Bankruptcy Lawyer Real Estate Attorney Lockport IllinoisLAWYERS YOU CAN TRUST FOR ESTATE PLANNING!

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 ESTATE PLANNING


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, if desired.

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 children?

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.

CLICK HERE TO E-MAIL

Law Firm of William P. Drew III, Inc.
1063 E. 9th Street, Lockport, Illinois 60441
Telephone: (815) 838-1440
Fax: (815) 838-1445

Home | Real Estate | Estate Planning | Bankruptcy | Newsletter | Directions

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.

Content © William P. Drew III - Counselors at Law
Web Design ©
WebWorksPro.Net, Inc.