Montgomery Illinois Estate Planning Lawyer: Providing Peace of Mind & Asset Protection

 Posted on January 06, 2023 in Estate Planning

A primary benefit of estate planning is building a solid structure and creating an estate plan that passes one’s assets in a cost-effective and smooth manner. One lawsuit can destroy a lifetime of planning and good decisions. Asset protection is the process of arranging one’s assets to minimize liability vulnerabilities and maximize economic security.

Asset protection is a combination of estate planning, lawsuit planning, and business planning combined into one specialty. Smart asset protection is forward planning and does not involve fraud or fraudulent transfers. Advanced planning is vital because one’s assets may not be protected if one device a plan to protect their assets to protect against an existing or pending lawsuit. Planning anticipates liability risks that may arise. 

Traits of Smart Estate Planning: Montgomery Illinois Estate Planning Attorney

Traits of smart estate planning include the following:

• Living Trust or otherwise known as “Family Trust” or “Revocable Living Trust”

• Illinois Short Statutory Power of Attorney for Property

• Illinois Short Statutory Power of Attorney for Healthcare

• Pour Over Will

• Certificate of Trust

Building a financial foundation is a wise decision. One of the roles of an estate planning law firm is to anticipate future conflicts and problems. Devising a realistic plan that predicts estate conflicts and problems before they arise avoids problems. These anticipated problems that arise is a significant reason to hire a Montgomery Illinois Estate Planning Attorney. Hiring an estate planning attorney specializing in estates and trusts results in peace of mind and financial security. A Living Trust is an instrument used in estate planning that avoids probate court and enables a person or couple to update their document when new situations arise. These new circumstances make it important to update one’s trust documents.

A Will is Public Information and must be Probated

A Last Will and Testament must be probated to be effective. Probate court is the court, which supervises and administers the appointment of persons that oversee the administration of one’s estate. A will encourages conflict by mailing notices to disgruntled heirs. These conflicts result in disputes over money. A disgruntled heir is encouraged to challenge the validity of a will because it fosters their greed. Administering and probating a will encourages estate conflicts, which may result in thousands of dollars in attorney’s fees and costs. Unlike a living trust, a will is an estate planning instrument, which is used only at death. A Living Trust is used while one is alive and provides incapacity planning. Incapacity planning avoids guardianship and probate conflicts.

Healthcare Decision-Making is a Critical Element

A well-written estate plan consists of a power of attorney for healthcare. A power of attorney for medical decision-making is important because a loved one is appointed as an agent to make problematic decisions for a person upon their diminished capacity or incapacity. A springing power of attorney is a power of attorney, which takes effect upon the disability of a person. A springing power of attorney requires a personal physician statement declaring one’s disability and incapacity.

One may also pick their power of attorney for healthcare to function as their guardian. The power of attorney for healthcare avoids probate court and anticipates a solution when a person lacks the ability to help themselves. A valid power of attorney for healthcare appoints a responsible decision-maker to assist the creator of the power of attorney to make decisions when they are incapable of making these decisions.

End of life decision-making is detailed in a power of attorney for medical decisions. A person must have at least one witness and notary for the power of attorney. A person must sign and execute a power of attorney consistent with Illinois law. A well-devised power of attorney provides multiple agents and successor agents in case one party is unavailable when a need arises.

Financial Power of Attorney: Providing Financial Peace

The second type of power of attorney is a power of attorney for finances. A power of attorney for finances appoints a person or agent to make decisions for oneself when they are incapable of making decisions themselves. The power of attorney for property is a solution to assist a person when they are incapable of assisting themselves. A failure to plan creates legal risks, which lead to estate conflicts and economic distress. Powers of attorneys help avoid guardianship procedures. A guardianship procedure is a sub-specialty of probate and requires a judge to approve expenditures. Guardianship planning is important because it eliminates conflicts. 

Court processes are intrusive and embarrassing. Court processes drain one’s financial security and results in unnecessary added stress. More importantly, peace of mind is enhanced when one’s legal risks and gaps in protection are filled. Minimizing legal risks results in lawsuits that threaten one’s finances. A threat to one’s security hurts happiness and causes concerns. These emotional concerns lead to bad decisions and stress. 

Montgomery, Illinois Estate Planning Lawyer: Building Sustainable Estates, which foster economic security and peace of mind

Estate planning promotes harmony. Harmony leads to decision-making that anticipates problems and develops solutions. A person’s legacy creates a purposeful life. A purposeful life is a memorial time that creates freedom. Freedom enhances economic security and harmony. Build your estate planning today by calling a Montgomery Illinois Estate Planning Attorney by calling 630-882-2467. Set-up a free initial consultation today.