage your financial affairs and to direct decisions regarding your health if you are unable to make those decisions on your own.
There are a number of other tools that should be considered based on the size of your asset and what you wish to accomplish with your estate plan.