Making decisions about your future requires careful consideration, not just for your family’s financial well-being, but also to provide yourself with peace of mind. Knowing your family, assets, and legacy are protected for generations to come requires legal planning. With the guidance of a Chicago estate planning attorney from Plan Forward Legal, you gain an advocate ready to help you build the legal framework to protect your future. Schedule a consultation with our founding attorney, Victoria Lozano, today.

Creating an Estate Plan Starts Now

Estate plans are not something to put off for another few months or years. Whether you have a significant investment portfolio or not, make decisions now that can help protect your future and all you have worked for thus far. Your estate plan should be an ever-changing document that follows you through the course of your life.

By working with a Chicago estate planning lawyer from our firm, you will have the knowledge you need to create an estate plan that fits your life right now and plans for your future. You can modify it at any time, as life changes. However, by consulting with your lawyer now, you gain the necessary resources to establish the framework in place.

Even if you already have a will or other components of your estate plan, our Chicago estate planning attorney will provide you with resources to update and modify as needed to provide the highest level of security and legal protection for your assets over time. The following are some of the most common elements that make up comprehensive estate plans, all of which our team can help you create, modify, and keep up to date.

Chicago Wills Attorney

As an experienced Chicago wills attorney, we will help you create this framework for your wishes and objectives, which could outline decisions on assets, guardianship of your children or dependent adults, and other statements about beneficiaries. You should always provide clear instructions while naming an executor, or the person who will handle your estate, as well as a list of your dependents.

Chicago Revocable Trusts Attorney

A revocable trust, sometimes called a living trust, provides a way to manage your assets during your lifetime while keeping your estate out of probate court. It enables a private and seamless transfer of your assets, and can be adjusted throughout your lifetime to manage life better as it unfolds. During your lifetime, you maintain control over those assets, but our Chicago revocable trusts attorney creates legal protections to safeguard them from others.

Chicago Irrevocable Trusts Attorney

An irrevocable trust also provides protection for your estate assets, but it makes a permanent decision about what will happen to those assets, including who will control and own them. This trust enables estate tax reduction, provides a way to care for special needs beneficiaries, and helps protect assets from creditors. It may also minimize your owned assets during your lifetime, which may help you qualify for Medicare. 

Chicago Special Needs Attorney

For many families, worry comes from what might happen to their child or other loved one who has special needs and may not be able to care for themselves. A Chicago special needs attorney enables you to create a trust and other legal tools to manage your loved one’s future indefinitely, including providing and protecting assets, caregivers, and decision makers. With the guidance of an attorney, you will have a better idea of what your legal options and rights are in these challenging situations.

Chicago Trust Administration 

Dealing with the aftermath of the death of a beloved is the hardest job, as it requires you to hold off your grief as you attempt to organize an estate. Conversely, if you have a complicated family structure or relationships, being the only administrator can cause drama or unnecessary rifts in the family, causing more pain and lasting damage to relationships. A Chicago trust administration attorney can ease the administration process. Allowing you to fully grieve while knowing that the assets are being curated the way the trust indicates. 

Chicago Probate Attorney

A probate attorney supports you now, as you structure your estate plan to protect those assets from going through the probate process after death, as well as supports your family later during the process. If you are suddenly thrust into managing the estate of a loved one who has passed away, having our Chicago probate attorney by your side can make all the difference in achieving peace of mind throughout this process and in navigating the challenges that lie ahead.

Chicago Conservatorship Attorney

A conservatorship allows for the appointment of a guardian to oversee the well-being of another person, including managing that person’s financial affairs and making other decisions on their behalf. That person may be incapacitated or may likely become incapacitated at some time in the future. Conservatorships may focus on financial, personal care, or mental health issues, depending on the individual’s needs.

Chicago LGBTQ Estate Planning Attorney

Our Chicago LGBTQ+ estate planning lawyer supports individuals, couples, and diverse family structures with personalized wills, trusts, and long-term planning solutions. We specialize in LGBTQ estate planning in Illinois, ensuring same-sex partners, unmarried couples, and chosen families receive the legal protections they deserve. With an affirming approach and deep experience in Illinois probate and estate law, Plan Forward Legal helps you secure your future with clarity and confidence.

Why Do I Need an Estate Planning Attorney Near Me?

One of the most common questions people have is whether they need an attorney to guide them through this legal process or if they can simply set up an estate plan and manage it themselves. There are several reasons we suggest having a lawyer to work closely with you throughout this legal process.

• Illinois has very specific laws on when, how, and why components of estate plans can be created and how they must be managed. If you make a mistake in this process, your assets may be at risk, and your family may end up in court.
• You need to be aware of all your options and legal rights. This can prove critical in nearly all situations, whether you have sizable assets or not. Your lawyer will help you create strategies to minimize losses from taxes or creditors.
• Your estate plan must meet your specific needs. This changes, and unless you have a lawyer reviewing your individual case needs, you may not know what steps to take to protect your wishes.

