What is Your Current Plan?
If you haven’t taken the steps to put an estate plan in place, the state of Illinois has a plan for you. Unfortunately, the state’s intestacy plan is probably not the plan you want.
If you don’t know what would happen, then the first step is to get clear on exactly what would occur, legally and financially, should something happen to you.
To do this, we conduct a Family Wealth Planning Session, where we spend time together and you’ll get informed on what would happen under your current plan, whether its a plan you previously had prepared or, in the case that you’ve never prepared a plan, the state’s plan for you.
Prior to your Family Wealth Planning Session, you will complete a Family Wealth Inventory and Assessment, which will help you to fully identify what you own and clarify what you have to think about when it comes to planning for the disposition of your assets, and, more importantly, the well-being and care of your loved ones. If, after learning what would currently happen, you decide that you are not comfortable with what would occur with no further planning, then we can design an estate plan that is custom tailored to best suit the needs of your family.
If you have minor children, we will prepare a comprehensive plan to ensure that your children are always taken care of no matter what happens.
The foundation of your estate plan will often include a revocable living trust - you will transfer your property into this trust for your benefit during your life and will maintain total control over the trust during your lifetime.
One of the benefits of a revocable living trust is that when done correctly and properly maintained over time, the trust will help your family to avoid the cost and delay of probate and minimize or eliminate estate taxes. For our clients that need advanced estate planning services, we provide those as well. And we’ll custom prepare all of the additional legal documents necessary to ensure that you and your family are fully protected.
At Minshall Law, we take the time to get to know you, your family, your concerns and your goals and will prepare a customized estate plan that is exactly right for you.