Wheaton, IL Estate Planning Attorney

Compassionate Estate Planning Lawyer for Wills, Trusts, and Powers of Attorney in DuPage County, IL

You can protect your loved ones and yourself for many years to come through estate planning. When you create a comprehensive estate plan with the help of a skilled DuPage County, IL estate planning lawyer, you can not only preserve your wealth for future generations, but also protect your own future needs should you become incapacitated later in life. A well-made estate plan is essential for people in all stages of life. Young parents need a will to name the person they would want to raise their children in their stead should they pass away unexpectedly, while older adults need a trust to make the estate administration process easy and less costly for their intended beneficiaries. Everyone should have medical powers of attorney and a living will because life can be so unpredictable.

The McCormick Law Firm, LLC can help you plan for all of life's unexpected outcomes and for your loved ones' financial futures. We are dedicated to helping people create strong, comprehensive, and legally sound estate plans that both you and your beneficiaries can rely on. Our caring attorneys want to help you make sure that money is not unnecessarily lost from your estate due to probate fees and taxes, while also helping you ensure that your wishes will be carried out should you ever experience incapacity.

Why Trusts Are For Everyone

Almost anyone can benefit from a trust. A trust can be used for multiple purposes, including helping your beneficiaries avoid probate, preventing estate contests, and even protecting your money from Medicare reimbursement proceedings so your spouse does not experience economic hardship if you need skilled care later in life. There are many different types of trusts, and we can help you choose the right one. In many cases, people benefit even more from having multiple trusts for different purposes. You may want an irrevocable trust to protect your assets against legal judgments, and a revocable trust for posthumous asset distribution. More specialized trusts can be used for distinct purposes.

You do not need to be ultra-wealthy for a trust to be your best option. Perhaps the greatest - and most discussed - benefit of a trust is that any assets contained in a trust do not have to go through probate when you pass away. This can preserve the value of your estate while making the process simpler for your beneficiaries. Trusts are also excellent tools for passing down assets that are difficult to probate, like your personal home. A trust can also protect your privacy, as unlike a will, it does not have to be submitted to a court and made public.

Who Needs a Will?

While a trust is often the better way of distributing your assets posthumously, there are still many valid reasons to create a supplementary will. The most notable is that a will can be used to nominate a guardian for your minor children in case you pass away before they reach adulthood. Another common use for wills is to bequeath any assets that for whatever reason, may have been unintentionally excluded from your trust during your lifetime, to the trust. This is called a pour-over will, as it "pours over" any stray assets into your trust.

Creating Medical and Financial Powers of Attorney and a Living Will

Medical, financial, and personal powers of attorney are an essential incapacity planning tool, although they often have uses earlier in life. Financial powers of attorney are often used by real estate investors who are completing a real estate transaction from a distance with an agent signing documents on their behalf, and medical powers of attorney are often requested by the hospital for those undergoing major surgery. In the incapacity planning context, your powers of attorney designate the people you would want to make medical decisions on your behalf, manage your personal finances, and make important decisions about your day-to-day life, like where you should live.

A living will provides direct instructions to your medical providers regarding what kinds of life-prolonging treatment you would and would not expect should you become terminally ill while you are incapacitated.

Business Succession Planning

People who own or co-own a business will also want to plan for the future of their companies. Our attorneys can help you plan for succession as early as during the business formation process. We are skilled in both estate planning, business planning, and business law.

Contact a Wheaton, IL Estate Planning Attorney

The McCormick Law Firm, LLC is committed to providing the best estate planning services possible. Our dedicated DuPage County, IL estate planning lawyers will help with all aspects of your comprehensive estate plan, from wealth preservation to incapacity planning. Contact us at 630-517-8570 for a free consultation.