Estate Planning and Avoiding Family Conflicts

 Posted on November 18, 2022 in Estate Planning

Yorkville and Kendall County Estate Planning Law Firm

An estate planning is a legal concentration helping people bypass or minimize family conflicts involved in the incapacity and death process. Estate planning is the process of setting up one’s affairs in a manner that minimizes and avoids potential family conflicts. Proper estate planning is an investment and wise decision to anticipate future family conflicts.

The use of an estate planning attorney is a tool to assist your family avoid the inherit conflicts involved in the death and incapacity process. The causes of family conflicts range from the following:

• Inheriting Real Estate especially the “Family” House

• Pitting siblings such as underperforming children unwittingly against their other siblings

• Fighting over caretaker issues and personal belongings

• Blended families and Stepchildren disputes

• Burial and Funeral Arrangements including the payment of such services including Cremation

• Allocation of assets such as real estate, business interests, financial accounts, and other assets.

Effective Estate Planning in Yorkville, Oswego, and Aurora

The foundation of a well-structured estate planning often involves the following legal documents:

• Revocable Living Trust

• Last Will and Testament or Pour Over Will

• Advanced Healthcare Directives and Power of Attorney for Healthcare

• Power of Attorney for Finances

Revocable Living Trust

A Revocable Living Trust (“Living Trust”) or otherwise called a “Family Trust” or a “Trust” are created and funded during your lifetime. The creators of a Living Trust retain the ability to amend, modify, or revoke the terms of the Trust. The Living Trust is intended to summarize one’s financial instructions and describe one’s funeral arrangements and burial instructions. 

At Gateville Law Firm, we customize your estate plan to your family’s concerns. For example, most estate planning attorneys use either a Joint Family Trust or a Single Trust. Here, we use a combination of both types of trusts when appropriate. In our experience, couples have joint assets and assets managed by one spouse. Quite frankly, this financial arrangement is healthy and keeps the spouses from divorce court. Therefore, Gateville Law Firm believes that a customized and tailored estate plan is the most effective estate plan.

Last Will and Testament

Unlike a Last Will and Testament, the Living Trust is designed to avoid probate court and mitigate family conflicts and disputes. A Living Trust is also created for incapacity purposes to avoid guardianship and family disputes in case of a disability or incapacity. A Last Will and Testament is a legal instrument designed to be used at death. One of the drawbacks to a Last Will and Testament is probate court.

A well-structured and funded Living Trust avoids the pain and expense of probate court. Probate disputes and estate litigation results in thousands of dollars of legal fees and costs. More importantly, one’s legacy becomes a nightmare instead of a blessing.

Advanced Healthcare Directives and Power of Attorney for Healthcare

An Advanced Healthcare Directive or otherwise known as a Power of Attorney for Healthcare outlines one is wishes in case of an incapacity. A person chose their “health care agent,” which is the person responsible for making medical decisions in case of an emergency. A power of attorney agent is responsible for following a person’s wishes and concerns when it comes to end of life issues including blood transfusions, life support issues, and other medical issues.

Power of Attorney for Finances

The second type of power of attorney is a financial power of attorney. A person delegates a person to serve as the financial agent or power of attorney. This person is enabled to make financial decisions on behalf of the person. The selection of a power of attorney is an important process. Often, families lack a person or persons that can serve in this role. The role of the estate planning attorney is to guide families in the selection of financial powers of attorneys and trusted advisors when necessary.

Yorkville Will and Trust Attorneys in Kendall County

Hiring an estate planning attorney is an important process. At Gateville Law Firm, we are the top estate planning law firm in Yorkville and Kendall County. Unlike most lawyers and law firms, we possess the ability to write and draft simply to complex estate plans involving sophisticated estate tax and business planning. Contact us today at 630-780-1034 or via online form.