DuPage County Estate Planning Lawyer

Law Firm for Testamentary and Incapacity Planning Serving Oak Brook and Surrounding Cities

Estate planning is not always the most comfortable topic. Most people do not want to think about what will happen when they pass away or become incapacitated. However, it is important to build a personal estate plan even if it is a little uncomfortable. Not only will having a well-crafted estate plan make things easier on your loved ones, but it can also protect you during your lifetime. If you do not have an estate plan, the right time to make one is now - even if you are young and healthy.

There are two parts to estate planning, and Whitacre & Stefanczuk LTD can help you with both. First, there is testamentary planning - using a will or trust to choose who should receive your property after you pass away. Then, there is incapacity planning, which you may be less familiar with. It involves using tools like powers of attorney to make choices about your own future care in the event that you become incapacitated. Both are critically important for everyone.

DuPage County Attorney for Trusts and Wills

In most cases, when people consider issues related to estate planning, they are mainly thinking about testamentary planning. While wills used to be the most common and effective way of transferring assets after death, trusts are becoming a more popular choice. Both have benefits and drawbacks.

If you use a will, then the executor of your estate will need to submit it in probate court when the time comes. The probate court will then supervise the process of taking inventory of your estate and settling debts before distributing your property to the people or organizations you have named as beneficiaries.

If you use a trust, you can avoid probate court completely and enjoy a little more flexibility. It is up to you to instruct your successor trustee (the person who takes over managing your trust when you are gone or incapacitated) on how to make distributions. You can set up a schedule like "$5,000 each year to each beneficiary," or you may give your trustee a bit of discretion.

We will talk you through all your options to make sure that you have the best possible plan for you.

Lawyer for Advance Directives Serving Lombard, Bloomingdale Areas

The other side of estate planning involves planning for the potential that you could become incapacitated during your lifetime, such as by dementia in old age. You can make choices now about your own future care. With advance directives like living wills, you can make certain choices about your end-of-life care directly. With powers of attorney, you can appoint people you trust to make health care decisions and manage your finances.

Your wishes regarding your own future care are important to us, and we want to make sure that they will be carried out. Certain decisions that you can make using a living will, such as whether you would want life-prolonging interventions during terminal illness and incapacity, are extremely personal. No one should make these decisions except you.

Powers of attorney are also important because other advance directives cannot address every possible situation, and they cannot help you with financial management needs during incapacity. You can select the person or people you would trust to make choices on behalf. It is important to select people that you feel are willing to carry out your wishes, whoever they may be. You can also restrict what your agent can and cannot do on your behalf.

Both documents can be set so that they do not go into effect until certain conditions are met, such as incapacity or terminal illness. These are contingency documents. It is far better to have these documents in place and never need them than to need them and not have them.

Contact a DuPage County Estate Planning Attorney

Whitacre & Stefanczuk LTD is skilled at working with each individual client to craft a comprehensive estate plan that meets their needs. No two estate plans are alike because no two people are alike. We are here to help you stay in control of your estate and your personal future care. Contact us or call 773-622-6100 to receive a free consultation. We serve clients in Wheaton, Elmhurst, Bloomingdale, and throughout DuPage County.