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 following death or disability.
Additionally, if you’re ever medically incapacitated, you may not be able to make choices for yourself or your family. Taking the time now to put a plan in place for your future can help you avoid difficulties down the road.
At The Crosby Law Firm, we take the time to get to know each and every client so we can best understand their needs. Our estate planning attorneys in Rockford, IL offer a diverse range of estate planning solutions tailored to each client.
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 The Crosby Law Firm, your future is in good hands. We will provide you with the trusted legal services you need to secure your assets and protect your interests.
How Our Law Firm Can Help
Since 1980, The Crosby Law Firm has been handling estate planning for clients throughout Illinois. Our experienced team will help you prepare for the future and take the legal steps that you need to protect yourself and your family.
Services We Provide
The Crosby Law Firm can help you through every aspect of your estate planning journey. Services we offer include:
- Establishing Trusts & Living Trust Agreements
- Planning Wills & Living Wills
- Navigating Probate & Trust Administration
- Establishing Powers of Attorney (Including Medical Power of Attorney)
- Planning Guardianship for Minors & Incapacitated Adults
- Document Drafting
- Creating Strategies to Reduce Estate Taxes
- Other Estate Planning Services
What is Included in an Estate Plan?
An estate plan is a comprehensive approach to managing your assets and ensuring your wishes are honored during your lifetime and after your passing. Below are the key components typically included in an estate plan:
- Wills & Living Wills
- Trusts & Living Trusts
- Powers of Attorney
- Beneficiary Designations
- Letters of Intent
- Guardianship Designations
- Property & Asset Lists
- Provisions for Digital Assets
- Planned Giving/Donations
Estate planning is essential to protect your future and your assets, no matter how much money or property you may have. Talk to one of our qualified estate attorneys in Rockford, IL as soon as possible to get started.
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 experienced legal counsel, crucial aspects like taxes or probate concerns are often overlooked. Such oversights can lead to property not being allocated as you intended, resulting in a loss of control over the distribution.
Estate planning 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.
At The Crosby Law Firm, our experienced attorneys are here to help you manage your assets as effectively as possible. We’re committed to providing unparalleled support throughout this process, as we excel in customizing estate plans to suit the individual.
We will lay out all your options in clear, understandable terms so you can make informed decisions. Finally, we’ll help you navigate the legal complexities of estate planning so your future is fully protected.
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 specific situation.
Come Prepared
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
Why Everyone Needs an Estate Plan
A common misconception about estate planning is that it’s only important for wealthy families. However, this is far from the truth. No one can predict what life has in store for them a decade down the road, and life can change direction at any moment. Having your estate plan well-established will ensure everything is settled ahead of time.
Additionally, an estate plan can include instructions for medical care should you ever become physically or mentally incapacitated. You can also appoint someone to make medical decisions on your behalf in the event you are unable to do so.
We understand that estate planning isn’t the most pleasant experience, and it’s difficult to think about the day when you will no longer be there for your family and friends. Our attorneys take pride in working closely with you to make the process as easy and stress-free as possible.
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. Additionally, there is a significant risk your assets will not 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.
Finally, by the end of the probate process, the court system and legal fees will have reduced or eliminated your estate.
Unexpected Incapacitation
Another concern is if you ever become mentally or physically incapacitated, who will make decisions for you based on your wants and needs? When you’re unable to make important decisions regarding your medical care or finances, you need someone who will act with your best interests in mind.
Many people believe estate planning is only relevant after their passing, but this is a misconception. Preparing for death is a significant step, but planning for potential incapacity due to illness or accident is equally, if not more, crucial. Without a plan for incapacity, your family might need to go through a lengthy and expensive court process to assign a guardian or conservator for managing your affairs.
By working with our attorneys, you can create strategies that outline your wishes for medical care management, including end-of-life choices. These same strategies can be applied to important financial and personal matters.
The Crosby Law Firm | Estate Planning in Rockford, IL
The estate planning process can be quite overwhelming, but with help from The Crosby Law firm, it doesn’t have to be. We have over 150 years of combined experience serving clients throughout the state of Illinois. Contact our law office today to speak with our team and schedule a free initial consultation.
