Collander Law Offices, Ltd.

608 South Washington Street, Suite 307, Naperville, IL 60540

Call Us630-420-1333

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DuPage County Estate Planning Attorneys

Woodridge wills and trusts lawyer

Naperville, IL Wills, Trusts and Powers of Attorney Lawyers

When it comes to planning for your future, thinking about security is not enough. You must know. Knowing requires a certain level of preparation and decision-making. Knowing brings peace of mind. Align with a firm that knows how to get your house in order and keep it that way.

For almost four decades, Collander Law Offices, Ltd. has been a guiding legal force. Our estate planning lawyers have helped a multitude of clients turn their desires about health, finances and property into legally-enforceable instruments such as a will or trust.

The Importance of Having a Will

The difficulty of life after the death of a loved one does not need the added stress of figuring out how to handle property or locate financial assets. When you create a will, you are not only removing confusion about what you intended, but also protecting your family and loved ones in your absence.

A common misconception we encounter is the belief that you must possess extensive assets to justify having a will. The truth is that wills can address more than financial assets and property. They can also be used to name guardians for minor children, make provisions for pets, and choose an executor to carry out your wishes. If you do not make a will, the state of Illinois will determine how your estate is handled.

Understanding Types of Trusts

A comprehensive estate plan may include one or more trusts in addition to a will. Wills and trusts may have separate functions, but they can work together. Unlike a will, a trust is designed to name a trustee to transfer ownership of assets to a trust. The trustee then provides for named beneficiaries from that trust and manages it on their behalf. In general, there are two categories of trusts and different types of trusts fall under these categories:

  • Living trust - also referred to as inter vivos, is set up during a person's lifetime.
  • Testamentary trust - created in a will and only goes into effect after a person is deceased.

Trusts can be either revocable or irrevocable. Revocable trusts allow the owner control of his or her assets and make changes at any time. In an irrevocable trust, assets are owned by the trust and changes generally cannot be made. Creating a trust may allow you to protect assets from public scrutiny, reduce gift and estate taxes, and distribute assets without the intervention of probate court.

What is a Power of Attorney?

Durable powers of attorney gives an individual the right to name an agent to make decisions about his or her health, finances, and property. This agent must act in good faith and look out for the best interest of the person, especially when that person becomes incapable of making decisions. It is possible to establish powers of attorney for health care and property, respectively. We can discuss your needs and advise you on a proper course of action.

Contact Our Office to Set Up Your Initial Consultation

To create an estate plan or make changes to an existing plan, contact our trusted estate planning attorneys at 630-420-1333. We offer a free initial consultation. Make time to speak with our team; it could make all of the difference in your family's future. We serve DuPage County, including Naperville, Aurora, Plainfield, Bolingbrook, and the western suburbs.

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