What is estate planning, you ask?
An Estate Plan refers to the establishment of instructions in the form of legal documents providing for the administration, management, and distribution of one’s property and assets in case of death or incapacity. Failing to prepare a proper Estate Plan with our Illinois estate planning attorneys can result in significant and unnecessary risks, costs, and burdens for your family and future generations upon your passing; some of which are as follows:
Your estate may be required to go through Illinois Probate which can result in thousands of dollars of unnecessary court costs and attorney’s fees;
There is a significant likelihood your assets and property will pass to your family according to Illinois Probate laws and only when approved by a Judge
Your assets and property become part of a formal Illinois Probate process which is a public proceeding;
There is an increased likelihood of family emotional burdens and conflict regarding the deceased’s assets;
Much of your assets can not be transferred or distributed to your loved ones for months or longer;
Increased potential for Federal and Illinois Estate tax and creditor liability for your family; and more.