Estate Planning Attorneys in Highland Illinois
For you, it is important that your family and your property are properly cared for when you’re gone, and its incredibly important that you’ve made the correct decisions regarding the financial future of your loved ones. Critical issues like these should not be left to chance. Ensuring that your family is protected is important, and to do this you need a detailed plan for your estate and a will to ensure that your estate is passed on to those who will best protect and maintain it. The Estate Planning Attorneys of Edmonds Law are proud to guide Highland Illinois families in planning for the security and financial futures of their estates. For over 25 years, our estate attorneys in Highland have protected the hard work and success that families like yours have built over the decades, and we can help ensure that it will all be passed on to your loved ones so that they can enjoy the life that you worked hard for.
When you rely upon Estate Planning Attorneys of Edmonds Law, you are choosing an experienced and professional estate planning law firm that is as invested protecting the future of your family and your assets. Our success and reputation are dependent upon the success and financial well-being and safety of your family. This means that when you trust our estate planning attorneys with your estate and financial future, we only take steps that we would when preparing plans for our own estates. If you’ve decided to make the next step in protecting the future of your family, speak with our Estate Planning Attorneys in Highland.
What is Estate Planning?
Your estate is everything you own, whether it be debt, finances, estates, stocks, or even trust funds. Choosing how to best make a plan for an estate can be difficult when deciding how all of the different parts should be managed. That is why Estate Planning is vitally important to a family that wants to protect and secure all of its assets.
Estate Planning isn’t just for individuals with multiple homes or lots of stock investments. Deciding on an estate plan can protected everything you and your family have worked towards and now have. An estate planning lawyer will help you organize your property titles, wills, and any trusts that you may have, and also assist you in setting beneficiary documents that will delegate to whom or where your property should go in the event of an accident that leaves you incapacitated, or after you’ve gone.
Estate Planning doesn’t have to be an expansive and far-reaching plan that will cover every aspect of your assets. If needed, an estate plan can be as simple as a will that will cover the dispersion of your assets after you’ve passed. If you are ready to speak with an Estate Planning Attorney in Illinois about how to best plan your estate, call or contact our estate planning lawyers.
What is a Will?
A Will is a legal document that determines the distribution of your property, finances, and any other assets that you have after your passing. Without a will, the state will make the decision of your asset dispersal for your family. This may not be the most beneficial option for your family, and is known as dying intestate. A Will generally consists of these things:
- Designation of an Executor – An Executor is needed to guide the dispersal and enactment of your will in your stead.
- Designation of Beneficiaries – Designating who will or wont recieve your assets is a vital and important part of the will.
- Instructions on Asset Dispersal – Deciding how, or when your assets are dispersed is also an integral part of the will. If you have specific instructions on how or when you want your estate dealt with, they must be placed in the will.
- Guardians for any Minors – If you have any minor children that you currently care for, they must delegate to a guardian or another family member in the will, or the state will have to decide what the best plan of action for your children is.
A Will is the first step in the Estate Planning process. To learn more about how a will is made, or the processes and decision you can include in a will, contact the Estate Planning Lawyers of Edmonds Law now.
What is a Trust?
A Trust is an agreement that uses a fiduciary to hold the assets of an estate on behalf of a beneficiary or beneficiaries. Trusts are very customizable and can supplant or replace a Will if needed. Trusts may have to endure a probate process, but this process can delegate your assets to your family members faster than a Will would. Speaking with an experienced Trust Attorney in Illinois can help you and your family make the appropriate decision for your assets. Here are some of the types of Trusts that the Estate Planning Lawyers of Edmonds Law can help prepare:
- Testamentary Trusts
- Revocable Living Trusts
- Irrevocable Trusts
- Insurance Trusts
- Asset Protection Trusts
- Charitable Trusts
- Special Needs
- Spendthrift Trusts
- A/B Trusts
- Bypass Trusts
- Credit Shelter Trusts
- Disclaimer Trusts
- Estate Tax Planning Trusts
If you want a Trust Estate Plan that protects the financial security of your family and estate, the Living Trust Lawyers at Edmonds Law Office will explain how to achieve those goals with a revocable living trust estate plan. If you are considering a trust, or if you simply want more information about what a trust can do you for you and what the associated costs would be, the Trust Attorneys at Edmonds Law Office would be happy to schedule a risk-free initial consultation.
