In Illinois, estate owners need careful plans to protect all their assets before the probate process. The process provides creditors with access to the estate owner’s assets. They can seize assets if the estate owner owes any outstanding balances. The following are the steps for Estate Planning in DeKalb IL.
Creating a Will to Secure Their Legacy
A will provide specific instructions for how the estate owner’s assets are distributed to their heirs. They assign ownership to each family member and provide access to their monetary assets. They may include provisions that will prevent unwanted actions such as selling assets outside the family. The estate owner can also choose a guardian for their children. They may also set up certain provisions to protect their children and their inheritance.
Setting Up a Health Care Plan and Directive
The estate owner sets up a health care plan that directs their family about their wishes for future medical care. They can also assign a health care proxy who will make medical decisions for them if the estate owner is incapacitated. The proxy makes all decisions about what treatment the estate owner receives and how. The proxy will also enforce any directions listed in the estate owner’s living will.
Designing Trusts for Asset Protection
Trust funds are created to provide financial assistance for the owner’s family. They may set the trust up for college tuition payments or to provide a means of support. They can also set up an irrevocable trust that enables them to transfer assets out of the estate to protect them more fully.
Early Transfers and Reducing Tax Implications
The owner can transfer ownership of properties to a family member earlier. This eliminates inheritance tax for these properties. This also reduces the total value of the entire estate.
In Illinois, estate owners create a will and trust to protect their assets. These steps reduce the potential for a loss during the probate process. They also enable the estate owner to make choices about how their wealth is distributed. Owners who need to start Estate Planning in DeKalb IL visit Cosentinolaw.net for more information today.