Estate Planning Attorneys
Estate planning is an important process that ensures those you love will be provided and cared for after your death. While some are loathe to discuss the topic of estate planning, in reality, it encompasses far more than just death and taxes. It is through the process of estate planning that you leave a legacy for your heirs, which for many, is ultimately what matters most.
Despite the widespread knowledge as to the importance of estate planning, more than half of all Americans do not have an estate plan…not even a will. Sadly, it is the living family members of these individuals who will suffer as a result of their loved one's failure to plan for their eventual death.
At Kreamer Law Group, LLC, we assist Illinois individuals with a wide range of estate planning matters. We take care to assess individual situations and develop an estate plan that best suits their desires. With our assistance, you can rest assured that all you worked so hard for will go to those you love.
The following is a look at some estate planning techniques offered to our clients:
The will is perhaps the most well known and commonly used estate planning tool. A will sets out who will receive your assets upon your death. Additionally, you can select an individual to serve as your personal representative. Those with minor children can also appoint a legal guardian in their will in the event both parents die before the child attains the age of majority.
Creating a will ensures that your wishes concerning assets, a guardian, and personal representative are clear and understood. Wills offer peace of mind that loved ones will be cared for as you intended. They do, however, come with drawbacks; it can best used in conjunction with other estate planning tools to increase their functionality. Wills do not avoid the expense and time delays of probate. They also cannot override retirement plan or insurance policy beneficiary designations. A will is an important tool that should often be used, but it may not be the only estate planning device you use.
Revocable trusts, also commonly referred to as living trusts, have become extremely popular in recent years. A living trust functions in much the same manner as a will; it allows you to name beneficiaries who will receive certain assets upon your death. A revocable trust has some additional functions. In the trust, you can specify more than just who will receive what when you die. You can additionally dictate when, how, and why a beneficiary will receive their designated benefits. For instance, your revocable trust could dictate that the assets within it are to be used solely for college expenses upon your children's acceptance to an accredited university.
The greatest advantages to a revocable trust is that is avoids probate and protects beneficiaries from creditors. Your estate planning attorney can fully advise you as to the many estate planning tools available and help you select those that work best for you.
Kreamer Law Group, LLC: Preserving Your Legacy With Thorough Estate Planning
Estate planning is vital for the protection of your hard earned assets, your loved ones, and your legacy. Kreamer Law Group, LLC will assist you through the complex process of preparing your estate. With the many estate planning tools available, you need the assistance of an experienced attorney who can guide you in the best direction. For all of your estate planning needs, call Kreamer Law Group, LLC at 630-995-3668 to schedule a consultation.