Simply, when you hire an attorney to represent you through this process, we step in, provide guidance, discuss limitations, and create strategies to maximize your protection. We stay in the loop, helping you make changes and updates over time as your life changes and assets grow. And, when it is time to ensure your final wishes come to fruition, our estate planning lawyer from Plan Forward Legal is there to help your family navigate the process.

Who Needs an Estate Plan?

The short and simple answer is that everyone should have an estate plan to communicate their wishes and goals after death, as well as during the last years or months of their life. Regardless of your wealth, having an estate plan can help you provide for those you love. There are some situations where you absolutely should speak to an attorney about the benefits of an estate plan, including:

• You have minor children.
• You have special needs dependents.
• The need to assign someone specific to help you in critical moments is clear.
• You want to clarify your healthcare decisions.
• Your estate is valuable.
• You have specific charitable desires and goals.
• Generational wealth is likely to be passed down to you or from you.
• A recent diagnosis of a cognitive-functioning or other type of serious medical condition has occurred.
• You have assets you want to make specific decisions about now.
• You are a business owner.

If you are not sure what an estate planning lawyer can do for you, simply reach out for a consultation. A formal, frank conversation will help you gather more insight into your legal rights and provide you with guidance on the next steps to take. Our team is aware of the challenges you face, and we are skilled in providing you with the specific resources you need.

Understand What Happens If You Do Not Have an Estate Plan

Anyone at any time can suffer a serious medical emergency that leaves their life and that of their families at risk. If you have not taken the time to make critical decisions now about your wishes in situations where you cannot make such decisions, the court follows concrete steps to make those decisions for you. Consider a few of the specific factors that could impact your situation in those cases.

Every decision is covered by Illinois’ probate laws, which will mean that all of your property transfers to your spouse at the time of your death, if you have one, or if you are unmarried, it will be distributed to your children. Before that can happen, your debts must be paid, and creditors must have time to come forward to stake their claim in your assets.

If you do not have a spouse or children, your parents and siblings, in that order, will become your heirs. In situations where there are no heirs, the state receives your estate. By simply creating a will, you build a foundation from which decisions can be made so that your long-lost family member does not receive assets you do not want them to have.

How Much Do Estate Planning Lawyers Near Me Cost?

The cost of hiring an estate planning lawyer depends on numerous factors, and it is not possible to provide a definitive answer to this question upfront. Every plan is custom-designed to fit your needs, which means that the time invested, the complex strategies required, and the legal ramifications of decisions must be considered. Some of the factors that determine what you may pay for estate planning legal services include:

• How complex your estate plan will be, including the size of your assets and the types of assets owned
• The depth of your wishes after your death, including whether you wish to fund long-term trusts and funds for specific groups, and need ongoing representation
• Services you need over time to manage your estate and make updates to it as needed

When you meet with an estate planning attorney, you will gain insight into what you can expect the costs to include, as well as what services are offered. Our team offers exceptional legal insight to you, and we do not overcharge for our services. There is full transparency regarding your costs upfront.

Components of an Estate Plan to Talk to Us About

Our extensive estate planning services provide you with a way to outline your goals and make important decisions in a way that works for your situation. Remember, every case is different, and a good attorney pays close attention to those needs. Some of the components to discuss with us include:

• Your will: It should outline assets and property decisions, designate guardians for minors, and assign an executor
• Trusts: Trusts can be set up for more than one need, but their objective is to provide specific assets for a specific purpose and lessen the financial burden on your estate at the time of death
• Power of attorney: A power of attorney enables you to assign someone to make essential decisions for you if you become incapacitated and unable to do so. This may include financial and healthcare decisions, based specifically on the legal framework.
• Medical directives: Medical directives enable you to make clear decisions about your long-term medical care if you are unable to do so later, such as whether all life-sustaining efforts should be made or if there are limitations.
• Life insurance: Your estate planning attorney can help you determine how life insurance fits into your estate plan and help you determine how to structure policies to meet your long-term goals.

Your lawyer can also work alongside your financial advisors and tax professionals to create a plan that mitigates taxes, minimizes probate processes, and safeguards long-term investment decisions. By taking time now to establish your estate plan, you create a better future for yourself.

How to Get Started with a Chicago Estate Planning Attorney Now

Frankly, now is the ideal time to consult with an estate planning attorney in Chicago if you do not have an estate plan or will, or if you have not updated it in some time. By acting now, you demonstrate a strong acknowledgement of your legal rights to make decisions for yourself, and for many people, your estate plan provides tools to help you achieve your goals.

By taking the time to contact our Chicago estate planning lawyer now at Plan Forward Legal, you can start creating a future that you feel good about and one that minimizes the financial burden for your loved ones later. Reach out to our legal team today for a consultation and to learn what components of an estate plan could be essential to giving you the peace of mind you and your family need.