One of the hardest things to do is plan for the future in the event of serious illness, injury, or death. Many of us have an idea of how we would like our property and other assets distributed. However, without a clear plan, we can’t be sure our wishes will be honored after death.
Additionally, if you’re ever medically incapacitated, you may not be able to make choices for yourself or your family. Taking time now to put a plan in place for your future can help you avoid difficulties down the road.
Our estate planning attorneys in Rockford, IL, offer a diverse range of estate planning solutions. At Crosby Law Firm, we take the time to get to know each and every client so we can best understand their needs.
We provide clarity on your options and the potential outcomes of various estate planning choices. We also work to ensure these choices align with your inheritance goals while reducing tax burdens and legal disputes. Finally, we ensure your plan is compliant with both state and federal regulations.
When you work with Crosby Law Firm, your future is in good hands. We’ll provide dependable legal services to secure your assets and protect your interests.
How Our Law Firm Can Help With Estate Planning in Rockford, IL
Since 1980, Crosby Law Firm has been handling estate planning for clients throughout Illinois. Our experienced team is here to help you prepare for the future and take legal steps to protect yourself and your family.
Our Services
The Crosby Law Firm can help you through every aspect of your estate planning journey. Services we offer include:
- Establishing Wills & Trusts
- Establishing Living Trust Agreements
- Navigating Probate & Trust Administration
- Establishing Power of Attorney (Including Medical Power of Attorney)
- Planning Guardianship for Minors & Incapacitated Adults
- Document Drafting
- Creating Strategies to Reduce Estate Taxes
- Managing Real Estate Matters
- Other Estate Planning Services
What Is Included in an Estate Plan?
An estate plan is a thorough strategy for managing your assets and ensuring your wishes are honored during your lifetime and after death. The key components typically include:
- Wills & Living Wills
- Trusts & Living Trusts
- Power of Attorney
- Beneficiary Designations
- Letters of Intent
- Guardianship Designations
- Property & Asset Lists
- Provisions for Digital Assets
- Planned Giving/Donations
Estate planning is crucial for protecting your future and your assets, no matter how much money or property you have. Get started when you talk to one of our qualified Rockford estate planning attorneys today.
What Does an Estate Planning Attorney Do?
An experienced estate planning lawyer can do much more than just prepare your will or help you set up a trust. There are many other estate planning concerns that require effective legal action to address properly.
An estate planning attorney handles all the important factors of estate planning. Without legal counsel, crucial aspects like taxes or probate can get overlooked. Such oversights can lead to property not being allocated as you intended and a loss of control over the distribution.
Estate plans must also adhere to specific state laws and regulations to be considered valid. Navigating this legal landscape can be challenging. Contemplating and preparing for one’s own death can also take an emotional toll. Our experienced attorneys offer unparalleled support throughout the entire process.
Establishing an Executor
Your executor will be responsible for managing your estate. This includes overseeing the probate process, safeguarding assets, settling debts, and distributing assets according to the will or trust. If no executor is named, one may be appointed. This could lead to complications and potential disagreements between beneficiaries.
When you work with our estate planning attorneys, we provide an impartial perspective in regards to selecting an executor. You will also receive essential legal guidance to ensure you make a decision that aligns with your interests.
What Estate Planning Documents Do I Need?
When meeting with one of our Rockford estate planning attorneys to discuss your case, please gather and bring the following documents:
- Will or Trust Documents
- Titles & Property Deeds
- Insurance Policy Documents (for Life Insurance, Health Insurance, etc.)
- Prior Gift Tax Returns (if any)
- Documents Related to Applications for Public Benefits (e.g. Medicaid, Social Security, etc.)
- 401(K) Documents
- IRA Documents
- Pension Information
- Digital Asset Information
What Happens If I Don’t Have an Estate Plan?
Probate
Without an estate plan, your assets will be distributed according to the state probate laws. This means your family will have to go through the probate process to settle your estate. This can be time-consuming and emotionally and financially taxing. There is also a risk that your assets won’t be distributed as you wished them to be.
Probate is also a notoriously public affair. Anyone will have access to your private information and the court proceedings. This can grant interested parties the chance to challenge your will.
By the end of the probate process, the court system and legal fees will have reduced or eliminated your estate.
Unexpected Incapacitation
If you ever become mentally or physically incapacitated, who will make decisions for you? When you’re unable to make important decisions regarding your medical care or finances, you need to entrust the duty to someone who will act with your best interests in mind.
Many people believe an estate plan is only relevant after their passing, but this is a misconception. Preparing for death is a significant step, but planning for potential incapacity is equally important. Without a plan, your family may need to go through a lengthy and expensive court process to assign a guardian or conservator to manage your affairs.
By working with our attorneys, you can create strategies that outline your wishes for medical care, including end-of-life choices. You can apply these same strategies to important financial and personal matters.
A Family Estate Attorney for Estate Planning in Illinois
The estate planning process can be overwhelming, but with help from Crosby Law firm, it doesn’t have to be. We have over 150 years of combined experience serving clients throughout Illinois. We believe that everyone should have an estate plan, so we work hard to ensure our clients’ futures are secure.
Contact our law office today to speak with our team and schedule a free initial consultation.
