Last Will & Testament
States who receives your property, names an executor to settle your estate, and, critically, nominates a guardian for minor children. A will must go through probate to take effect.
Estate Planning
Estate Planning Attorney in Long Grove, Illinois
Wills, revocable living trusts, powers of attorney, and healthcare directives for individuals and families in Lake County and throughout Illinois.
Who Needs an Estate Plan?
Who needs an estate plan in Illinois?
Nearly every adult. An estate plan decides who receives your property, but it also decides who makes medical and financial decisions if you are unable to, and who raises your minor children.
Anyone eighteen or older can become incapacitated, and anyone who owns property or has children leaves decisions behind at death. Without documents in place, an Illinois court makes those decisions according to state statute.
You have children
A will is the only way to name who raises your minor children. A trust controls when and how they inherit, not at eighteen, all at once.
You own a home
Real estate titled in your name alone generally goes through probate. A properly funded trust can avoid it entirely.
You are married, or not
Married couples need coordinated plans. Unmarried partners have virtually no inheritance or decision-making rights without documents.
You own a business
Your company needs a succession plan. Without one, its future may be decided by a court, or by your co-owners.
You are a young adult
Once your child turns eighteen, parents lose the automatic right to make medical or financial decisions for them. Powers of attorney fix that.
Your plan is out of date
Marriage, divorce, a new child, a move, a sale, or a death in the family are all reasons to review what you have.
If You Do Nothing
What happens if you die without a will in Illinois?
When someone dies or becomes incapacitated without the right documents, Illinois law decides who inherits and who makes decisions.
The State Decides Who Inherits
Under Illinois intestacy law, if you are married with children, your spouse receives only half of your estate. Your children receive the other half, regardless of their ages or needs.
A Judge Picks a Guardian
Without a will naming a guardian, a court decides who will raise your minor children.
Probate Court
Probate is a public, court-supervised process that can take many months or longer and add significant legal fees and costs to your estate.
Guardianship if You're Incapacitated
Without powers of attorney, your family may need to petition a court for guardianship just to pay your bills or speak with your doctors.
The Core Documents
What an estate plan includes
Each plan is different, but most include some combination of the following documents.
Revocable Living Trust
A legal arrangement that holds your assets during life and distributes them at death, privately and without probate. You remain in full control as trustee and can change it at any time.
Pour-Over Will
A companion to a trust that acts as a safety net, directing any assets left outside the trust into it, and nominating guardians for minor children.
Power of Attorney for Property
Authorizes someone you trust to manage your finances, pay bills, file taxes, and handle transactions if you are unable to, avoiding a court-supervised guardianship.
Power of Attorney for Health Care
Names an agent to make medical decisions on your behalf and speak with your doctors when you cannot speak for yourself.
Living Will
Records your wishes about life-sustaining treatment at the end of life, sparing your family from guessing during an already difficult time.
Frequently Asked Questions
Estate planning FAQ
I don't have much money. Do I really need an estate plan?
Yes. Estate planning is just as much about who makes decisions for you if you are incapacitated, and who raises your children, as it is about money. Powers of attorney and a will are essential for nearly every adult, regardless of net worth.
Can't I just use an online will form?
Online forms cannot account for the circumstances unique to each client and family. A form does not ask the follow-up questions an attorney would, and it routinely overlooks matters such as blended families, real estate holdings, closely held business interests, the coordination of beneficiary designations, and Illinois execution requirements. Those deficiencies typically surface only after death, when they can no longer be remedied.
Do beneficiary designations override my will or trust?
Generally, yes. Retirement accounts, life insurance, and accounts with payable-on-death designations pass directly to the named beneficiary, regardless of what your will or trust says. Part of a good plan is reviewing and coordinating those designations.
What does “funding” a trust mean?
A trust only controls the assets titled in its name. Funding means retitling your home, accounts, and other assets into the trust. An unfunded trust may still leave your family in probate. We guide you through funding and prepare the deeds needed to transfer real estate.
How often should I update my plan?
Review your plan every three to five years, and any time you experience a major life event: marriage, divorce, birth or adoption, a significant change in assets, a move, or the death of a beneficiary or fiduciary.
What happens at the first meeting?
We talk about your family, your assets, and your goals. You'll leave with a clear understanding of your options, a recommendation, and a transparent fee quote. There is no obligation to proceed.
Wills & Trusts
What is the difference between a will and a trust?
Both say who receives your property. The difference is what your family goes through afterward.
Will
The foundation of every plan
- Names a guardian for your minor children
- Names the person who will settle your estate
- Directs who receives your property
- Takes effect through probate, a public court process
Revocable Living Trust
Keeps your family out of court
- Avoids probate for assets held in the trust
- Keeps your affairs private
- Lets someone you trust step in if you become incapacitated
- Controls when and how your heirs inherit
- You stay in full control and can change it at any time
Other trust plans may suit you better. Depending on your goals, a trust plan with transfer tax planning or an asset protection plan may offer additional benefits. We will recommend the plan that fits your situation.
Illinois Estate Tax
The Illinois estate tax
Illinois has its own estate tax, with an exemption of $4 million per person. The federal exemption is much higher.
A home, retirement accounts, life insurance, and a business interest can add up to more than $4 million faster than many families expect. Unlike the federal exemption, the Illinois exemption does not carry over to a surviving spouse. Married couples whose documents leave everything outright to the spouse may lose the benefit of the first spouse's exemption. Trust planning can reduce or eliminate the tax in many cases.
Flat Fees
Estate planning fees
Every estate plan we prepare is offered for a flat fee, so you know the full cost before we begin.
Our fee agreements list each will, trust, and asset protection plan, what each plan includes, and our terms of representation. Fees differ for individuals and for couples planning together. You are welcome to review the agreement before your consultation, and we will go over it with you before anything is signed.
Schedule an estate planning consultation
Meet in person in Long Grove, or by phone or video from anywhere in Illinois.