LAWYERS YOU CAN TRUST FOR ESTATE
William P. Drew III, Counselor at Law, has been representing clients
on their estate planning for over Ten Years. Whether you need a
simple will or sophisticated trust, William P. Drew III can draft the
necessary and proper estate planning for you and your family.
William P. Drew III will take a complete inventory of your financials to
determine the right estate plan for you. We consider all issues:
asset management, special bequests, tax avoidance, probate and
probate avoidance, funding of trusts, charitable trusts and more.
Contact or Call us now for an estate plan that will provide many
benefits for you and your family.
FREQUENTLY ASKED QUESTIONS FOR
What is a revocable living trust?
A revocable living trust is a legal instrument whereby you can
avoid probate, plan for disability, name the beneficiaries of your
property, name a guardian for your minor, provide for the financial
welfare of your children, avoid certain income and estate taxes, and
conserve and manage your property for a better way of Life. The
revocable living trust, furthermore, allows you to completely
maintain control over your trust property during your lifetime,
including the right to amend the trust and revoke the entire trust,
What is a living will?
A legal instrument instructing your physician not to use
life-supporting devices to prolong your life when the prospects of
recovery are hopeless.
Why do I need estate planning?
Estate planning is about conservation and management of your hard
earned assets. A well thought-out estate plan promotes cohesion
within the family and avoids family conflicts. Properly drafted
estate planning may save you and your family substantial money by
avoiding unnecessary probate proceedings and taxes.
What is the cost?
Contact William P. Drew III now to obtain a quote on the average fees
for representation on your estate planning. The fees you pay now may
save you and your family substantially in the future.
What happens if I do not have a will?
It depends on how you currently hold title to your assets. In the
State of Illinois, if you do not have a will and the decedent died
with assets titled in the decedentís name individually, then an
intestate (died without a will) probate estate may need to be opened
to administer and distribute the assets of the estate. If a decedent
dies without a will, then the decedentís estate passes to his or her
family members and/or descendants according the Illinois statutory
law. That is why it is important to have a will so that the
decedentís estate properly passes to the persons directly chosen by
the decedent. Furthermore, the cost of probate may be greater when a
decedent dies without a will since a surety bond will be required
absent a will provision waiving the same. In addition, without a
will, the decedentís estate may be administered by a person not
directly chosen by the decedent and who may not be the best
qualified or a trustworthy person.
A well drafted will can be very important to your family and
asset management. A will can also direct who is to act as guardian
over your minor children or disabled adult children, and who shall
care for your estate that is left to such loved ones.
What are the benefits of a land trust?
Some of the benefits of a land trust are personal anonymity which
may protect against creditor attachment and lawsuits; avoidance of
probate upon naming remainder beneficiaries; avoidance of
co-ownership disputes, if an agreement is entered between the
beneficiaries of a land trust; and, much more.
Why do I need power of attorneys?
Power of attorneys for health care and property enable your
designated agent to act regarding all or some of your very necessary
health care and property decisions when you are unable to act due to
disability or incapacity. Without power of attorneys, a court
proceeding with court approval may be necessary to execute these
decisions and transactions, and court can be costly, time-consuming
and often inflexible.
What are ways to prepare for nursing home care?
A well thought-out family plan is required, along with
professional advice on estate planning with your financial planner,
insurance agent and attorney. One consideration is long-term care
insurance, which should be considered sooner than later so premiums
are lower. Senior In-home care services are also a worthy
consideration. A close look at Medicaid and Social Security laws may
also be important.
Will my estate have to pay taxes at my death?
Estate taxes exist at both the Federal and State level. Good and
sound estate planning may help you to avoid taxes by means of
trusts, family gifts and charitable giving.
Can I appoint guardians in my estate planning?
Yes. Parents with minor children are advised to include named
guardians for their minor children through estate planning
instruments including wills and trusts. Also, it may be advisable to
incorporate a testamentary trust into your will, which shall hold
the decedentís assets in trust with a named trustee(s) for the
beneficiaries of the trust who are your children. Or you may be
advised to execute living trusts , which provide the similar
benefits to the testamentary trust estate planning.
What happens if I fail to appoint a guardian for my child or
Then the matter may be decided by a Probate Court on petition by
family member or friend subject to court approval; and, the Court
will decide who shall be guardians over your children.
What is probate?
The Court wherein Wills, Trusts and Guardianship cases are heard
by Judges who preside over such legal matters.
What is a special needs trust?
A special need trust is a form of a discretionary, spendthrift
trust designed to preserve government benefits for a disabled or
aged beneficiary. If you have a developmentally disabled family
member who is on Medicaid or Social Security Supplemental Security
Benefits, then your family should carefully consider the benefits of
a special needs trust. Also, if you have a family member who has
suffered permanent injury resulting in disability, then you can also
benefit by the special needs trust.
Law Firm of William P. Drew
1063 E. 9th Street, Lockport, Illinois 60441
Telephone: (815) 838-1440
Real Estate | Estate Planning
| Bankruptcy |
Licensed to practice law in Illinois, all
Illinois courts, and the northern district of Illinois, Federal
Court. Licensed to practice in the Northern
District of Indiana, Hammond Federal Court.
William P. Drew III - Counselors at Law
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