What Taxes are Associated with Passing on my Estate?
The Estate Planning Professionals in Highland at the Edmonds Law Office help clients structure your assets and legal documents so that your property is distributed to beneficiaries the way you want, while minimizing costs, hassles, and taxes. Estate taxes differ from state to state, and federal estate tax rates and rules differ as well. To eliminate or reduce estate taxes for your estate, it is important to speak with an experienced estate planning attorney who can guide you through the entire process. An experienced estate tax lawyer in Illinois can explain the differences in estate taxes, explain estate concepts and planning options, and help you determine whether your estate is vulnerable to such taxes. If estate taxes may be an issue for you, the estate planning attorneys in Highland will discuss estate planning concepts with you, such as:
- Estate tax exemptions
- Taxable estate
- Charitable giving
- Yearly gifting limits
- Lifetime gifting limit
- Gift tax returns
- Credit shelter trusts
- A/B trusts
- Bypass trusts
- Disclaimer trusts
- Irrevocable insurance trusts
- Inheritance affecting taxable estate
- Joint assets and estate taxes
- Asset valuation and appraisals
- And other estate-tax-planning tools and considerations
For for Information regarding how an Estate Planning Attorney in Highland can assist you in navigating the tax burdens associated with Wills and Trusts, Look at our Estate Taxes page or contact our Estate Planning Attorneys today.
What is a Probate Court?
Upon the death of a loved one, you may find that assets cannot be transferred to beneficiaries without the involvement of probate court. Edmonds Law Office handles probate court administration and other types of estate administration. In some situations, we can help you use alternative, simplified methods to handle an estate, even if you have been told that probate court is required. Depending on the assets and debts involved, tools such as a Small Estate Affidavit and a Bond in Lieu of Probate can be used to administer estates outside of court. Upon the death of a loved one, you may find that assets cannot be transferred to beneficiaries without the involvement of probate court. Our Estate Planning Attorneys in Highland handle probate court administration and other types of estate administration. In some situations, we can help you use alternative, simplified methods to handle an estate, even if you have been told that probate court is required. Depending on the assets and debts involved, tools such as a Small Estate Affidavit and a Bond in Lieu of Probate can be used to administer estates outside of court.
If your deceased loved one had a trust, we can help you administer the trust estate even if the estate does not need to proceed through probate court. Usually, trust administration is simpler than administering an estate in probate court. However, there may be steps in the process which are confusing, and the trust administration attorneys at Edmonds Law Office are happy to provide guidance in this process. For more information regarding the processes of Probate Court, call or contact the Estate Planning Lawyers of Edmonds Law today.
What can a Highland Illinois Estate Planning Attorney do for Me?
At Edmonds Law Office, we strive to make the estate planning process comfortable and informative. We do not charge for an initial consultation, and when we meet with you, we will make sure you fully understand your estate planning choices and the associated costs. Whether you opt for a simple will or more complex estate tax plan, all work will be performed by Estate Lawyer, Ellen Edmonds, at your direction after a complete discussion of options and prices. Ellen is a University of Illinois College of Law Graduate with 25 years of experience in estate planning law who enjoys helping people in Highland and the surrounding areas with all of their estate planning needs.
The Estate Lawyers at Edmonds Law Office in Highland will help you minimize the costs of estate administration and will evaluate the estate to determine if the delays and costs of court administration can be avoided. If you are dealing with probate court administration, small estate administration, small estate affidavits, or property transfers after the loss of a loved one, our estate planning lawyer will be by your side through the entire process to ensure you are aware of every choice you have. When you are ready to begin the process of crafting a plan for your estate, give our Estate Planning Attorneys in Highland a call to see how we can best assist you.