Helping men and women, whether married, single or widowed to draft an estate plan that carries out their wishes in a cost-effective and tax saving manner.
After spending a lifetime acquiring assets and building wealth, the next step is developing a shrewd Estate plan to protect all that you own. The Geocaris Law Firm are the finest estate planning attorneys in Arlington Heights IL and stand ready to meet with you to discuss, prepare and execute a comprehensive Estate plan that meets your needs.
It is important to decide whether a Last Will and Testament is the proper instrument for your portfolio or if a Trust is necessary. All of your assets should be listed and identified as either passing through your Will or if they have their own beneficiaries identified. This is critical in that insurance policies, 401(k) savings plans, annuities and other investment accounts are often established with a known beneficiary already identified. These instruments have their own “triggers” so to speak, and they do not need to be included in a Last Will and Testament or a Trust.
But what should go into your Estate plan? Real property, liquid assets, collectables and jewelry are the items that belong in an instrument that specifically devises them to an identified beneficiary. A Last Will and Testament is subject to Probate, which is where your Executor will present the Will to the County Surrogate for approval. Only then will your Executor have the legal authority to divest your property to your beneficiaries. A trust bypasses probate by placing your assets into trust for your beneficiaries with the written understanding that you may still use those assets during your lifetime. Once you die, those assets pass to your beneficiaries through the trust instrument, and Probate is not necessary.
Call the Geocaris Law Firm, the top Estate planning attorneys in Arlington Heights IL, today at 312-848-4494 to schedule your free consultation and begin on the road to protecting the assets you have worked so hard to acquire.